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Overall, cost and quality improvement are the utmost priorities of the US healthcare industry. That’s why the industry has been shifted from the old fee-for-service model to value-based care model. However, healthcare bodies are still facing multiple challenges. Declining reimbursements, rising hospital care costs post-COVID, and more resignation - all are some common issues. All these have collectively lowest hospital margins in merely the past two decades. That’s why the transformative phase of the US healthcare industry is much desired. One way we can cater to these problems is via advancement of medical billing and coding services.
So, in this article, we will delve into the advancement of medical billing and coding. Also, we will overview its significance in defining the quality of care. Alongside this, we will see the plethora of career opportunities it offers.
Understanding Medical Billing Coding Basics
Medical coding involves translating medical services into industry-standard codes. Thereby, it creates a common language between healthcare providers and payers. This process is vital for healthcare payers to comprehend the patient's condition. Also, it provides information about the procedures performed by medical practitioners. It requires specialized training and certification due to its reliance on medical terminologies and accuracy.
While medical billing is a service that often comes together with the medical coding. Billing process is the mechanism of filing the bills and collecting revenues for claims. We can say that medical coding is a significant process for a successful billing process.
The Significance of Medical Billing and Coding
Beyond facilitating reimbursements, medical coding plays a crucial role in assessing the quality of medical care provided. Several factors underscore the importance of medical billing and coding in the future of healthcare delivery:
1. Aging Population
As the US population ages, the demand for medical care is on the rise. This is true especially for chronic healthcare conditions. Consequently, the demand for medical coders and billers is also increasing. That’s why we see exponential growth of medical billing outsourcing companies all around. They are known for their exceptional medical billing services as they hire the best medical coders and billers.
2. Declining Reimbursements and Increasing Claim Denials
Healthcare insurers have reduced reimbursements for medical care these days. So, this can be due to claim denials that lack the correct medical codes. Efficient medical coders can assign the right codes. Thus, it results in better first-pass resolution rates and accelerated cash flow.
3. Increasing Coding Complexity
The rise of telehealth, hospital at home, and preventive care has amplified the complexity of medical coding. This requires specialized coders who are updated with the latest guidelines.
4. Complexity of Delivery Models
Outpatient settings and Ambulatory Surgery Centers (ASC) now handle more complex surgeries. Therefore, we require coders with knowledge of these complexities. Also, they must be aware of the associated reimbursement rules for efficient medical billing and coding.
A knowledgeable coding workforce can ensure timely reimbursements. Thus, they help achieve targeted quality measures.
Careers and Entrepreneurial Opportunities in Medical Coding
Medical coding jobs offer excellent career prospects. Both medical billing and coding positions provide competitive pay. However, medical coding offers more lucrative options due to its specialized skills and certification requirements. The job market is highly competitive. For entrepreneurs, the revenue cycle field presents multi-year opportunities to build successful businesses. It will give the increasing demand for medical billing and coding skills. Some innovative companies are exploring computer-assisted and autonomous coding solutions.
Preparing for a Successful Medical Coding Career
Medical billers and coders play a critical role in the revenue cycle processes that govern the flow of money in the healthcare business. Medical coding now drives the measurement of healthcare quality and determines value-based reimbursements. To excel in this field, medical billers and coders must be accurate, responsive, and organized, leaving no claim unaddressed. Moreover, they must anticipate future changes in the industry, such as the implementation of ICD-11.
Claim denials are on the rise, making it essential for medical billers and coders to collaborate, understand reasons for denials, and resubmit claims for reimbursement. Adherence to documentation and policies is crucial as they may vary between insurances, states, and specialties. Non-adherence can result in claim denials, emphasizing the importance of diligence and curiosity within the revenue cycle team.
Aspiring medical billers and coders can find support from various online resources, aiding them in preparing for a successful career. Certification programs such as CPC from AAPC and CCS from AHIMA are excellent starting points for a rewarding journey in the medical coding profession.
Outsourcing and Offshoring in Medical Coding
Outsourcing and offshoring the medical coding process can provide access to certified coders with excellent quality work. Offshore locations offer experienced coders who can reduce denials, improve reimbursements, and prevent revenue leakage. Healthcare providers and revenue cycle aggregators should carefully choose service providers to enhance coding quality and achieve market-leading outcomes.
Below are some benefits of outsourcing and offshoring medical coding processes:
1. Scalability and Access to Experienced Coders
As the demand for medical coding grows. So, offshoring provides access to a vast pool of coders experienced in inpatient, outpatient, emergency department, and risk adjustment coding.
2. Enabling Doctors to Focus on Patient Care
High-quality medical coding staff can relieve doctors of administrative burdens. Most often, it is related to clinical documentation and coding.
3. Coding Quality – Improved Accuracy and Decreased DNFB
Efficient medical coding ensures higher first-pass resolution rates and accelerated cash flow realization, ultimately reducing revenue leakage.
4. Improved Physician Satisfaction
Seasoned medical professionals can enhance clinical documentation. All this helps in improved physician satisfaction through scalable CDI programs.
5. Cost Efficiency
Medical coding offshoring can significantly reduce clinical coding costs. While medical coding outsourcing and offshoring offer numerous benefits. Successful programs rely on mature suppliers with excellent delivery leaders. The outsource billing services providers must have robust processes, and advanced IT tools for collaboration.
Medical coding jobs offer excellent career prospects, with opportunities to advance to managerial and leadership roles in the revenue cycle function. While both medical billing and coding positions provide competitive pay, medical coding offers more lucrative options due to its specialized skills and certification requirements. The job market is highly competitive. These days, many organizations offer flexible working schedules and remote options. For entrepreneurs, the revenue cycle field presents multi-year opportunities to build successful businesses. It will meet the increasing demand for medical billing and coding skills. Some innovative companies are exploring computer-assisted and autonomous coding solutions.
