The healthcare industry is in a perpetual state of change. A significant milestone occurred when the United States mandated the use of ICD-10 billing codes. This shift transformed billing procedures for medical providers, from solo physician practices to large hospitals. As a result, ICD10 medical billing outsourcing has become a critical solution for managing the complexities of the new system.
Under the previous ICD-9 system, medical billers had access to approximately 13,000 codes. With ICD-10, that number surged to around 68,000, offering much greater specificity in coding medical procedures and aiding public health officials in tracking illnesses and injuries.
However, some ICD-10 codes are so specific border on the absurd, such as:
- V91.07XD: Burn due to water-skis on fire, subsequent encounter.
- V97.33XD: Sucked into a jet engine, subsequent encounter.
The adoption of ICD-10 amplified the existing shortage of approximately 30,000 medical billers while introducing a level of detail that many find perplexing. These challenges, coupled with the growing emphasis on precise billing, have made outsourcing medical billing an increasingly attractive option for healthcare providers.
The Case for Medical Billing Outsourcing
ICD-10 medical billing outsourcing, often associated with transferring jobs overseas, takes on a different meaning in medical billing. Most outsourcing firms in this sector are U.S.-based, offering specialized services to healthcare providers. Partnering with a medical billing company for ICD10 medical billing outsourcing delivers several key benefits:
- Access to Expertise: Outsourced billers are highly trained professionals with up-to-date knowledge of ICD-10 and ongoing education opportunities.
- Fewer Claim Rejections: Expert billers reduce errors, leading to fewer rejected claims and requests for additional information.
- Streamlined Claims Processing: Accurate coding minimizes delays, accelerates appeals, and improves overall revenue cycle management.
- Timely Appeals and Follow-Ups: Billing companies handle appeals promptly, track secondary carriers, and manage deductibles and copays, reducing write-offs.
- Improved Cash Flow: Better revenue cycle management translates into increased cash flow and higher profitability for providers.
While ICD-10 complexities drive many providers to outsource billing, additional advantages further solidify the case.
Additional Benefits of Medical Billing Outsourcing
Surveys reveal that healthcare providers choose outsourcing for a variety of reasons, including:
- Cost Savings: Partnering with a reputable company like Allzone Medical Billing Company helps providers eliminate expenses related to in-house billing, such as hardware, software, and personnel.
- Enhanced Patient Satisfaction: Clear and accurate billing statements, often managed by experts at Allzone Medical Billing Company, reduce patient confusion and minimize calls for clarification. Many billing providers, including Allzone, offer their phone lines for inquiries, further streamlining the process.
- More Time for Patient Care: Outsourcing billing tasks to specialists like Allzone Medical Billing Company allows providers to focus on diagnosis and treatment rather than administrative burdens.
- Efficient Use of Space: By outsourcing, providers free up office space previously occupied by billing staff, making room for patient care. This creates an opportunity to serve more patients and increase revenue.
- Flexible Payment Options: Outsourced Medical billing services, such as those provided by Allzone Medical Billing Company, often offer patients various payment methods, including at the point of service, over the phone, or through online portals, enhancing the overall patient experience.
Healthcare providers who partner with Allzone Medical Billing Company gain a strategic edge. By leveraging Allzone’s expertise in ICD-10 medical billing outsourcing, streamline the ICD-10 coding process, reduce operational costs, improve cash flow, and boost patient satisfaction. These advantages strengthen a provider’s productivity and financial position, ensuring sustainable growth in a competitive healthcare environment.