Overcoming Recent Billing Challenges With Efficient Medical Coding Services
Medical Coding Services
This year will be a very challenging year for healthcare providers from an accounting and coding perspective. But whether you’ll come from these difficulties 11 months later, with profits growing stronger or less, is contingent on how you prepare your practice for the demands.
If you take a close look at the four issues mentioned in the beginning, you’ll recognize the vast impact they can affect the entire spectrum within your clinic. This article will analyze the particular issues and will then examine medical coding services agencies.
Medical Coding Services
Medical Billing Services
HIXs are intended to help implement the principles of Affordable Healthcare Act (ACA) which aims to expand the pool coverage of Americans in order to make insurance plans more affordable. In the real world, HIXs will allow a significant number of insurance companies to offer insurance policies at low costs to American citizens, increasing the amount of insured Americans to 40 million.
It is an excellent thing to do however, the method by which HIXs will determine the lower rates for insurance policies in order to enable this leap in the number of insured Americans isn’t known, but the possibility of this leading to a drop in medical reimbursement rates is a given. The news comes after the reduction of two percent in Medicare rates, which was announced in April 2013.
However, the benefit of the reduction in rate is that it’ll bring an enormous population of Americans (about 35-40 millions) to the present patient, increasing the amount of patients served by each provider significantly.
Furthermore, the switch from ICD 9 to ICD 10 from the ICD 9 platform has left healthcare providers in a state of anxiety, particularly due to the date of the 1st October. 2014 is coming up. The widespread concern can be attributed to a number of factors. ICD includes 13000 diagnostic codes, while ICD 10 includes 70000, which increases to 155000 when you add those codes for procedural use. It’s not just that. Medicare & Medicaid Services introduced an entirely new form that practitioners must make their claims.
Paying for Models:
the newest models of payment, specifically those proposed by the government, that emphasize value for the customers are also a key reason behind the growth in income for specific specialties.
Due to their increasing workload today, doctors focus on their patients and do not have time to focus on the process of billing medical expenses. Furthermore, the insurance products within the health sector are so numerous that keeping track of the transactions and events is a very arduous task.
In the midst of reimbursement cuts, managing extra expenses is becoming nearly impossible, impacting essential services like billing and coding. In response numerous practices are now employing medical billing firms for cutting down on administrative expenses and increasing operating revenues.
Medcaremso.com is the largest group of billers and coders, helping businesses put their AR in order. We have a team of experts who can help you reduce claim denials while maximizing revenues. While MSO manages your billing processes and you focus on providing the best medical care.
The Neonatology specialty has the distinction of having a higher increase in compensation, which is 11.9 percent. Plastic surgeons came in second with an increase of 8percent. Orthopedic surgeons and invasive cardiologists were also able to enjoy huge increases in their average annual salary. Certain specialties also saw declines in their compensation.
Principal reasons for the high-paying specialties
In the next paragraphs we will discuss the reasons cited by a variety of experts to explain the rise in compensation rates for specific specialties.
ACA as well as Patient Protection
Experts consider that the Affordable Health Care Act as well as Patient Protection has played significant factors in boosting compensation for specialists in primary care. Medical reforms are taking over the American healthcare industry and have a strong emphasis on primary-care as the primary foundation. Because of this, primary care physicians have seen huge increases in their earnings per year.
MSO has helped many healthcare professionals both in smaller and large cities in the US to conquer their coding and billing challenges. We have helped a variety of practices to set up EHRs that allow them to manage a greater number of patients and take advantage of the current surge of patients caused by HIX. We have also assisted practices to prepare for the ICD 10 transition.
