12 Sep Improve Medical Billing with ICD-10
As of October 1st, 2014, ICD-10-CM will be the new medical coding system. At present, the ICD-10 is the most up to date medical coding system available, and it is an improvement to the ICD-9-CM. The ICD-10 will allow for a wider range of codes so medical providers and healthcare billers can classify a patient’s diagnosis, symptoms, procedures, and treatments more accurately. These improvements will assist medical professionals to describe the patient’s medical condition using codes and make the process of billing easier and more profitable.
Increased Revenue for the Medical Practice
For many physicians, medical billing is the most complicated frustrating aspects of the job. With the ICD-10 coding system, there are many upgraded details that allow the process to flow smoothly and work efficiently. One of the ways ICD-10 will assist medical billers is by providing more specificity when describing the patient’s health condition. With this increased specificity, the denials rates will decrease and revenue will increase.
Faster and more Efficient Billing Process
The ICD-10 coding system will improve medical billing by making the claims process faster and more efficient. The specific code system has less room for error, and therefore, less chance of claim denials. This cuts out time resubmitting claims and the risk of refusals to pay on the basis of timely filing deadlines. When claims are denied, they are returned to the medical facility or billing company. With ICD-10, there is such close attention to detail, the margin of error is decreased.
Outsourcing Medical Billing
Many physicians are looking to cut costs and increase revenue for their practices. One business decision many providers face is whether to outsource the medical billing to a third-party billing company or continue to do in-house with their own personnel and medical billing software. There are benefits to outsourcing billing and there are benefits to maintaining control of the collections process. Both revenue cycle management methods also have drawbacks. Consider both the pros and cons before choosing which approach is right for you.
Many physicians have made the decision to outsource their medical billing. This is done so that the practice can eliminate the need to pay extra staff and benefits. Most billing companies work on a percentage or contracted rate and do not require in-house space, equipment, and other benefits.
The level of knowledge and understanding of coding for ICD-10 will prove difficult for staff who are not properly trained. Therefore, many office managers work with an outside billing company rather than having to train current employees and implement the new system. By outsourcing medical billing, the healthcare facility can save both time and money.
While the ICD-10 coding system may seem complicated and difficult for those who are not comfortable with change, this system has the potential to improve the current state of medical billing in the healthcare industry. Physicians and medical billing specialist can now communicate more specifically through codes, which will facilitate the billing process.