4 Best Reasons To begin A Career in Medical Coding

Selecting the right career path can sometimes prove to be difficult for some. This is found in most of the cases. Does not matter whether you are looking out for a first jo or planning to switch your career. It is not important to take up a career that would look attractive to you. You need to make sure it will remain and you can depend on it for a long run. With the tremendous growth in the health care industry, there is an increase in the demand for medical coding and billing professionals across the world. This demand is soon said to increase y about 20% by the year 2020. There are many advantages of taking up a career in this field.

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Select a Profession that is in Demand

Selecting a profession that will help you get a good job soon would be the best thing you can do. Medical Coding and Billing is now a highly emerging career option that one can take up.

Select good Training and Education Options

With an increase in demand of well trained medical billing and coding professionals there are many training institutes that are coming up to provide basic education and training required for these professionals. You can select the appropriate and reputed institute for learning the job. This will help you get a job sooner.

Take an Opportunity to work in the Medical Industry

The Medical Industry has been known to be very demanding as most of the employees in this industry spends years of study to get a job here. The Medical Coding and Billing professionals need not spend years to study. They need to excel in a few skills and undergo some training after which they can easily apply for a job in this industry.

Opportunity to Learn

It is always good to prefer a career that gives you a better opportunity to learn more things. Medical Coding and Billing helps you enter the medical field and learn many more things apart from your job. You get introduced to new people, new ways of working and get introduced to new technologies.

Thus, Medical Coding and Billing can be thought to be something more than a career. It will support you in many ways and give you opportunities to move forward in life.

5 Simple Steps to Eliminate Medical Coding Errors

Medical Coding and Billing are the most important tasks that have to be carried on accurately. Any amount of profit or loss obtained affects the entire revenue system. It is thus important that these results are accurate. A minor mistake in ills may result in a loss of about a thousand dollars. There are a few simple steps that will help prevent these errors.

Medical Coding Errors

1.  Review the entire billing and coding process. Identify the places where errors occur quite often. Find out whether you are facing regular denials? Is the same payer who is passing the denials? Identify the main causes of errors and try to rectify them.
2.  Provide proper training to your staff, ensuring they are updated with all the current updates in medical coding and legal regulations.
3.  Communication plays a very important role in avoiding errors. The seniors should have a good and comfortable relationship with the juniors so that the juniors feel free to come up with doubts. Errors are usually a result of miscommunication.
4.  It is important to submit monthly reports and other billing reviews on a regular basis. It may seem to be disturbing the physicians. But, irregular reports show irresponsibility in performing the tasks.
5.  It is important to know the real cost of errors. This will give you a better idea of how your work will affect the revenue. One should keep a track of all the profit and loss that occurs in order to know what works best and what should be avoided.

The above simple steps will help prevent errors in medical bills. Thus, avoiding denials and increasing the overall revenue of the organization. It is thus important that medical billing companies should adopt better ways for medical coding and billing.

The Risks involved in Hiring a Home Based Medical Billing Service

In the vast healthcare industry, Medical Billing and coding is one of the fastest growing businesses. Since this profile does not require one to spend years in education and training, it is now becoming one of the most preferred jobs. With the considerate increase in the healthcare industry, there is also considerable rise in the requirement of medical billing and coding professionals. Due to this increase in requirement, many home based medical billing service providers have started providing services over the years. Although they are many healthcare organizations that are hiring such home based service providers, they do not realize the risks involved in doing so. I would be mentioning a few ways in which services provided by a medical billing company prove to be better than those provided by home based service providers. These could also be considered as the risks of hiring a home based medical billing service.

Medical Billing services

1. Education and Experience
Home based medical coders may possess a certification. But, there is no guarantee about the quality of the education and the experience they have taken. Whereas, a medical billing company hires only well educated and trained professionals to take up this task. Handing over the important task of medical coding and billing into the hands of someone who lacks training and experience would add the risk of errors and thus affect the overall revenue.

2. Flexibility
Another important aspect that needs to be considered is the flexibility and the readiness to adopt newer methods of implementing. The field of medical coding and billing is a field of constant change and improvement. Medical Billing companies ensure that their employees have the latest knowledge and are trained to work on new technologies. The home based billing services may not be able to provide the right guidance about recent updates and thus lack knowledge and experience. Thus, hiring such a home based medical billing company you will be using less advanced technologies and thus lack progress in your administrative tasks.

3. Reliability
This is another factor that you would be looking for while availing any random service. You need to be sure that the medical billing service you have hired provides you with accurate and effective results thus adding up to the overall revenue and the progress of your organization. A home based medical billing service may not prove to be the best one as we have already seen that many of them may lack the knowledge and experience that is necessary.

