In 2018, the medical billing and coding industries will experience more outsourcing than ever. This will be especially true where certain redundant office tasks are concerned. This is not to say that medical billing and coding are redundant by any means, but certain aspects are not usually dealt with in-house. It can be a very expensive endeavor, especially if a company needs to hire its own medical coders. Outsourcing some tasks to another company can save time and money to devote to other operations. This article will review some of the reasons why companies might consider outsourcing certain aspects of their billing and coding processes. We will also identify industry opportunities for skilled individuals to get in on the action.
The Cost Savings is Significant
Companies can realize significant cost savings by outsourcing aspects of medical billing and coding, and these savings expand beyond just the individual or team’s salary(ies). For example, for a company to hire a medical biller and coder, they will not only need to pay their salary, but they will also have to pay:
* Health Insurance
* Life Insurance
* PTO Benefits
Along with these obvious, indirect costs, companies will also be forced to deal with even more costs including office supplies, software, and additional technologies that make billing and coding possible. You can see just why so many companies are choosing to outsource these roles in 2018.
Compliance – An Ongoing Problem
As you learn medical billing and coding, you will also learn that the industry is constantly changing. A company must remain compliant with all industry standards, but with it constantly changing, that can be quite challenging. Companies often choose to hire third-party agencies to manage and maintain compliance and other regulatory stipulations. The consequences of operating out of compliance can be very severe, so this is extremely important.
Better and Faster Payments
When a company outsources its medical billing and coding to an outside agency, it will ultimately be paid faster. The revenue cycle is processed efficiently, errors will decrease, and claims will be sent quicker. This leads to faster payments and a better quality of life for employees.
Patient Care is Improved
Outsourcing billing and coding to an outside agency means more time can be spent on in-house training for employees. This means less time to worry about procedures and codes and more time helping patients with what they need. That is, after all, what the healthcare industry is all about.
Better Consistency in Reporting
Can you imagine working in a practice that becomes completely swamped simply because one or more medical billers/coders fall sick, go on vacation, or quit? By outsourcing, practice will be able to ensure that coders will always be available as it will no longer be their responsibility to provide them.
Consider Becoming a Medical Coder
If you are looking for a new career, then we cannot recommend medical billing and coding enough. It is an outstanding job that can lead to even greater opportunities as your career matures, and we are ready to help you achieve success in the industry. With our passionate instructors and a comprehensive curriculum, we can give you both classroom instruction and hands-on experience that will lead you to plenty of opportunities. For more information, give us a call or check out our website.
In addition to outstanding classroom instruction, financial aid is available to those who qualify, ensuring that you get precisely what you need to get your foot into the doorway of an outstanding education. With so many companies choosing to outsource in 2018, now is the time to gain the education and training necessary to excel in this industry!
For more information about graduation rates, the median debt of students who completed the program, and other important information, please visit our website at: https://iticollege.edu/disclosures/