How to Retain Your Coders & Revenue in 2013?

Document Sample
How to Retain Your Coders & Revenue in 2013? Powered By Docstoc
					                                                                                              http://www.medicalbillersandcoders.com
End to End Medical Billing Solutions



                                 How to Retain Your Coders & Revenue in 2013?

       The scenario where the upcoming ICD-10 in 2014 will replace the existing 17,000 codes with over 150,000
       diagnosis and procedure codes, along with the enhanced granularity – clearly reflects the importance of
       retaining coders in 2013 to help in the eventual revenue procurement.

       Even though improved patient care is expected eventually, initially the ICD-10 mandate is bound to disrupt
       existing healthcare operations, making it imperative for physicians to realign their operations along with
       staff requirements.

       Industry Standards

                    Approx. 30 % of organizations                    In the following 3 years ICD 10 will
                                                                     have a negative or strongly negative
                                                                     impact on them

                    Nearly 41% of healthcare technology              Anticipate adverse impacts from
                    leaders                                          changes required by ICD 10



                      Hence retaining coders & revenue becomes an imperative step for the physicians

       Why the urgency to retain coders?

       Coder’s relevance & expanding role amidst changes

            •    Upcoming ICD-10 makes accurate medical coding imperative to achieve the right financial equation
            •    Experienced medical coder knowledge is not only required for enhanced productivity but also for
                 potential red flags and other nuances that can affect reimbursement


       Additionally ICD-10 will also impact coders and lead to - Higher number of physician queries, Decreased
       coder productivity, More delays during authorizations, Increased number of claim rejections and denials,
       Inaccurate reimbursement and Reduced cash flow

       Industry Challenges while retaining coders

            •    Even though the total number of coders may be adequate yet experienced coders are highly
                 difficult to find and retain
            •    BLS projects average job growth levels to rise 20% by 2018 much higher than average- hence
                 shortage of experienced coders is also predicted to increase considerably

                                             www.medicalbillersandcoders.com
                                             Copyright ©-2011 M.D.C.P. All Rights Reserved.
                                                                                                              Page 1 of 3
                                                                                               http://www.medicalbillersandcoders.com
End to End Medical Billing Solutions

            •    According to AAPC 28% of their 100,000+ members are over 50 years; while only 5% are 25 years or
                 younger, depicting an inevitable gap of experienced coders soon



       Industry challenges on revenue & billing

            •    Revenue is also impacted due to the CMS Recovery Audit Contractor (RAC) Program. The AHA’s
                 February 2011 report depicted an aggregate of $86 million in claims denied via RAC with the most
                 prominent reason being incorrect coding
            •    Billing issues are also poised to increase as the aging population grows and more individuals move
                 to government-supported programs. However generally with Medicare and Medicaid the
                 reimbursement received under these categories is considerably lesser than the cost of care


       These challenges depict that coders being high in demand may be willing to shift either to organizations that
       offer higher pay, or that offer slightly lower pay but fewer coding complexities.


       Avenues to improve Coder Retention & Revenue:

            •    Involving coders in the ICD-10 transition will help coders achieve higher satisfaction
            •    Evaluating the coding team’s strength which is useful in strengthening skills
            •    Working with the coding team to set up - Coding-related training, anatomy training, code set
                 training along with training on the specific technologies
            •    Additional support systems for coders to ensure appropriate quality control measures
            •    Organizations will need to do advance planning by creating new staffing models
            •    Recognition for work well done can serve well in retaining good employees


       The multi-year, costly process of ICD-10 implementation comes at a time when many healthcare
       organizations are already grappling with financial issues. Moreover physicians short of time to implement all
       the steps may benefit by appointing a billing service to increase their revenues




                                               www.medicalbillersandcoders.com
                                              Copyright ©-2011 M.D.C.P. All Rights Reserved.
                                                                                                               Page 2 of 3
                                                                                                   http://www.medicalbillersandcoders.com
End to End Medical Billing Solutions



       Retain your revenue with MBC’s Billers & Coders

       MBC‘s billing experts are already preparing for the challenges to ensure optimum revenue by:

                    Constantly updating themselves about technological changes

                    Getting awareness regarding mapping between ICD-9 and ICD-10 codes

                    Interacting with varied healthcare providers, to ensure compliance under ICD-10

                    Awareness regarding a dual reporting system to avoid denials due to ICD-10

                    Constant training regarding all upcoming codes & changes



       The above findings highlights the need for proper training and support of experienced coders, MBC has been
       assisting in revenue maximization for over a decade now for physicians across the 50 US States, with the
       help of our highly qualified medical billers and coders.



                  MBC’S ICD-10             Regular industry
                    training           +      updates          +   Constant Training     +    Billing Experts




                                                                      Retention of
                                       =     Organizations
                                           Increased Profits
                                                               +      Revenue flow




                                                  www.medicalbillersandcoders.com
                                                  Copyright ©-2011 M.D.C.P. All Rights Reserved.
                                                                                                                   Page 3 of 3

				
DOCUMENT INFO
Shared By:
Stats:
views:9
posted:11/9/2012
language:
pages:3
Description: The scenario where the upcoming ICD-10 in 2014 will replace the existing 17,000 codes with over 150,000 diagnosis and procedure codes, along with the enhanced granularity – clearly reflects the importance of retaining coders in 2013 to help in the eventual revenue procurement.