Medical Coding is the Key for Cash Flows

Posted by mgsionline on December 10th, 2014

Medical Coding is the key to success and profitability of any healthcare Provider or Facility. Between the new and upcoming ICD-10 medical coding requirements and the daunting task of training and employing a medical coding specialist, outsourced medical billing is the way to go. The Medical Billing and Collections Specialist is the most important person as it is his/her expertise which is critical to the accurate coding and successful processing of all claims submitted. A well qualified and experienced medical coding specialist can not only keep all claims moving but sometimes can discover significant charges that were not billed at all or incorrectly. Constant training and attention to detail is required, but is typically not possible as most personnel assigned the duties of the medical coding specialist have additional billing duties as well.

In-house medical coding specialists:

Cash flow is directly maintained, improved, or decreased as the result of an office’s medical billing and collection processes. A medical coding specialist can not only improve the overall efficiency of the office, but at the same time improve the cash flow and financial health of the office on the whole. Having your own medical claims and billing specialist on staff helps maintain a positive and expedient cash flow. Being well versed as a medical coding specialist requires constant training and certifications. The costs associated with providing the training for staff members can have a huge impact on the bottom line. As carriers and insurance plans vary, the accuracy of medical coding can make or break a practice. Has your cash flow ever suffered as a result of under coding or over coding? Making the decision to utilize outsourced medical billing can not only stabilize your current cash flow but can be very beneficial in collecting monies that are not collected while coding and billing was done in-house.

Outsourced medical coding can improve cash flows:

Utilizing a company that has on staff several medical claims and billing specialists focused directly on your claims and collections without doubt makes the most sense. Outsourced medical billing companies are constantly staying current with all coding requirements of all carriers. They not only offer precise verification of all medical claims but typically have a large staff of medical billing and collections that stay on top of the accuracy regarding coding of those claims. By hiring a qualified company offering outsourced medical billing, you not only get direct access at your fingertips to all of your medical claims, you also get the expert advice and guidance from a well qualified medical coding specialist. When it comes to outsourced medical billing and ICD-10 medical coding, MGSI staffs are the experts.

About MGSI:

MGSI is adept in handling medical billing and collections prudently. Therefore, providers can get help from this top-notch outsourced medical billing company that has more than 20 years of experience in the healthcare space. Based in Florida, MGSI is a national billing company that has been managing medical billing and collections, patient eligibility verification, and healthcare denial management for its clientele of Providers, Medical Groups, and Hospitals. To learn more details, visit us at www.mgsionline.com/