While some practices handle their coding in-house there is also an option to outsource this coding. Medical providers and practices can benefit from outsourced coding in many ways.
Outsourced healthcare coding offers providers and physicians:
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A specialized staff – using a healthcare revenue cycle management company for coding allows you to rely on their highly trained staff of healthcare professionals. Many practices cannot either afford or do not have access to highly trained staff. Coders should be certified in their field. If they are not… there is a strong probability that there is errors in the coding causing both lost revenue and compliance issues.
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High reimbursement rates – medical billing can be complex and the guidelines can vary across states and insurance companies; having a highly specialized staff is beneficial to your reimbursement rates.
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Low processing costs – a contract with a healthcare revenue cycle management company may require you to pay a flat fee or a negotiated percentage of all claims processed. Either way, this frees up funds associated with billing staff and office costs.
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Short wait times for reimbursements – because a company that provides healthcare revenue cycle management is solely focused on your coding and billing, there is very little that will interfere with your claims being processed quickly. This speeds up the wait time for reimbursement and quickly brings revenue into your practice.
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The chance to focus on patient care – since you are hiring someone to handle your coding you don’t have to focus on billing on a daily basis. This frees up additional time within the practice to focus on patient care.
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Modernization and efficiency – deciding to contract an outsourced medical billing company helps a practice to modernize their operations and work more efficiently. Both of these characteristics will help improve overall patient care.
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Peace of mind – knowing that your medical coding and billing is being handled by a highly trained group of professionals provides reassurance that your practice will be properly reimbursed without delay.
You may want to consider some potential cons regarding outsourced healthcare coding:
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Monitoring via an outsourced company – some physicians and practices like the convenience of monitoring billing in-house. Using an outsourced healthcare coding system will require you to communicate with someone not located within your own practice.
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Reassignment of staff – the switch to contracting a healthcare revenue cycle management will eliminate some billing positions within your own practice. The individuals that were working in coding and billing may need to be reassigned and retrained.
Contact us today to learn how HIS can help you.
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