Outsourcing your medical coding simply means you’re contracting with someone else to do your medical coding, instead of having coders on staff. Depending on what you need, that might be a medical coding consultant or a dedicated medical coding company.
Outsourcing of Medical Billing
To overcome these challenges, healthcare providers consider outsourcing their medical billing and coding to specialist companies.
24/7 medical billing service providers like Vee Technologies have flexible pricing models such as transaction-based pricing models, outcome-based pricing models, and FTE based pricing models in meeting present-day business objectives with particular emphasis to billing and coding outsourcing.
FTE based pricing is the grandfather of all pricing models. The full-time equivalent, or FTE based pricing model, is still very much prevalent in business process outsourcing services. Most of the business’ value proposition was built on specialist manpower replacement, meaning pricing on the basis of full-time equivalent or FTE pricing. Also referred as input based pricing model, FTE pricing is simple to understand and easy to implement.
Transaction based pricing is a model where service providers are able to build a baseline and meaningful prediction. It not only improves visibility into consumption pattern but also inspires productivity and efficiency improvement. It is one of the most widely accepted pricing models.
Outcome based pricing model (also called Percentile Based Pricing Model) is a more value driven, sure-footed approach in the evolution towards extraordinary outcomes where the client has even more piece of the action and vendor has even higher performance demands to meet.
Advantages of Outsourcing Medical Coding :
Let’s take a look at the advantages:
Focuses Mainly on Patient Care
It is always a challenge to be a professional doctor and an administrative manager at the same time. By redirecting its resources from managing complicated billing questions to serving the patients, hospitals can free up staff’s energy and ensure greater returns. These high value activities not only generate more revenue for the center but also help in creating and sustaining a more successful practice with a loyal patient base. Healthcare professionals thus can be relieved of navigating between payers, regulatory requirements and wholesomely concentrate fully on what they do the best: practicing medicine and treating patients.
Reduces Billing Errors
Experienced and well trained medical billers have extensive knowledge on complex claim submission processes. Medical billing companies make sure that their staff undergo rigorous process training and successfully complete the required quality and domain-driven knowledge assessment. While at work, these medical billers ensure accuracy and submissions in a timely manner. They not only reduce the number of rejected claims but also review and edit claims for errors before the claim is sent to the payer.
Saving money has always been one of the primary drivers behind outsourcing. By outsourcing medical billing, hospitals can save on salaries, training, and benefit costs. Hospitals also can skip costs on office supply, furniture and the purchase or upgrade of hardware. Many clients opt for specialist vendors to avail high-quality service at lower costs. Thanks to the flexible pricing models (transaction, percentile, FTE), clients can pick the option that best suits their requirements.
Accelerates Cash Flow
Regardless of the staffing situation, medical billing outsourcing services allow clients to maintain a consistent cash flow and quicker collection. Hospitals can achieve greater economies of scale by letting a specialized firm do the medical billing quickly.
Improves Patient Satisfaction
The clients can afford to exclusively focus on patient care as the outsourced vendors’ main focus lies in maximizing their revenue. Offshore medical billing services make sure that each code gets correct reimbursement quickly, errors are identified swiftly, and denials are followed up rapidly. Healthcare practitioners, on the other hand, are able to offer excellent customer service to their patients. They can be more humane and empathetic.
Ensures Billing Compliance
Companies like Vee Technologies, a HIPAA compliant healthcare and health plans processing company, have been offering medical billing and total healthcare outsourcing back office solutions to all sizes of clinics and hospitals across the US in last 10 years. A mature organization will always ensure that compliance is deeply integrated in all operations. It will also supplement these policies and procedures with internal and external audits.