November 07, 2013
Finding trained billers and coders is one of the major challenges faced by medical practices. Shortage of certified coding specialists has not just affected the revenue cycle of small, rural hospitals but healthcare facilities around the US are fighting this issue.
Common staffing issues that affect reimbursement:
Not just hiring expert staff but training existing employees as per the changing regulations is a daunting task. Even after incurring high training costs, there is no guarantee that the staff will be productive enough to ensure compliance and accuracy in hospitalist medical billing
Another issue is of staff turnover that also has negative repercussions on medical billing. It also affects the quality of patient care on the basis of which practices can qualify for stimulus funding from the government
Medical billing and coding staff should be well-organized and detail-oriented. They also need to have good communication skills because in the absence of these criteria, instances of denied claims, underpaid claims and delayed insurance reimbursements will increase
It has been estimated that approximately 25% of medical practice income in the country is lost due to errors in coding and billing. Annually, this cost translates into millions of dollars. Errors are mainly caused by untrained staffs who fail to adhere to the reforms when billing and coding.
Benefits of having expert coders and billers for your practice:
If you manage to invest time and money in hiring or training your in-house staff, you will be able to eliminate the frustration of lost revenue caused by billing errors. Only an expert team with the necessary skills and knowledge can offer the following benefits:
Error-free claim submission
Timely claim submission
Regular follow-ups with insurance companies
Reduced number of rejected claims
Enhanced cash flow
Staff retention can be ensured by raise in salaries and creation of a pleasant work environment. However, considering the cuts in payments, time constraint and loss of revenue due to strict healthcare reforms, following these measures has become difficult for providers. At a time when ICD-10 deadline is approaching and HIPAA compliance is getting stricter, there is an urgent need to streamline billing and coding tasks to maintain cash flow for which, outsourcing is a good option.
Outsourcing will not only help eliminate the pressure of hiring, training or retaining coding and billing specialists but also strengthen your revenue cycle management by improving the quality of hospitalist medical billing.
Medicalbillersandcoders.com is the largest consortium of expert billers and coders that have been offering services such as RCM, consultancy and denial management to practices across 50 states in the US. You can either handover your hospitalist medical billing services to our well-trained team or hire few MBC coders and billers for your practice. Our team will not only ensure timely, error-free claim submission and follow-ups but will also suggest corrective measures to improve processes and revenue cycle management. While our staff handles your billing procedures with efficiency, you can spend more time on patient care.