Gauging your Medical Billing Company on ICD-10 compliant resource-capability

“As much as the intrinsic competencies of your medical billing companies, their ability to advise on EHR/EMR implementation for efficient clinical and operational management  should equally hold prominence. As HIPAA 5010 compliant EHR/EMR is the prerequisite to medical billing under ICD-10 system, your practices needs to be equipped with EHR/EMR that meets HIPPA 5010 standards both as a compliant measure as well as qualifying measure for incentives under Meaningful Use Criterion.”

Physician practices, clinics, and hospitals, who hitherto have been safely entrusting all their billing operations to their respective outsource providers, will soon have to run a reality check of the level of preparedness that their medical billing service providers possess or likely to possess in congruence with the ensuing ICD-10 – going to be operational from October 1, 2013. Although most of the medical billing companies are mindful of the efficacy to be resourceful with ICD-10 medical billing management requisites – as they themselves will not be able to operate with ICD-9 compliant practices, which are soon going to be obsolete – yet it is a kind of reassuring exercise that your medical billing reimbursements are channelized through incredible and safe hands.

Now, having been convinced of the efficacy of running a reality check of either your current or prospective medical billing companies, it is quite natural to be inquisitive of the nature and extent of such reality check. Primarily you need satisfy yourself whether the service provider is self-sufficient in resources – both human as well as technological – that render medical billing management possible in the ICD-10 compliant environment. Notwithstanding other things like credibility in the industry, composition of clients, and experience as a medical billing company, it is this resource capability for ICD-10 compliant medical billing that holds the key to your delay-free and denial-free medical reimbursements of your medical claims for clinical services rendered to the Medicare or private insurance beneficiaries. And, when you consider how vigilant and stringent health insurance carriers are becoming, your medical billing service providers’ ICD-10 compliant competencies assume ever more significance.

When it comes to gauging your medical biller’s human competencies, it is necessary that professionals are trained in ICD-10-CM Implementation Training, ICD-10-CM Anatomy and Pathophysiology, ICD-10-CM Code Set, and ICD-10-CM Specialty Code Set. Further, along with a knowledge background, they need necessarily hold qualifying certificates from authorizing agencies that confer professional certification in ICD-10 compliant billing and coding –  AAPC (American Association for Professional Coders) and American Health Information Management Association (AHIMA) happen to be the competent agencies in the U.S.

Medical coding one of the fastest growing sectors in health care: Coders getting certified!

Health information technicians are considered as one of the 10 fastest-growing allied health occupations according to the US Bureau of Labor Statistics (BLS), with Medical billers and coders being in high demand among the allied health occupations.

Further increase in terms of job outlook is expected in the sector of Medical Coding with demand for professionals expected to increase by 18% considering the increased shift from paper to data storage in patient documentation and increased shortage of qualified professionals with specialized skill-sets.

According to the U.S. Department of Labor continued job growth for medical coders and billers is stimulated due to the increased medical need of geriatric population and the number of health practitioners. Moreover the Occupational Outlook Handbook states that earnings vary widely and pay levels are ascertained mainly as per experience and qualifications, hence various medical coders are opting for certifications in varied specializations to make the most of the growth in this sector.

Medical Coders rational in getting certified: Opportunities through certification

A national study of workers in their mid-30’s illustrated that 43% of license and certificate holders earned more than associate’s degree graduates, moreover as many employers prefer to hire candidates with certification, earning a medical billing and coding certification gives the coder an added competitive edge in the job market. On gaining experience in this field pursuing medical billing and coding certification in a particular specialty—beyond just basic certification— can immensely help in capturing the growth in this industry. In general, average salary for a medical billing and coding professionals is anywhere between $38,000 and $50,000 per year, while the ones at the top of their pay scale can earn more than $74,000.

A recent survey by American Hospital Association depicts that nearly 18% of billing and coding positions remain vacant due to a lack of qualified candidates, with most physician practices in preference of hiring well qualified medical billers and coders – certified in their field, to as far as possible avoid legal ramifications of incorrect billing. Also various medical coders working independently from home at times need to get additional licenses and certification.

Growing opportunities

In the scenario where Insurance companies and government are putting more emphasis in researching and controlling claims’ fraud, abusive practices, and medical necessity issues, has led to an increase in hiring by related healthcare entities. Being a challenging, attractive career with growing opportunities – where compensation is as per level of skills, individuals seeking a career in medical administration are well advised to opt for medical billing and coding with the entry-level pay being higher than that of comparative health care professionals in the field.

Medicialbillersandcoders.com equipped with experienced Billers and Coders well-versed with HIPAA, ICD-9-CM, ICD-10 –CM, CPT/HCPCS, DSM-IV, and ICPM, gives coders a platform to excel in their domain. Our coders are constantly training and updating themselves as per the industry requirements, striving to make the most and assist in the evolving healthcare industry effort in improving patient care.

Medical coding and billing salary range is wide, with a low percentage of employees in this medical field expecting to see a salary of $31,000 per year while another percentage expecting to see a salary range as high as $48,000 per year. However the average salary for a medical coder and biller as stated earlier is expected to get a higher scope in upcoming years, nevertheless eventually only the medical biller and coder can determine their earnings depending on variables they adopt. Medicialbillersandcoders.com providing updated knowledge, placement opportunities and analyzing current salary trends has been serving physicians for more than a decade and offers medical billers and coders an avenue to get connected with these doctors and can register with us for future job prospects. (Link to register for jobs)