Why Outsourcing Medical Coding is the Best Option for Hospitals?
The challenges experienced by healthcare organizations are many and ongoing. Some of the pressing ones include adapting to constant changes to medical insurance billing and coding (MIBC) requirements, overcoming shortage of skilled workforce, coping with increasing workloads, updating billing and coding systems, and so on. In such a situation, one of the best ways to take on these challenges is by outsourcing certain non-core functions such as medical coding to a specialized service provider. By doing so they will benefit from the following-
1. Significant Monetary Savings
Yes, this is an obvious benefit of outsourcing, but it cannot be overlooked. Outsourcing medical coding allows hospitals and other healthcare practices to decrease office as well as employee expenses, resulting in significant savings, which will have a direct impact on bottom-line. In fact, having an in-house team to handle coding responsibilities may easily cost three times the amount it costs to outsource coding services. For larger medical groups and hospitals that require a significant amount of coding, the savings can be even bigger.
2. Access to Certified Coding Specialists
To take care of medical coding in-house, hospitals must find and hire certified coding specialists. Not only does it take time to find and hire someone qualified for the job, but hiring certified coding specialists is also costly. However by outsourcing, hospitals can enjoy all the benefits that certified coding specialists have to offer without all the costs of keeping them on staff. What’s more, you’ll also get access to latest technology without having to worry about repeatedly upgrades or changes.
3. Improved Accuracy
Over-coding and under-coding are two of the main medical coding issues that often result in claim rejection or a smaller reimbursement for claims. Outsourced medical coding service providers offer protection against these errors by providing accuracy of the highest order. They ensure that claims are made and submitted with the highest level of specificity, thereby greatly reducing rejections and maximizing reimbursements.
4. Focus on Patient Care
Outsourcing medical coding services to a professional third party service provider allows medical practices to concentrate on more important business activities, such as improving patient care and satisfaction. No back-office quality is sacrificed when outsourcing medical coding, yet your in-house team will be able to better utilize their time, thereby increasing overall productivity and revenue.
Beyond these benefits, outsourcing medical coding offers scalability, flexibility, HIPAA compliance, and consistent reporting that will take your coding practice to the next level. Of course, to enjoy all these benefits, hospitals must zero in on a proficient medical billing company that provide quality coding audits, error-free reports and competitive prices such as us.
Contact us immediately and outsource medical coding services.