The Revenue Cycle Management cannot complete without medical coding and heavily relies on medical coding. Efficient and on-time medical coding services support healthcare providers receive medical reimbursement on time for their services.
About Medical Coding
The medical coding helps list down the number of visits of each patient and the reason behind it along with the services they received at every visit. And to do that the medical coders use alphanumerical and numerical coding techniques.
Medical coders document almost every step of a patient from the time they enter the clinic or hospital to the time they receive the service and leave the hospital. It mostly includes any medical tests the patient may receive, the type of prescription, the diagnosis, and much more.
The purpose of medical coding is to properly and efficiently document every part of services provided to a patient so that the company can bill it to the insurance company to receive the payment for the services they provide.
Medical coding uses standard coding but the most important ones are CPT and ICD codes. The first one is the Current Procedure Terminology or the CPT. This type of coding is used to note the entire medical process that the patients go through at the hospital. There are three further categories of CPT coding. There are numeric codes that are used for medical fields like anesthesia, different types of surgeries, and more. Then there are alphanumeric codes for measure different tests performed in laboratory and radiology tests along to measure performance. Similarly, the third type correlates to a different kind of medical technology.
The second type of coding is the International Classification of Diseases or the ICD coding and they are used at times of documenting the illnesses, death of any injuries, and patient and the reason for it. And lastly, the third one is the Healthcare Common Procedure Coding System (HSCPC) and is for coding of services that are not covered by the CPT coding which can include coding of different medical equipment and procedures. It is important to know that the Medicare and Medicaid services are coded through the HSCPC coding services,
Medical Coding Services Support
The main aim of the medical coding service providers is to decode several medical jargon with the help of specialized and skilled staff so that the healthcare providers can relax and can focus on providing services to the patients. It is a very complex field and hence, gets difficult for healthcare providers to provide medical services and then code them as well. Therefore, medical coders are hired by doctors and physicians, who are trained coders and know the different medical coding jargon like medical terminologies, treatment, and much more. Medical coders know the ins and outs of documenting medical procedures and are, therefore, specialized in their work and the supporting services related to it. Therefore many healthcare providers outsource their medical coding services.
There are various benefits of medical coding support. Good medical coding support brings accuracy to the bills and makes the billing process more transparent and accurate. It ultimately reduces the risks associated with bad billing practices.
The billing companies and experts who provide billing support to medical practices give detailed insights into the billing flow. With the help of reports and analytics, billing companies reveal the overall performance.
Medical billing companies which support small and medium pacifies to manage their billing process utilize the expertise of a qualified team of coders who remain updated with the latest changes in the regulations and know the rules and regulations of the major insurance companies and services providers.
The billing support helps to identify errors in the codes and eliminate them with their expertise. They keep an eye on the coding process and monitor it until the bills are paid.
Medical billing companies utilize services of the certified coding professionals and these professionals make sure that codes entered are accurate and no issue can result in denial of payment. Along with that,some experienced supervisors keep check of every move and help to maintain double-check.
Coding support services providers are flexible and which you can upscale according to requirement. This makes them an agile team that can increase resources or decreases them whenever required.
Medical coding support services providers are available 24/7 to answer the queries of their clients and which helps medical practices to get information and reports whenever they want. This timely availability of the reports and analytics helps in getting an accurate view of the payments collected along with the status of the unpaid bills.
Medical coding support is also deemed convenient for the payment reimbursements and health of the accounts receivables. This is why a growing number of medical billing companies are also offering revenue cycle management solutions and accounts receivable handling. This helps to bridge the gap between the services rendered and the revenue collected.
There are many advantages to outsourcing medical coding as well. Outsourcing coding reduces your cost rather than going for in-house coding services. Similarly, by outsourcing your medical coding you increase the chances of fewer errors and more accuracy as the coding company specifically hires staff trained in this particular area. This reduces the number of claim rejection, speed-up the reimbursement time and increase the revenue cycle. Outsourcing is a great way to reduce the chances of any error and receive reimbursement on time.
However, medical practices must consider all the pros and cons before outsourcing their billing processes to an outsourced billing partner. Once you are partnered with an outsourced coding and billing solutions provider, you have to share confidential data with a third party and the reversal of services becomes very difficult.