The idea behind this blog is to clear up any confusion or misleading information surrounding what we do.
For any medical practice to succeed, or even exist, there needs to be a reliable and predictable flow of incoming revenue. Hiring employees, purchasing equipment, or thoughts of expansion are impossible because you can’t rely on a predictable flow of incoming cash. Without a steady flow of incoming revenue, there is no way to properly plan for the future.
So, what is one of the best ways to secure a reliable and predictable flow of incoming revenue?
Through proper and accurate medical billing and coding. Making sure that your medical practice properly codes and bills your patients should be one of your most important priorities.
Even with that knowledge, we still see many myths exist surrounding medical billing and coding. Let’s examine, and debunk, some of the most common myths out there:
- Billing and Coding are the same – Although medical billing and medical coding are part of the same process and can be done by the same medical professional, they are distinct and independent tasks that require different skill sets.Coders need to understand the codes that correspond to various procedures, diagnoses, and prescriptions. The coders then hand the codes to the medical billers so the patients and insurance companies can be billed accordingly.
- Medical Billing and Coding is just data entry – While there is a fair amount of data entry that goes into medical billing and coding, thinking of it as “just data entry” would underestimate the value and importance of the job.Medical coders and billers must have a good understanding of ICD-10, work with doctors and nurses to ensure the proper codes are used, and be able to recognize incorrect codes. In turn, billers must provide a check on coders.This is all part of a checks and balance that will help ensure that your practice gets paid on time for the services you provide.
- Errors – When billing and coding is done in-house, errors are to be expected. However, errors delay payment, and too many errors will negatively impact your revenue cycle.This is why every measure should be taken to ensure that these errors are kept to a minimum.
- Too expensive to outsource – This is a common misconception. If you consider the opportunity cost of assigning someone in-house to handle medical billing AND factor in the cost of payment delays caused by errors, outsourcing your medical and billing will most likely save you money in the long run.
- If I outsource, I lose control – It may seem counterintuitive, but outsourcing your medical billing and coding may give you MORE control. Most medical billing and coding companies, like Mednet, focus solely on medical billing and coding.This means that their goal is to ensure that you get paid on time for the services you provide. The key is finding a company that you can trust and that will be aligned with the goals of your practice.
Proper medical billing and coding is essential to the current and ongoing success of your practice, and understanding their impact is the first step towards securing your future. If you need help with your medical billing and coding procedures, please contact Mednet today.