Why Opt for Specialized Medical Billing and Coding Services: Top 6 Reasons

With expanding healthcare sector, there is a sharp rise in demand for medical billing and coding software. According to stats, by 2029, the demand for medical coders and billing technicians would increase by 8%. Hence, for an organization, opting for specialized and efficient software is a must.

What is Medical Coding?

Medical coding involves transcribing complex medical information from patient reports, like lab reports, medical procedures, prescriptions, etc., into universal medical alphanumeric codes.

Its prime function is to help file insurance claims smoothly. Besides, medical codes can help in further research and medical record-keeping.

Fundamental Medical Coding Systems

International Classification of Disease (ICD-10)

Developed by WHO, this system helps classify symptoms, diseases, and causes of death.

Current Procedural Terminology (CPT)

American Medical Association developed this system to code varying medical, surgical, and diagnostic procedures in the US.

Healthcare Common Procedure Coding (HCPCS)

CMS developed the system to code medical procedures, products, supplies, and other services. It has two levels, with level 1 having CPT codes, while Level II has codes for medical products and non-physician services.

What is Medical Billing?

Medical billing involves using medically coded information to generate invoices for the patient’s insurance providers. Proper medical billing allows for the smooth functioning of the healthcare organization by reimbursing the physician and other staff for their services.

Thus for efficient, accurate, and error-free claim filing, opting for bankable medical billing and coding services is the need of the hour.

Why Opt for a Medical Coding and Billing Software?

Read on to understand how implementing a robust and reliable medical coding and billing software can benefit you in the long run.

Makes Billing Accurate and Easy

One can’t stress enough how technology can help healthcare become more efficient through automation. Besides, it helps the health care providers submit insurance claims timely.

Resolving discrepancies and billing errors with efficient software fast-tracks the whole procedure in addition to intelligent coding recommendations. Did you know specialized medical and coding software can decrease the risk of billing errors by 80%?

Aids in Limiting Claim Denials

An efficient medical coding and billing software saves healthcare providers from facing regulatory non-compliance issues. All healthcare organizations need to adhere to standards and regulations as per the HIPAA (Health Insurance Portability and Accountability Act).

Allows to Focus on Improving Patient Care

Sophisticated software with claim-follow ups and denial resolutions allows healthcare providers to do what they do best, patient care. It gives them the space from administrative tasks to focus on diagnosis and treatment.

Facilitates Revenue Maximization

Advanced medical coding and billing software will help healthcare providers identify and code all billable services. Besides, it can also help them bring new add-on services or expand existing services to meet patients’ needs.

Saves from Fines and Stress

Incorrect medical coding violates the Federal Act and can attract hefty fines, let alone the tonnes of paperwork to do next. Partially or fully denied claims are administrative challenges involving loads of paperwork, revenue cycle disruption, and rectification of errors.

Helps Improve Operations

The use of software can help data analysts look for trends and performance scores for better decision-making. It can track the types of services provided, the frequency of specific medical procedures, etc. Such data reports can help improvise both efficiency and effectiveness of healthcare operations.

Helps Maintain Patient Confidentiality

Advanced medical and billing software helps maintain patient confidentiality. This software allows for no unauthorized access or disclosure of patient information.

Let’s see the must-have software features that top organizations offer that outsource medical billing services.

What Features to Look for in a Medical Billing and Coding Software?

  • A user-friendly interface
  • Access to premium features, like real-time analytics and automated workflows
  • High accuracy
  • HIPAA compliant
  • Highly efficient and can integrate with other organizational tools and systems, like Electronic Health Records, etc.

Organizations can increase healthcare productivity multifold through efficient medical coding and billing services. Filing insurance claims smoothly to claim denial management becomes hassle-free with the right software and services.