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presentation

Vital ICD-10 Strategies that Small Hospitals should Not Put on Hold

July 16, 2014



The ICD-10 compliance date may have been shifted to 2015 but small hospitals need to keep working on certain areas for a smooth transition. They need certified and experienced coders and billers to meet the healthcare challenges and ensure readiness by next year. ICD-10 has prompted small hospitals to invest in trained coders and this has driven up the demand for coders even more.

Industry facts

Certified medical coders can earn within the range of $34,000 to $57,000 annually in the US
Certain specialties pay more to coders; for instance, neuropsychiatry coding pays up to $62,000 a year
Based on the location, experience and certification, coders can earn between $16 to 29 hourly
Many healthcare organizations also offer government benefits like health insurance and 401(K) program to full time coders

How can Skilled Coders Help Implement ICD-10 Strategies?

  • Experienced coders can help small hospitals protect their revenue cycle by analyzing Diagnosis Related Group coding (DRG) shifts. They can use the relevant information for improving clinical documentation and contract negotiation initiatives for the hospital
  • They can act as project managers, handling ICD-10 transition and offering solutions for addressing future updates to code sets and business rules
  • Coders play a vital role in optimizing clinical workflow for small hospitals
  • They can help implement a structured reporting solution that can capture the granularity required for ICD-10

Significant Role of Coders in Small Hospitals

Coders serve many roles in small hospitals such as, office manager, denial manager, billing office manager or business manager. They are required to code and oversee the financial aspects of a small hospital. In some hospitals, coders are even required to take lead in imparting education to the physicians directly.

A different level of expertise is being demanded from new and seasoned coders. They should not only have a good understanding of the EHR, but also master anatomy, pharmacology and physiology. This will help them ensure error-free coding in the CPT system. With this knowledge, coding with ICD-10 diagnosis codes will become easy for the coders.

Large as well as small hospitals need the coders to have more specialized knowledge. The demand for coders is increasing in cardiology, emergency departments and interventional radiology.

Hospitals Offering High Salaries to Coders

Skilled coders enjoy attractive remuneration at hospitals; however, it varies depending on the region, state or city they choose to work in. Approximately 30% of billing and coding professionals in the US are employed in hospitals. According to industry experts, coders who focus on professional development and education are more likely to get a high-paying job in hospitals or private practices.

MedicalBillersandCoders.com is equipped with experienced billers and coders who are well-trained in ICD-9-CM, ICD-10-CM and HIPAA. The company offers a unique platform to coders, helping them excel in their domain. Vast pool of job opportunities is present on the MBC job portal for coders. Coders can enhance their knowledge through the industry updates posted on the website, newsletters and ICD-10 transition updates provided by MBC ICD-10 training guide.

 

Category : Best Billing and Coding Practices