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.


5 ways a Medical Billing Company can help your Business

With the increase in healthcare industry and its services, it has now become necessary that a third party service company helps in the medical billing activity of the company. These companies help increase the efficiency and maximize the returns of the healthcare provider. There are various services that these companies provide and can help- a healthcare provider to receive faster payments from insurance companies with accurate billing.

Increased Cash flow

Experience increased cash flow with the help of a medical billing company.

Some of the best services that a medical billing company can provide are as follows:

1. Updating or Introducing a Billing System

If you have not implemented a billing system or if the billing system you are working on is outdated, a billing company will help you update it to the newer version and carry on with the phases of implementing and using the new system.

2. Handling Patient Records

It is very important to have all the patient records that are accurate and up to date. These records are well handled by a medical billing company. This is done by keeping the past records of the patient too.

3.  Insurance Verification

Insurance verification and authorization is one of the most time consuming jobs in medical coding and billing. The company is responsible to identif7y the patient insurance, type of plan and finally figure out the amount that the insurance company would be paying. This will help the patient as well as the healthcare provider know the amount they would be receiving from the insurance company and what the patient would have to pay.

4. Coding

A Medical Biller is trained well to deal with codes. Codes are used to keep records precise and accurate and to maintain the privacy of the patient.

5. Auditing

A few medical billing companies also provide this as a part of their service. Auditing helps check the working and accuracy of your present system and identifies areas where improvement is required.

Best services from Medical Billing Company

Obtain the best of services from a medical billing company

Thus, when a medical billing company is helping you with all the above activities, you can be sure of obtaining accurate results along with better patient care and beneficial services. You can also be assured of the payments that you may receive from the insurance companies as they too will be verified by the billing company.

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.

Tips for Selecting the Best Medical Billing Company for Outsourcing

While talking about the medical providers, there are many medical billing companies present to expand a practice group or free up more time for patient care. To enhance the medical cycles of medical practices, responsibility of outsourcing medicines will be very helpful. Medical billing outsourcing and coding is a decision of practical in these challenging economic times. Success will be when you choose the right medical billing company for outsourcing. To save money and time, it becomes very essential to select the proper medical billing company or service provider.

medical coding services

It is most significant that the company you select should work as an addition of your practice so that you are kept knowledgeable of all the activities and developments. Below are the some of the tips to select best medical billing companies for outsourcing in reliable.

Check Whether The Company Is HIPAA Compliance: Information about the patient is highly required and sensitive and it should be handled with the great care. Since the medical billing service company should deal with all your patients’ records of health relative information, it becomes essential that the company should sign up with compliance of HIPAA.

Experience in Medical Billing Services Field: Having experience in the field of medical billing is quite crucial. So choose a medical billing company with considerable experience and successful record track.

Knowing The Business Strategy And Services Provided By A Medical Billing Outsourcing Company: They mainly process on healthcare claims processing and generates reports with the payment details and claims. They may also provide reports with software generate and many times they get delayed putting pressure on your amount or cash flow.

Benefits That the Patients get From the Company: Assuming that one of your staff will send the patient’s record, diagnosis and insurance to billing of medical claims processing services. Then billing services will check the data of any errors and claims to the clearing house. If the claim is approved, they will provide the check and (EOB) expansion of benefits.