The healthcare sector is expected to generate more than 2.8 million new jobs by 2022, with almost 30% of that increase being attributed towards medical billing and coding jobs. There is no denying the fact that medical billing and coding is exceptionally important today in the healthcare industry, especially with increasing costs and decreasing reimbursements plaguing most healthcare practitioners.
As a result, there is an increased urgency for find simple and inexpensive methods to streamline medical coding and billing processes and make them more transparent. At the same time, due to their small sizes or limited resources, most medical practitioners often lag behind when it comes to keeping up with the latest medical coding, medical billing, and medical reimbursement guidelines.
The medical billing and coding scenario has undergone significant changes in the past few years, including the disruptive, but eventually helpful introduction of ICD-10. These, and many other changes, such as increased scrutiny on payment errors, have made life tougher for people involved in medical billing and coding. At the same time, by streamlining your processes and identifying the hurdles, you can turn your medical billing and coding department into one of the most profitable parts of your business.
Here's a list of the top medical billing and coding tips for improved cash flow -
Contrary to what many believe, it is easier to outsource medical billing and coding for improved financial performance while reducing costs and employee recruitment hassles. Once you choose your designated service provider, it is only a matter of time before you can start reaping the benefits of outsourcing, including -
Outsourcing not only helps you keep a tab on all the insurance providers who owe you money, but also gives you the free time to pursue overdue balances.
If you prefer to perform your medical billing and coding in-house, then it is necessary to warrant that proper processes are implemented and adequate measures are taken to ensure that the patients get the best service. It is important to remember that your cash flow is directly tied to your patients' satisfaction with your services. You should have set processes for -
Medical billing and coding is under increased scrutiny of payers nowadays due to frequent payment errors and overpayments. As a result, simple and inexpensive methods might not always work because of the human errors involved. On top of that, payers also continuously keep changing their billing and coding requirements, as a result of which medical practices need to be on the top of their game when it comes to submitting accurate bills.
By adopting the latest technology in electronic billing, coding, and reimbursement solutions, you stand to gain from better clean claim rates and reduced payment related errors, all of which directly affect your cash flow. Some of the other benefits of adopting the latest electronic medical billing and coding techniques include -
The amount of time spent by your back-office in making collections directly affects your businesses' cash flow. Manual collections result in a large amount of paperwork, hard copy mails, and staff overtime, each of which reduces your operational profits day by day. Your office staff should focus on other important aspects of the work, such as taking care of the patients, not manually dial phone numbers to make collections throughout the day.
You can streamline your collection procedures by implementing the following -
It is more than likely that even with the recent arrival of ICD-10, the medical billing and coding segment of the healthcare industry will continue to thrive. Employment opportunities in this field are expected to grow by more than 15% between 2015 and 2024, a rate much faster than any other occupation. Some of the medical coding trends we can expect to see in the near future include -
At O2I, we offer global healthcare companies a suite of medical billing and coding services that remains unmatched till date. If you want to maximize your revenue, increase collections, steadily improve efficiency, and reduce overall expenses, then our healthcare services are an ideal fit for you.
We have built our acclaimed healthcare revenue cycle management solution on a proven platform, allowing you to increase your cash flow through medical billing and coding services provided by our experienced professionals. Contact us right away and let us take care of your bottom line so you can run your practice the way you want.