High Quality and Accurate Medical Coding Services – MaxBPO

1. Why might 2021 compel medical institutions to outsource medical coding services? It has been seen that the healthcare sector had been earlier reluctant to embrace the use of technology due to concerns regarding patient safety. But the pandemic has changed the situation. Medical billing and coding rules along with the codes themselves are changed periodically, with new codes being introduced as per requirement. In the pandemic situation, this change of coding has been accelerated. As per the 2021 report of American Hospital Association (AHA) Hospital Statistics, around 36,241,815 admissions were reported in all the hospitals in the United States in 2020. This has increased the demand for medical billers and coders. Hospitals have been facing challenges in medical coding due to changes in Medicare policies, complex and rigid coding rules, complicated billing processes and changes in technological options. This has resulted in creating issues with improving revenue, getting reimbursement on time, and avoiding claim denials.

2. Some of the trends that have been noted the post-pandemic situation in the Medical industry are as follows: Challenges faced by healthcare systems Healthcare systems are witnessing challenges due to increasing healthcare costs, complex ICD-10 coding systems, and the mandate of implementing electronic medical records (EMR) to maintain reimbursement levels. This has given rise to these organisations opting to outsource medical coding services. As per Grand View Research, Inc, the global medical billing outsourcing market size is projected to reach USD 23.1 billion by 2027, expanding at a CAGR of 12.3%. Use of Automation for Medical Coding Hospitals and private clinics are also feeling a need for Automation in medical billing practice, especially for tasks such as claims submission, etc. The use of these tools can make the process faster and reduce the risk of errors in medical claims and also delay payments and increase denials. However, automation of medical billing practice needs major investment, along with hiring employees with knowledge of medical coding and then giving them the training to use the system. Hiring the service of a company providing medical coding services can be a much cost-effective option. Moreover, outsourcing this process will also help the hospital staff being able to focus on their core activity of giving patients satisfaction through patient engagement and patient responsibility. Awareness of Coding Updates Medical coding requires those handling the process to be aware of any updates which are announced by governing bodies such as AMA and CMS in the US. This is essential, especially for specialty billing. For hospital staff, keeping up with changing codes, documentation requirements and payment methods may prove to be difficult. A medical coding outsourcing partner, on the other hand, is focused on this process and keeps themselves updated on all the changes as they cater to multiple clients. Conclusion The high demand to streamline the billing procedures of hospitals, along with the rising need for a universal language that will help in reducing frauds and misinterpretations associated with insurance claims, has made hospitals outsource medical coding services to expert organisations. https://www.maxbpooutsourcing.com/outsource-medical-coding-services