The remuneration of your healthcare organization is dependent on correct and efficient medical coding and the submission of medical claims. Medical coding, on the other hand, may be complex, time-consuming, and costly when done in-house. Because of these difficulties, several clinics are considering medical billing and coding outsourcing companies.
The decision of whether to develop an in-house medical coding team or outsource coding to a third-party coding professional is critical for any healthcare firm. Working with outside coding expertise is usually the best option because of the benefits it gives. Here are some of the reasons why you should consider medical coding outsourcing.
What Exactly Is Remote Medical Coding?
Outsourced medical coding is when you contract out your coding work to a third-party coding company rather of doing it in-house. Depending on your agreement, the coding company will be in charge of all or most of your medical coding needs. The third-party organization is also in charge of keeping their employees up to date on the most recent coding abilities and needs. While many medical coders work remotely, you can also hire coders to come into your office and work. After completing a procedure, a physician will email the medical charts to the company with whom they work if they outsource their coding. The coders will read the charts, code them, and return them to the practice. Medical coding audits and additional services such as medical record review, research support, and clinical documentation enhancement may also be provide by outsourced medical coding firms.
You can perform your medical coding in-house as an alternative to outsourcing it. In some organizations, physicians and other medical professionals may handle their own coding. Other organizations may form an in-house staff of medical coders to handle all or a portion of their coding.
The Advantages of Medical Coding Outsourcing
Outsourcing your medical coding to a specialist has numerous advantages. Here are some of the primary reasons why outsourcing medical coding is the best option.
Hiring Difficulties
Hiring medical coders might be difficult for reasons other than cost. There is a present scarcity of trained medical coders. This is due, in part, to the IDC 10, which reduced coder productivity by requiring them to master a new system. The implementation of ICD 10 also resulted in a considerable number of retirements, and more retirements are likely in the near future, given the average age of a medical coder is 54.
It’s even more difficult to find a trained coder with experience in a specific specialty. There may not be enough qualified medical coders in your area to suit your needs. The medical coding scarcity is also driving up coder compensation. Retaining the coders you hire can also be difficult, especially when there are so many of them.
However, if you outsource your coding, you will always have a pool of coders ready. Even if some developers leave the company with which you have a contract, they will promptly replace them with others. Remote medical billing company can hire coders from anywhere, giving them a bigger pool of candidates to choose from. Even if you require someone with a specific specialty, the coding business you engage with will have coders accessible that meet your requirements.
Current Certifications
Medical coders must stay current on changes to coding systems, laws, and best practices. They must also maintain certificates and fulfil continuing education requirements. It is also advantageous for them to stay up to speed on developments from government agencies, healthcare organizations, and other groups via their websites, blogs, email lists, webinars, seminars, and other resources.
Maintaining certifications and updates necessitates a major time investment. Occasionally, a large update will occur, resulting in a significant shift in medical coding. For example, the introduction of ICD 10 resulted in a considerable increase in the number of codes. ICD-10-PCS has approximately 19 times the number of procedure codes as ICD-9-CM, volume 3, while ICD-10-CM has approximately five times the number of diagnosis codes as ICD-9-CM.
Staffing Levels That Remain Consistent
You rely on your in-house code staff for all of your coding needs if you have one. When you only have your team to work with, your adaptability to shifting conditions is restricted. The volume of coding that needs to done may at times surpass the capacity of your in-house team. Sometimes your team is short-handed because one of your coders is on vacation, becomes ill, or even quits. This can result in coding backlogs and payment delays.
Medical coding services, on the other hand, have a huge workforce of coders and can react to fluctuations in the volume of work provided by your clinic. They also don’t have to worry about one of their employees being absent because they have other developers who can fill in. When you engage with contract medical coding businesses, you can rest assured that there will always be enough coders to complete the job on time.
Cost-Effectiveness
In many circumstances, outsourcing your medical coding is less expensive than hiring and keeping an in-house coding team. Medical coders are expensive to hire, especially those with specialty and excellent skills. Outsourcing allows you to hire top-tier coders at a reduced cost.
The AAPC reports that the average yearly income for a medical coder is $52,411. Certified coders and those with more experience will paid more. Coders that specialize and hold credentials such as Certified Professional Medical Auditor, Certified Documentation Expert Outpatient, or Certified Physician Practice Manager earn an average annual salary of roughly $64,000.
When you outsource medical coding, the company you hire is responsible for all of these costs. They can often provide these services to practices for less than it would cost the practices to perform all medical coding themselves since they operate on a bigger scale, have experience with medical coding, and have coding as their major focus. Because conditions vary between practices, you can conduct your own study to determine which choice is the most cost-effective for you. Outsourcing your code to a specialist is frequently the most cost-effective option.
More Time for Essential Activities
In-house medical coding diverts time and resources away from other activities. This is most noticeable when physicians conduct their own coding, but training and managing an in-house team also requires significant time and resources. There is a significant potential cost to completing your own medical coding. Outsourcing your code allows you to devote more time to vital activities. This implies that your team will have more time to focus on patients, which will help to improve care quality. When you engage with a reputable coding business, you will still receive accurate coding and timely compensation, but you will not have to take time away from the core of your practice to achieve those objectives.
