Accurate medical billing is important to achieve sustainable success for your medical practice. When centers lack in training their in-house coders, compliance is threatened.
Below mentioned are the facts that you should know:
- According to several reports, up to 85 percent of medical bills contain coding mistakes resulting in $70 billion in estimated losses.
- 45 % of claims submitted to Medicare are incorrectly coded.
- In 2012, approximately $93 billion was added to Medicare and Medicaid spending as a result of fraud.
Any medical practice that is serious about improving its profitability starts with its data stream first. Practices lose out on millions of dollars every year because of avoidable medical billing and coding errors. Switching over to an automated system for data input, re-evaluating office regulations to be in compliance with the latest standards, and double-checking all outgoing documentation is a good start. However, it is better to hit the problem at its source – during employee training.
Your Staff Is Your Biggest Asset
Like any business, your employees are your biggest asset. Just like any asset, you must take care of your employees in order to benefit from their full potential. For this reason, offering medical coders medical billing training is imperative to operate a successful medical practice. Providing training will let them grow and mold your medical staff to fit the needs of your practice.
Providing your medical billing coders with medical billing training offers the following benefits:
- It Helps Builds Morale
Offering medical billing training to your medical coder sends a message that you are invested in their success. It may help them feel valued as an employee and in return increase their productivity.
- It Increases Office Productivity
In line with the above, offering medical staff training teaches employees new techniques and tools that can make them more efficient at their job. This increased efficiency can increase office productivity which may result in increased profitability.
- Risk Management
Training employees in the proper way to handle certain situations, such as sexual harassment or emergency situations may help your practice mitigate risk.
- Reduced Turnover
Because your employees feel valued and well equipped with the information and tools necessary to perform their job and perform it well, medical staff training can reduce turnover.
- You Portrayed Enhanced Image of Your Medical Practice
Providing training opportunities for your employees can help to fuel your reputation among patients as well as competitors. Patients will benefit from your medical staff training endeavors and since satisfied patients are your most valuable referral source, you may experience an influx of new patients as a result.
Areas where your medical billing coders’ benefits from medical billing training include are:
This includes EMR/EHR training, training on how to operate medical equipment, or even basic computer skills.
- Better Communication
Medical billing training courses helps to enhance communication to better communicate with patients, clinic staff, and insurance providers.
- Problem Solving
Training your staff in critical thinking and problem-solving may help them react better in certain situations as well as work better independently, therefore accomplishing more.
- Team Collaboration
Teamwork is an important part of operating an efficient medical practice. Offering medical staff training on how to collaborate and better function as a team is imperative.