The medical billing industry is growing. The high demand in this field benefits physician’s revenue. These services are not limited to billing and submission regarding claims for payment to insurance companies and government payers. These services require many responsibilities, including interaction with payers, resubmission of claims that are wrongfully denied, and finding errors in denied claims. Medical billing companies have complex, but very important functions.
With the health care reform and increased technology in the medical billing industry, another challenge facing physicians is whether to go with in house billing or outsourced billing. The goal is to find a method that will save expenses and increase revenue.
The average in house billing department consists of a few trained billers to one or three providers. The start up expenses include paying for equipment, space for record storage, and registration with a clearinghouse. With in house billing, you have a close watch on the pulse of your day to day operations. You also have more control over your accounts receivable.
Outsourced billing is good for owners who do not want to manage an administrative team. All day to day responsibilities are done off site. That leaves more time to focus on providing the best possible care for patients. The increase in revenue allows for more quality services for patients. More care for patients will improve patient satisfaction. That will lead to increased productivity because of higher employee morale. Outsourced billing also allows owners to be less concerned with records retention. Many owners are finding that the savings gained from outsourced billing functions are offset by the fees charged by the outsourcing company.
Healthcare reforms have affected the medical billing industry. Many changes are on the way regarding how departmental processes are carried out. The adoption of ICD-10 codes and the 5010 platform required for these codes presents a huge challenge to the medical billing industry. ICD-10 codes are more extensive compared to ICD-9, and are also more specific. The new approach towards medical billing and coding will have an adverse impact on physicians’ finances who are adopting EHR’s, plus the services of billers and coders who have new codes and processes.
Despite the many processes along with medical billing changing rapidly physician’s income has not been affected. Those who have adopted functional EHR systems that take a modern approach towards revenue cycle management and accounts receivables have experienced an increase in revenues. Will there be any jobs available in the future? Employment for medical transcriptionists is expected to increase within the next two years. Medical records and health information technician positions are expected to increase through 2018.
When the ICD-10 goes into effect in 2013, this code will help document and show diseases and other illnesses that patients have to help in the efforts to treat them. More jobs and a new coding language will be followed by advancements in computers. More and more states are going to electronic health records. In a few years, medical billing and coding industry will become paperless.
The majority of analysts predict that billers and coders have a promising future ahead of them. These new codes will make coding and billing more accurate. The jobs market will expand because of more employment and higher pay. The technology will continue to expand deep into the next decade, which is something that can only be beneficial for the medical billing industry.