July 05, 2012
Workers’ compensation has been a much debated subject and has been traditionally viewed as a liability for the company. However new ways of filing claims and with streamlining of various medical billing processes for such claims, it can be an asset which can boost employee morale and thus increase the productivity along with assistance in cutting costs incurred due to cumbersome administrative processes involving the payer and the medical provider.
Reduction of costs in Workers’ compensation claims incurred during the process of medical billing and coding and improving the revenue cycle management process of physicians has shown to have a positive impact on the finances of the concerned physician & company. The American Medical Association also supports the Model Rule to streamline the medical billing for workers’ compensation which will be crucial in saving money on workers’ compensation claims and help in preventing delays in compensation for workers who have filed legitimate claims.
While filing these claims, use of electronic medical records, scientific approaches, and aggressive collection policies based on proven data can benefit all the parties involved. State regulators in Texas, California, and Minnesota have already adopted the Model Rule to streamline medical billing for workers’ compensation insurance which is developed by the International Association of Industrial Accident Boards and Commissions (IAIABC).
The benefits of electronic billing or ebilling, according to a report by the International Association of Industrial Accident Boards and Commissions (IAIABC), go beyond “getting rid of paper”. This procedure assists in eliminating the need for tedious interaction between the payer and the medical provider which can relieve the pecuniary pressures generated due to lags in workers’ compensation.
The health reforms have provided a new momentum to the process of eliminating unnecessary delays in workers’ compensation claims and have provided various guidelines to help pave the way for speedy compensations and settlement. Moreover, many medical billing and coding companies have adapted to these changes in laws and regulations and have successfully assisted almost all the parties involved in such claims.
Medical billers and coders at Medicalbillersandcoders.com form the largest consortium of medical billers and coders in the United States and provide numerous value added services such as research, consultancy, better revenue cycle management (RCM), efficient payer interaction, and expertise in use of cutting edge technology along with HIPAA compliance. The combination of all these services along with an aggressive albeit scientific approach towards collections ensure that all the parties involved in workers compensation claims receive optimized solutions for various situations that have been traditionally considered expensive and time consuming.