Tuesday, April 17, 2012

Advantages of Outsourcing Medical Coding Services

The healthcare industry in America is completely based on insurance. Additionally, the cost incurred on your health is paid through insurance plans that cover most of incurring charges. Therefore, medical billing and coding is an important and critical part of health service industry. The accuracy and reliability in medical billing and coding directly impacts physician billing, insurance claims, hospital services, and risk assessment for the insurance industry. Additionally, medical codes are used for further research and educational purposes. Therefore, its quality cannot be compromised.

Considering the criticality of this job, needless to say, medical billing companies ensure that standards like CPT, ICD, HCPCS, and so on are valued and followed.

With the increasing need for medical billing and coding, most people in the industry are looking at outsourcing medical billing. Considering the kind of serious business it is with the laws and guidelines it has to meet, it is very important to understand the advantages of outsourcing medical billing and coding. Some of the important advantages that medical billing companies can look at are as follows:

1. Cost benefits: Cost is an important aspect of benefiting from outsourcing. The labour costs involved are much cheaper while outsourcing to countries like India and China. Additionally, the costs involved in running a business including infrastructure costs, hiring costs, technology updates, and other such costs are not borne by you. Some reports suggest that outsourcing medical billing and coding can cut costs up to 60%.

2. Meeting standards: There are many standards that are to be followed as part of a medical billing company. However, the kind of standards that needs to be met are often a little complicated, and when outsourced, meeting these standards are the outsourced company�s prerogative. For instance, if your standard is that you require coders are certified by the AAPC (American Association of Professional Coders), then you can simply pass on the requirement to the company that you wish to outsource to.

3. Using specialists: Finding experts and specialists for the coding and billing jobs can be quiet a grueling task. However, like in the case of maintaining standards, when the job is outsourced, the company that takes up the work will need to ensure that the specialists are found and put to work.

4. Quality assurance: The main job of the company that takes up outsourcing is to provide quality services. This is because their entire focus is on satisfying their customer. Additionally, quality audits help in ensuring that the coding is more accurate. Needless to say, the better the quality, the higher the chances of compensation from insurance.

5. Transparency: Trust and reliance is something that most medical coding companies work towards. They do this by ensuring that the dealings are transparent, and that the relationship between the client and the company are maintained and improved.

6. Accuracy: The fact that specialists are involved in the entire process, automatically assures accuracy. When outsourcing, expertise can be fully utilized to ensure that accurate information is provided and recorded. Accuracy is again an important thing to attain because most of the outcome of a claim does largely depends on its accuracy in the eyes of the insurance company.
Author:Stephen Craig
Source:http://goarticles.com/

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