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How can a right medical billing partner bail you out from financial challenges? Yes, I mean the right one!
Check out the most recent facts about the benefits of medical billing outsourcing vs. in-house
It is becoming tough for medical practices to focus on patient care more. There could be a different reasons depending upon an organization’s strength. Most common challenges which are tough to bail out from, are transitioning to a new reimbursement model, EMR billing and a recent roll out of ICD-10.
Healthcare professionals were used to a thirty five year old coding system which seemed to be always with them. Some providers were expecting the delay this year as well and one of the leaders believed that ICD-10 roll should stopped and we should focus on ICD-11 rather than a transition for which most of the professionals are not ready .
Now since it has been a month, there have been a lot of buzz regarding claim denials due to ICD-10. Some medical practices were confident though to bail themselves out of financial impact due to ICD-10. But the practices who couldn’t afford to think of a new trained and certified ICD-10 coder have situations such as:
Physicians in a solo or two provider practice have taken up the task of coding.
In-house billers are navigating through different sites and looking for free tools to help them convert the ICD-10 codes.
Coders who are used to the old coding system are thinking to retire.
EMRs have ICD-10 lookup options but it never provides the right code.
The demand of a certified coder has increased and it is now tough to afford one.
In such a challenging environment, which is the right decision for a healthcare organization? Hiring a new certified and trained ICD-10 coder? Or outsourcing medical billing & coding? Most practices are locked in a war with their EMR’s RCM service because it came at a very cheap price, they couldn’t resist to lock and now want to come out of it somehow Let us see how outsourcing your medical billing to a right partner can bail you out.
As a Senior Medical Practice Consultant at PracticeBridge Inc, Victoria Migliaccio writes industry trending news, insights, tips and ideas about practice management topics like medical billing and ICD 10 coding, credentialing, claims and denials management, AR followup etc.