Four Reasons why Outsourcing Medical Billing and Coding is a Practical Option

Four Reasons why Outsourcing Medical Billing and Coding is a Practical Option

Outsourcing medical billing and coding to a professional company is a practical option as these specialized tasks are best handled by experts.

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Medical billing and coding are essential tasks associated with running a health care practice. The implementation of the Affordable Care Act, ICD-10 and new payer rules and regulations has brought about many changes in the claim submission and reimbursement scenario. To stay economically viable while providing high-quality care, more and more physicians are outsourcing medical billing and coding and revenue management tasks. Let’s see why this is a practical option. 

Ensures adherence to industry rules and guidelines: Submission of accurate diagnostic and procedural codes is necessary for proper reimbursement and adherence to the legalities of the healthcare system. ICD-10 requires coding with a much higher level of specificity than before so that codes can get quite intricate and complex as the symptoms, conditions, or procedures performed get more complicated. Medical coding outsourcing to a professional company with a team of expert coders who are up to date on ICD-10 guidelines and CPT coding can prevent errors and rejected claims.

According to the HIPAA (The Health Insurance Portability and Accountability Act) of 1996, it is mandatory for physicians to use technology for administrative and management functions, including medical billing. With the passing of Healthcare Reform Act, almost all practices have switched to electronic health record (EHR) systems and medical billing specialists in professional outsourcing companies have the expertise to handle electronic transactions on these systems.

Medical billing and coding services often overlap and a reliable outsourcing company can ensure efficiency in both so that claims are submitted and paid properly.

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Improves cash flow: Expert medical billing services help physicians to improve their cash flow and run their practice more efficiently. Timely and accurate submission of claims will ensure that reimbursements are made faster. Rejections and denials are reduced. Professional companies also make complete reports available so that the physician gets a true picture of the accounts receivables.

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Avoids risks of malpractice: Outsourcing reduces risks of medical fraud such as upcoding, undercoding, billing for services that were not provided, and unbundling. These fraudulent practices can even unintentionally. With a reliable

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medical billing and coding company, physicians can rest assured that they will not be penalized for medical fraud. 

Better focus on core competencies: Outsourcing the billing to a medical billing company allows physicians to focus on their core competencies and to deliver better healthcare.

Of course, medical billing and coding can be done in-house. But even this has risks.

Operations would be seriously disrupted if one or several staff members took long leave or left, stalling claim submission and payment processes, thereby compromising the profitability of the practice.

www.outsourcestrategies.com

Phone: 1-800-670-2809