The Future of Medical Billing

The recent move of medical billing to ANSI 5010 and the eventual transition to ICD-10 have put a scare in many medical practices in the United States.  Standards will have to be redefined and many offices will require more medical coding staff as a result.

Not only will these changes require a herculean effort but medical clinics will incur increased costs to train and implement the new rules.  To continue to function efficiently, your office should look to software systems like McKesson’s Medisoft which will function seamlessly in this environment.  Doctors are starting to recognize the value of software automation and billing technologies with the capability of managing more than 120,000 new ICD-10 codes that allows for application in a clinical setting.

Detail in medical encounters need to be more comprehensive once the expanded diagnosis codes are put in place.  Software that is geared toward effective and accurate look-up will give your practice an advantage in the years to come.

Doctors are increasingly looking to outsource their billing to third party professionals.  Facing higher deductibles and the increased complexity of insurance companies, practices struggle to keep up with these trends.  With increased unemployment, billing staff in medical offices must contend with an increased duty to collect directly from the patient.  Collecting from self-pay or high deductible health plans have doubled the time it takes to process billing services in a timely matter.  Hiring third party medical billing companies makes sense for many providers who need more time to focus on patient scheduling and care.

Practices that handle their billing in-house must employ a fairly large staff.  Supporting a staff involves substantial costs, including the time to hire and train personnel with the additional worry of hiring a replacement when an employee leaves.  Software packages can be expensive and have their own learning curve.  These systems must be updated and maintained which requires even more time and staff.  The future holds many questions but it is virtually certain that information will be transmitted among all parties electronically, and payments will be electronically deposited as well.

You should look for a billing firm to review your revenue cycle management and offer suggestions to streamline your practice.  Your new partner should have leading edge technologies and be able to handle your patient volume.  Ask for references and make sure that the company has a solid track record in the industry.

Faster networks, EMR systems and professional services have continued to change the healthcare industry.  The benefits of using a billing company by farming out administrative and technological burdens while maintaining control of your practice is essential in today’s fast paced world.

 

Iron Comet Consulting is a Mckesson Platinum certified reseller, medical IT firm and medical billing service based in Stockbridge, Georgia. Our products combine the clinical with the financial to improve workflow and revenue capture. Mckesson’s Medisoft Clinical is a complete physician practice optimization solution. For more information, please visit http://www.ironcomet.com

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