August 13, 2014
The market is feeling the strain of coder shortage with the official announcement of ICD-10 deadline. The new coding system is pushing the demand for certified and well-trained coders. Consulting firms, vendors and outsourcing agencies are hiring skilled coders at high salaries. Since direct hiring of certified coders will not prove sufficient to meet the rising demand, practices are outsourcing their coding and billing requirements to medical billing companies.
According to the “State of H.I.M.” survey, it is expected that outsourced labor for ICD-10 jobs will grow from 9% to 33%
A recent Black Book survey found out that 19% of hospitals have outsourced coding and this number is expected to increase to 50% by 2015
The survey also showed that 63% of hospitals outsourced their transcription services and with 2015 approaching, this number will rise to 70%
Nearly 24% of hospitals in the US now outsource clinical documentation audit, review and programming
According to the managing partner of Black Book, ICD-10 is going to be a complicated transition. Considering the complexities involved, hospitals across the US are opting for the expertise of outsourcing vendors. Billing companies have the necessary expertise to help practices sail through the challenges of coding, EHR implementation, payment cuts and compliance issues.
Attractive Pay Packages for Skilled Coders
While the ICD-10 staff training gets underway, the medical industry will need more coders to minimize the decline in productivity. The obvious need to get paid for every rendered service has fueled the demand for certified coders. With more hospitals likely to outsource their coding requirements, billing companies have started hiring qualified coders at attractive pay packages.
Advancement in technology too has played an important role in outsourcing coding. Confidentiality of patient information is maintained and communicated securely with encryption and certification processes. There have been very few cases of breaches in patient confidentiality as far as coding outsourcing systems are concerned.
How will Skilled Coders Benefit Medical Practices?
Medical billing companies are looking for coding experts who can help practices handle the main areas of concerns within a revenue cycle management of every practice. The following are three main problem areas that coding specialists can tackle well:
Give more focus on checking medical necessity for patient access
Handle the increase in claims suspensions that are expected within patient accounting departments
Help curb the increasing numbers of denials due to invalid coding and failed medical claims transactions that are inevitable
Skilled coders are also in high demand because they can contribute in increasing cash flow by means of producing first-time, clean claims. ICD-10 coders hired for dual-coding can also assist in physician education and the clinical documentation improvement programs.
MedicalBillersandCoders.com has the largest team of certified and experienced coders and billers to offer, who are trained in ICD-9-CM, ICD-10-CM and HIPAA too. Enthusiastic coders can excel in their domain by finding attractive jobs in any healthcare organization with help of MBC. The company’s job portal offers a vast pool of job opportunities for coders who wish to earn well and grow in their careers. The newsletters, industry updates and ICD-10 transition updates offered by MBC’s ICD-10 training guide have helped many coders to enhance their field knowledge..
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