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.
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.
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.
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.
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.
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 billers/coder professionals are part of the medical world. They don’t perform any surgeries or have any patient, but their role in the medical field is quite vital. It’s the job of the medical biller to record and process patients’ information like treatments, bills, insurance and payment. When you get sick and visit a hospital, a medical coder will code your diagnosis and will request for payment from your insurance company. If in case you get sick and you don’t have medical cover then a medical coder is the right person to talk about how you can make payments for the medical bills as they can provide you the right information about alternative payment options and plans.
Skills Required for Medical Coding:
A medical coder’s job involves working with numbers and also pay attention to details. A coder’s work mainly includes administrative tasks like reviewing, processing, and submitting medical claims. If required, a medical coder can obtain the required information of a patient from a doctor. A medical coder also needs to communicate with insurance companies regarding queries on the claims. A medical biller should be comfortable working with computers and medical coding and billing softwares.
Want to be one?
The demand for medical coders/ billers is quite high in medical field and you can seriously consider it as a good career option. A high school diploma is all you need to become a medical coder however, if you want to have an advantage and want to grow further in this field, some form of formal training in medical coding/billing is your best option.
Medical billing and coding is a specialized field. A person applying for medical coder/ biller job must have knowledge of different coding system. The ideal way to get into medical coding/billing is to opt for a 2-year associate degree in medical billing and coding or a 4 -year degree course. If you have a degree in any other stream and want to opt for medical coder/ biller job then a certification from the American Medical Billing Association, a national recognized association related to medical billing and coding can help you improve your credentials.
So, how about the pay?
The yearly remuneration of medical billing and coding professional is around $45 thousand with $38,000 as the recorded low and $74,000 as the highest. However, the salary varies from the location and facility of your work place. The good news news is that even entry level salary for this job is quite high.
Debates have been going on since long time over the topic of “In house vs Outsourced” Medical Billing and Coding services. In the following presentation, I’ve brought out some of the reasons why one should opt for outsourcing these services to experienced hands of Healthcare companies.