Benefits of Outsourced Coding Services for Healthcare Providers

Medical Billing is a multifaceted field, with medical coding among its most essential aspects. Medical Coding generally deals with patient records, converting them into readable codes that can be processed by relevant insurance companies and provide reimbursements in accordance with them. Recent trends have shown that the majority of healthcare facilities are outsourcing their medical coding services. This trend, though, is uniform, as many still need to accept the significance that outsourcing holds. Some want to maintain control over data, while others fear untimely reimbursements due to errors. They still employ ways that are now close to being obsolete. However, this article will serve as a guideline if you belong to the healthcare sector. It will provide you with a brief overview of what medical coding is and what are the benefits of outsourcing it.

Significance of Medical Coding

Medical coding is an essential pillar of the healthcare industry that bridges the gap between patient information and the language understood by insurance companies as well as medical professionals. This standardized system facilitates accurate billing, ensuring healthcare providers obtain timely compensation for their services. As the Affordable Care Act continues to redesign healthcare, the significance of medical coding is becoming increasingly apparent. It forms the backbone of well-organized revenue management that impacts the financial stability of medical practices. We will try to explain the significance of medical coding by answering the most common questions asked.

A) What role does particular medical coding play for healthcare providers?

Specific medical coding holds immense importance for several reasons. Firstly, it enables precise billing and particular tracking of payments. By providing exact information to insurance companies regarding treatments, procedures and prescriptions, medical coders enable swift and accurate processing of claims. This certifies that healthcare providers receive their due share in a timely manner, contributing to the financial sustainability of medical practices.

B) What is the role of medical coding in healthcare research and innovation?

Medical coding serves as a vast source of data for research and analysis in the healthcare sector. Researchers are heavily reliant on this coded data to investigate trends in diseases and the outcomes of several treatments. This research not only advances medical knowledge but also updates the development of more effective healthcare practices. Consequently, medical coding plays a fundamental role in the constant improvement of healthcare delivery.

C) How does medical coding aid healthcare organizations allocate resources effectively?

Accurate coding aids in reserve allocation within healthcare organizations. By analyzing the coded data, providers can recognize areas of higher demand and allocate resources accordingly. This strategic approach ensures that healthcare services are professionally distributed to meet the needs of patients. In a period of evolving healthcare delivery models and an aging population, the role of medical coding in resource management has never been more life-threatening.

D) What are the vital challenges of medical coding?

The arena of medical coding has its own challenges. Human error can occur, and the vibrant nature of coding guidelines demands constant vigilance and ongoing education for specialists. Challenges may comprise incorrect coding, incomplete documentation and the appropriate bundling of related procedures.

5) What is the role of the human touch in medical coding?

Looking ahead, the demand for skilled medical coders is predicted to grow significantly, indicating a hike in the job market for this field. Even though the adoption of electronic health records may familiarize some automation, the human touch will remain necessary to ensure accuracy and completeness. Hence, medical coding is the cornerstone of accurate billing and efficient revenue management in the healthcare industry.

Benefits of Outsourcing Medical Coding Services:

Owing to its unparalleled significance, outsourcing medical coding services to specialists will be a better option. In this section we will discuss in detail how outsourcing can be a blessing for your practice.

1. Consistent Staffing Levels

As a healthcare facility, if you have a coding team, you would rely on them completely to meet all the coding-related demands. In such scenarios, you're in with less flexibility and will not be able to make adjustments on short notice. The workload may reach a limit where it's not doable for your team. There can be a lot of reasons for this; for instance, one of your coders might be on leave. This will halt the all-important medical coding procedure, and ultimately, payments will be delayed.
On the contrary, medical coding agencies have a large and organized staff of coders to serve as the medical coding solution. It is easy for them to adjust to fluctuating demands that come with rendering healthcare coding services. Coders are assigned a specific duty within an organization. When other important things are on the line, some coders can be spared from one department so that they can help other departments in achieving desired results. This gives you peace of mind, knowing that the medical coding company has more than enough resources.

2. Cost-Effectiveness

Like other sectors, cost-effectiveness is among the preferred things in the healthcare sector. If you want to keep an in-house team of coders, get ready to compromise on cost-effectiveness. This is purely because medical coders are specialists with a high level of expertise. Employing them would require a significant investment of money. However, if you outsource the medical coding services, you get better or equally good service at comparatively low rates. A good medical coding company can provide medical coding services for small practices and large practices at a decent price.
The average salary of a medical coder is quite a hefty one but this is not the only cost. An in-house coding team will involve other expenses like training, managing, dedication of resources, and office space. The icing on the cake would be the employee benefits that you are compelled to provide your employees with. Your Return On Investment might be compromised. Apart from this you will have little time to focus on your core competency, ultimately reducing your revenue there. It's advisable to conduct an analysis on your own and decide which option is more suitable for you.

3. Hiring Challenges

Hiring a rare specialist like a medical coder can be more complex than managing costs. There is a sheer scarcity of quality medical coders in the market. Changes in the recent past in the coding industry have caused this shortage. These advancements have triggered a series of retirements, as the average age of a medical coder is around 54. And when you narrow it down to your specific discipline, finding a good and relevant coder will be synonymous with finding a needle in a haystack. When demand is high and supply is short, prices will rise in a skyrocketing fashion. By the stroke of luck, even if you end up hiring a medical coder, retaining them will become very challenging. In a very short time you might be in dire need of tips for retaining medical coders. However, the tips might not be easy on the budget.
Contrary to this, a medical coding company perfectly understands how to hire a medical coder and then retain them. The medical coders there go through training programs on an annual basis to keep themselves up-to-date. Outsourcing medical coding services to such a company will pave the way for you to procure expert services without the hassle of going through the hiring process. Consider the option of outsourcing services to remote medical billing companies with medical coders from all over the world. It will provide you with the luxury of having a pool of coders around the clock to provide you with quality services.

4. Privacy Protection

The field of medicine involves serious privacy concerns. When a patient enters a doctor's clinic they are willing to give away all sorts of information to assist them in making the right diagnosis. This trust should be rewarded with ensuring an out and out privacy of protected health information. A medical coding company can help you in this regard. They adhere to strict guidelines for protecting patient information. As the generation of codes is reliant on medical information, a medical coding company has a large database to store all the incoming information. They have set standards that resonate with HIPPA guidelines to protect against unauthorized access. They implement protection in all possible ways which can be impossible for a healthcare facility while managing such a large data. To ensure that your patients keep their trust in you, a medical coding company provides them with a comprehensive presentation on how their data is secured. They also make them aware of the extraordinary situations in the wake of which their information can be disclosed.

MedsITNexus: The answer to your Medical Coding Woes

We at MedsITNexus have a pool of highly talented and seasoned medical coders. They can cater to the needs of nearly all kinds of specialties. With a proven track record and a solid commitment to quality, MedsITNexus serves as a one-stop solution for your medical coding problems. We believe in employing automation to provide you with unparalleled services while adhering to all rules and regulations and still ensuring that your practice remains cost-effective. Additionally, they have ongoing training sessions for their medical coders so that they remain relevant to the demands of the market and your practice keeps on prospering.