The scenario where the upcoming ICD-10 in 2014 will replace the existing 17,000 codes with over 150,000 diagnosis and procedure codes, along with the enhanced granularity – clearly reflects the importance of retaining coders in 2013 to help in the eventual revenue procurement.
Even though improved patient care is expected eventually, initially the ICD-10 mandate is bound to disrupt existing healthcare operations, making it imperative for physicians to realign their operations along with staff requirements.
|Approx. 30 % of organizations||In the following 3 years ICD 10 will have a negative or strongly negative impact on them|
|Nearly 41% of healthcare technology leaders||Anticipate adverse impacts from changes required by ICD 10|
Hence retaining coders & revenue becomes an imperative step for the physicians
Why the urgency to retain coders?
Coder’s relevance & expanding role amidst changes
Additionally ICD-10 will also impact coders and lead to - Higher number of physician queries, Decreased coder productivity, More delays during authorizations, Increased number of claim rejections and denials, Inaccurate reimbursement and Reduced cash flow
Industry Challenges while retaining coders
Industry challenges on revenue & billing
These challenges depict that coders being high in demand may be willing to shift either to organizations that offer higher pay, or that offer slightly lower pay but fewer coding complexities.
Avenues to improve Coder Retention & Revenue:
The multi-year, costly process of ICD-10 implementation comes at a time when many healthcare organizations are already grappling with financial issues. Moreover physicians short of time to implement all the steps may benefit by appointing a billing service to increase their revenues
Retain your revenue with MBC’s Billers & Coders
MBC‘s billing experts are already preparing for the challenges to ensure optimum revenue by:
|Constantly updating themselves about technological changes|
|Getting awareness regarding mapping between ICD-9 and ICD-10 codes|
|Interacting with varied healthcare providers, to ensure compliance under ICD-10|
|Awareness regarding a dual reporting system to avoid denials due to ICD-10|
|Constant training regarding all upcoming codes & changes|
The above findings highlights the need for proper training and support of experienced coders, MBC has been assisting in revenue maximization for over a decade now for physicians across the 50 US States, with the help of our highly qualified medical billers and coders.
|MBC’S ICD-10 training||+||Regular industry updates||+||Constant Training||+||Billing Experts|
Organizations Increased Profits