Owning a medical billing and coding company today means you might be experiencing a talent shortage of people who are adept at the new ICD-10 codes. Complete understanding will happen eventually as the new system becomes widely used in the U.S., whereas the rest of the world has been using it since 1994. For companies that need this kind of experience now, it is good to know that current students in medical billing and coding schools have had this training already and are ready and willing to get started for you today.
At the end of last year, many experts in the medical billing and coding field expected a shortage of individuals with this training. So if a shortage of qualified candidates should happen to you, an ICD-10 ready individual recently graduated from a reputable program could be just what you need to get you over the rough spots, help your employees learn the changes and after a while, be able to take over a full time position with your company.
Perhaps your company has already lost productivity with your current coders as they are all still learning the new codes. By creating your own team, you’ll be able to have them learn the way your company does business so that they will be ready to move into new slots as you require them.
You could always send these jobs offshore, but would probably have to do a lot of checking up and following up to make sure you are getting the results you want. It may be a lot less to worry about if you form your own group of junior coders. You will surely have fewer security concerns about HIPPA violations and the like if you retain all your new and potential hires in an onsite location where you can monitor their progress and their contributions.
Should you decide not to do this, you could always onshore your coding needs, also known as domestic outsourcing, maybe even to someone right in your own town. Currently, this is a tight market, so you will have to do some digging to find the coders you need. You may have to advertise on an internet job board, talk to other medical billing and coding companies, call the medical billing and coding schools or use some other tactic to find the coders you are looking for.
But do too much onshore recruiting and your staff may begin to feel they are losing value to you, and with the shortage of talent currently in effect, may decide to leave your firm, something you don’t want to have happen in the current talent crunch.
So before you become too used to the services of temporary coders, there is always the solution of hiring recent graduates of medical coding programs for your own company. These new grads have invested in their future by learning this field, and are eager to start work now. Invest in them now and it could be the right decision, made at the right time, for the right reason.