It is important for healthcare providers to plan ahead when it comes to their medical billing and coding. Today, coding is more complex than it was a year ago. Many coders today find that taking classes in coding help them to become a better expert. Did you know that ICD-10 has over 100,000 codes that a person must become familiar with? Over time, you will see that these codes are not always easy to understand. Many schools recommend that a medical biller understands anatomy and physiology. Most associate and bachelor degree programs will have these courses as part of their program.
It is important to know a lot about coding today because it will mean an acceptance or denial for your claim. A woman by the name of Mandy had her own healthcare facility. She was an MD and enjoyed her job. She didn’t know much about medical billing. However, she was too busy to hire someone to do it for her. Instead, she decided to work on the billing herself. Within a couple of years, she had to close her practice because she could not earn enough revenue to support the business.
Today, being a medical doctor also means having a good business plan. It is great that you know about medicine and health. However, can you afford to keep your doors open? As we all know, money makes the world go around. If you don’t have enough to keep a business afloat, you will most likely have to work for someone else. Most doctors like having their own practices. It offers you more freedom and job security. However, most doctors say that they are losing between 20% and 30% of their revenue each year. These are huge losses. This has to do with doing your coding and billing correctly.
Many doctors’ offices are finding it difficult to take on new patients. The rising costs of healthcare and the lack of reimbursement is putting a strain on physicians today. What can be done about it? For starters, physicians can outsource their billing to companies that do utilization management. Ideal Billing Solutions does this kind of work and has high success rates for their clients. If you choose to work with Ideal, you get a staff of medical billers and coders that work to get your good revenues. You may be surprised to find out that your revenues grow within the first 90 days. Many of our clients are seeing higher returns on their claims then their own in house billing team was able to get them. We also handle all of your software needs and electronic coding. All that you have to do is put your trust in the hands of professionals that care about you and your practice.