16 May Ways to Improve Medical Billing using ICD 10?
ICD 10 is the new medical coding system that has changed the way medical coding will be done, from the day it was implicated October 1st, 2014, until it is replaced by a newer and more updated version. At the present time, ICD 10 is the most updated and versatile medical coding system available. The ICD 10 is an improvement to the ICD 9 system, which will allow for a wider range of codes for healthcare professionals to use when classifying a patient’s diagnosis, symptoms, and treatment.
Along with the fact that more modern terminology is implicated, these improvements show how practical medical coding is becoming. ICD 10 not only helps healthcare professionals describe a patient’s condition using codes, but it also has the potential to make medical billing more efficient and profitable.
Increased Revenue for the Healthcare Facility
For many healthcare professionals, medical billing is one of the most complicated parts of their jobs. With the new coding system, ICD 10, there are now some upgraded details that make medical billing and coding easier.
One of the main ways that ICD 10 will help healthcare professionals improve their billing is by providing more specificity when describing a patient’s condition. The idea is that with more specification on claims, there will be less chance of a denial. This will hopefully lead to increase revenue for the healthcare facility.
Fast and Efficient Billing Process
Another way ICD 10 can help improve medical billing is by making the billing process faster and more efficient. With the new specific code system available to healthcare professionals, there is less room for error, and thus, less of a chance that claims will be denied. Having less claims denied not only saves money, but it increases the claim reimbursement percentage and speeds up the billing process so that claims can be sent out in a timely manner.
When medical billing claims are denied, they are sent back to the healthcare facility or company to be reprocessed and resubmitted. This will be eliminated with the use of ICD 10. With this new coding system’s attention to detail, there will be less room for error, fewer denied claims, and increased number of sent claims, and more efficiency.
Outsource Medical Billing
ICD 10 may also help improve medical billing by giving the practice the much needed push to outsource their medical billing. Many healthcare practices struggle with the choice of whether to outsource their medical billing or continue to do it in-house. With ICD 10, the level of knowledge and understanding of coding has increased, and this will prove to be a difficult and confusing coding system for many who are not adequately trained billing professionals.
The healthcare facility can save time and money by outsourcing their medical billing, instead of trying to train and educate the current staff. This would prove to be an efficient choice, because not only will a company save money not having to train employees on ICD 10, their claims will now be processed in the new ICD 10 coding system without any mistakes. With no billing errors, this will increase the reimbursement percentage on claims, and thus, will prove to be a profitable and successful decision.
While the new medical coding system, ICD 10 may seem complicated and daunting to some, it is a system that has the potential to change the current healthcare system. It not only has the potential to help healthcare professionals communicate more specifically and accurately through codes, it also allows for improved medical billing claims. While medical billing is often not considered as the most important aspect of a practice, it is actually is significant for practice management.