Increase Reimbursement with An Efficient Medical Coding Outsourcing Company
Outsourcing to a reliable medical coding company not only saves time and income, but also eradicates the burden of focussing on too many aspects.
Online, December 20, 2013 (Newswire.com) - Medical coding is a challenging and demanding task for every healthcare practitioner. Also efficiently managing the revenue cycle is no easy task and requires constant attention. Each phase of the revenue cycle - right from the day a patient seeks appointment until the time the payment is received from the insurance agency - is equally important in order to maximize reimbursement. Therefore it is essential for the financial stability of the hospital to have a process in place for each phase of the revenue cycle. But, physicians have a tough time managing the medical claims of their patients. They end up getting frustrated following up with the insurance companies now and then. Though the insurance companies pay for every valid claim, even the slightest error in the claim may delay the payments. For this reason, many doctors prefer to outsource their medical coding services so that they can focus more on the job that they can do and love to do.
The Working Process of the Medical Coding Company
The medical coding company takes care of all coding processes and also ensure that the payments are received on time from the insurance companies. They manage healthcare bills on behalf and also regularly follow-up with the insurance companies to get the due reimbursement.
The medical coding company normally follow a 3-tier medical coding process with certified and experienced medical coders. With these coding specialists working on healthcare project, where hospitality can certainly see an increase in reimbursements.
1. They access the scanned files or patient charts sent to them through a secure FTP location.
2. The pre-coders then enter the diagnostic and procedural codes for referring physicians, insurance companies and modifiers.
3. They acknowledge the significance of coding on the revenue and emphasize a lot of accuracy at this stage. There are two types of coding errors - Up-coding or Over-coding which result in denial and Down-coding or Under-coding that result in reimbursement much lower than they deserve. These coders refer ICD-9-CM, CPT Assistant, LMRP and HCPCS Level II.
The Quality Assurance Team verifies the charts for up-coding and down-coding to ensure maximum reimbursement and lesser or no denials.
The coded charges are then sent to the billing team for further claims processing.
Outsourcing Advantages
Through outsourcing, the medical practitioners have the following advantages:-
Provide quality care to patients.
Reduce the number of claim denials or rejections due to billing errors
Assist in maximizing reimbursement on future claims.
Save money on salaries, office supplies, furniture, purchasing and upgrading of software and computer equipment.
Increase in productivity, employee morale and efficiency.
Timely submission of clean claims by reducing lag days and increasing cash flow
Optimizing revenue by reducing compliance risk
Outsourcing to a reliable medical coding company not only saves time and income, but also eradicates the burden of focussing on too many aspects. By handing over this hectic task to a genuine medical coding company, they need not have to struggle any longer. Isn't this wonderful!
Medical coding is a challenging and demanding task for every healthcare practitioner. Also efficiently managing the revenue cycle is no easy task and requires constant attention. Each phase of the revenue cycle - right from the day a patient seeks appointment until the time the payment is received from the insurance agency - is equally important in order to maximize reimbursement. Therefore it is essential for the financial stability of the hospital to have a process in place for each phase of the revenue cycle. But, physicians have a tough time managing the medical claims of their patients. They end up getting frustrated following up with the insurance companies now and then. Though the insurance companies pay for every valid claim, even the slightest error in the claim may delay the payments. For this reason, many doctors prefer to outsource their medical coding services so that they can focus more on the job that they can do and love to do.
The Working Process of the Medical Coding Company
The medical coding company takes care of all coding processes and also ensure that the payments are received on time from the insurance companies. They manage medical bills on behalf and also regularly follow-up with the insurance companies to get the due reimbursement.
The medical coding company normally follow a 3-tier medical coding process with certified and experienced medical coders. With these coding specialists working on project, healthcare can certainly see an increase in reimbursements.
1. They access the scanned files or patient charts sent to them through a secure FTP location.
2. The pre-coders then enter the diagnostic and procedural codes for referring physicians, insurance companies and modifiers.
3. They acknowledge the significance of coding on their revenue and emphasize a lot of accuracy at this stage. There are two types of coding errors - Up-coding or Over-coding which result in denial and Down-coding or Under-coding that result in reimbursement much lower than they deserve. These coders refer ICD-9-CM, CPT Assistant, LMRP and HCPCS Level II.
The Quality Assurance Team verifies the charts for up-coding and down-coding to ensure maximum reimbursement and lesser or no denials.
The coded charges are then sent to the billing team for further claims processing.
Outsourcing Advantages
Through outsourcing, the medical practitioners have the following advantages:-
Provide quality care to patients.
Reduce the number of claim denials or rejections due to billing errors
Assist in maximizing reimbursement on future claims.
Save money on salaries, office supplies, furniture, purchasing and upgrading of software and computer equipment.
Increase in productivity, employee morale and efficiency.
Timely submission of clean claims by reducing lag days and increasing cash flow
Optimizing revenue by reducing compliance risk
By handing over this hectic task to a genuine medical coding company, healthcare organizations need not have to struggle any longer. Isn't this wonderful!