Every year in healthcare over the last decade has been nothing short of exciting. But 2014 is in particular going to be the most ground breaking one for the healthcare industry. Physicians can look forward to maximizing their reimbursements rates with regulation adherence or can face serious penalties and risk of medical audit due to coding changes.
However, taking stock of the top medical billing and coding concerns in 2014 can protect your medical practice in both long term and short term. Some of the most significant billing and coding changes due to take place in 2014 are as follows –
CPT coding forms the fundamental of all medical billing and coding practices. In 2014, more than 300 coding changes are due to be introduced into the system. Every year, more and more medical practices are exposed to medical audits due to coding errors and negligent use of incorrect codes. While CPT coding change can easily be downloaded and installed into existing billing software almost instantly, CPT code changes are going to dramatically alter the current coding practices.
The new International Classification of Diseases or ICD 10 codes will be introduced in October 2014, bringing the diagnosis code count up from 13000 codes to 70000 codes. This addition of 57000 codes simultaneously is going to make the medical billing and coding processes not only more specific but also more complex too. Another 85000 procedural codes will also be introduced into the healthcare billing system making 2014 the most dynamic year in terms of coding and billing changes.
Consolidations of giants
Many healthcare service providers – both institutional and individual have been collaborating in their servicing and medical billing efforts to deliver better value. This in turn has had a monopolizing effect on the industry. But this amalgamation of practices can make medical billing and coding administration much more complicated with changing codes and Medicare regulations.
CPMS and EMR
Comprehensive Practice Management Solutions and Electronic Medical Records have been progressively gaining popularity as productivity enhancing tools in healthcare industry. With healthcare exchanges adopting stricter payout policies, CPMS and EMR can definitely help doctors and medical service providers to achieve practice efficiencies required to ensure higher reimbursement rates.
CMS 1500 form revision –
Addition of another 8 diagnosis in block 21 of form 1500, bringing the total diagnosis to 12 will be another major medical billing concern in 2014 for doctors. Since this new form is becoming mandatory from April ’14, till then many practitioners will be using both the old form and the new form.
Medicare inclusions –
With Medicare inclusion of more than a million Americans over the age of 65 into the healthcare benefits system, the burden on medical practitioners is likely to increase manifold. In addition, insurance carriers are going to restrict reimbursement rates and increase scrutiny of claims. Thus medical billing and coding practices can frequently be under the microscope in times to come.
Medicalbillersandcoders.com is a billing service provider that not only stays updated with the frequent coding changes but also helps assist you understand and transition these changes into you current billing software, hence preparing your medical practice for changing healthcare trends. Our teams of medical experts with years of experience understand your billing and coding practices extensively and can help you align new changes into it effortlessly, along with taking care of all your medical billing and coding needs.