The above three factors mention how hiring a medical billing company will prove to be more beneficial than hiring a simple home based medical billing service provider. Although the cost of these home based services may be less, the services provided by registered medical billing companies will ensure a substantial rise in your revenue.

Medical Claims Software: A boon for Medical Coding and Billing

Medical and Healthcare related administrative work involves a lot of paper work. This work also needs a lot of accuracy and punctuality. Thanks to the growth in technology that has made this job simple up to a certain extent and also helps the coding and billing professionals to deliver accurate results. They would find various advanced features in software and a lot of help will be provided for coding help and assistance for error free coding. Switching from a manual process to medical claims software will also help a healthcare provider to increase their overall revenue.

Medical Claims Software

Medical Claims Software

A medical Billing Software is advancement in the medical coding and billing process. It will make the work of a medical coder an easy job by providing the reference codes and links that help in accurate and thoughtful coding. It keeps bills free from all possible human errors and thus also helps in avoiding denial of payments from insurance companies. It is necessary that a company follows standard software that can be used and has common codes and billing methods installed in it.

Medical Claims software also reduces the man power needed to do this job. Just a few supervisors or you could say medical coders would be enough to take up the job of handling records in this software. This software can also be used for generating electronic statements for patients who forget to complete their payments on time. It is a difficult task for the medical billers to keep track of such people and send a statement again and again to them. Electronic statements that are generated automatically will help save on the time of searching defaulters and the cost of making reports that are to be sent.

Medical-Clinic-Software

Medical-Clinic-Software

Integrating medical billing software will help make the lives of the company staff more easily and help save on the time that they spend on the phone dealing with the insurance companies to check the status of the claims. It will also help for faster payment collection and thus a quick increase in the company’s overall revenue.

 

 

The Transition from ICD-9-CM to ICD-10-CM

The health care Industry in US is preparing itself for a major upcoming change that will soon be brought into action on the 1st Oct 2014. The presently used coding system, ICD-9-CM that helps classify diseases and various health conditions will be replaced by a more complex and specific ICD-10-CM.

Move ahead with ICD-10-CM

Transition from ICD-9-CM to ICD-10-CM

The full form of ICD is International Classification of Diseases. It was circulated among various countries that used them since many decades. The present version was first used by the World Health Organization (WHO). This was then modified and made suitable for the use by healthcare providers and healthcare plans. ICD-9-CM is being used since the 1970s.

It is necessary to have good responsible medical coding professionals for the billing process. It is important that every time a patient receives a treatment in the hospital it should be added in the records that would move on for further billing.

Differences between ICD-9-CM and ICD-10-CM

The ICD-9-CM is being used since almost 3 decades now. It is difficult to import the current rapidly changing technology or upcoming medical algorithms into this coding system. With the increasing complexity of technology and the algorithms used, it is now time to bring into action an all together new coding system that would support the present trend of technology as well as keep us well prepared for the future advancements. Medical codes included in ICD-9-CM are less specific and cannot be used to represent complex diseases or treatments.

The basic difference between these two coding systems is the number of codes available in them. The ICD-9-CM includes about 14,000 diagnosis codes and 4,000 procedural codes. The upcoming ICD-10-CM would include about 68,000 diagnosis codes and an additional 72,000 procedural codes.

The codes in ICD-9-CM have about 3 to 5 characters in them, whereas, codes in ICD-10-CM will have about seven characters. In ICD-9-CM, the code begins with a letter or number and will be followed by numbers. In ICD-10-CM, the first character has to be a letter.

Who will be affected by this change?

All the organizations or entities that come under Health Insurance Portability and Accountability Act (HIPAA) should convert their coding system to ICD-10-CM. Up till now HIPAA was effective only on electronic coding systems. But, the new coding system will also be implemented in the manual process. This will bring into use a common coding system that would reduce confusion among different healthcare providers across the world.

Ways to Handle the Transition

The new coding system, ICD-10-CM is an expensive system and the staff that will be handling it will have to undergo extensive training. The software needs to be updated in all places where it is used. Internal and external testing is required to make sure that the practice can produce transactions that are being sent along with the ICD-10 codes and also to check whether transactions are sent and received properly.

All set for ICD-10-CM

Prepare yourself well

It is important to provide proper and appropriate training to the staff for proper execution of medical coding and billing. Usage of ICD-10-CM is scheduled to begin on the 1st Oct 2013. Failure to do so will result in rejection of the codes from ICD-9-CM.