Healthcare Billing and ICD-10 go hand-in-hand. Are you ready?
ICD-10 is the big story in healthcare for 2015. The AMA estimates that the average cost of this transition will be $83,000 to 2.7 million per practice depending on size and potential delay in reimbursement based on predictable coding errors. Even if your practice does everything right, the cost of hardware and software, training and testing and verification of codes will cost a practice thousands. How to re-coup that cost is on the forefront of most administrators minds.
One way is to consider outsourcing healthcare billing. Practice costs for in-house billing can be up to 14% of revenue. The cost of filing claims, capturing clinical data to support codes, verifying demographic and insurance data, working denied claims, re-filing claims and turn-around from date of service to paid claim and cost of collecting patient responsibility portions (which incidentally keep going up) should be factored into what it costs your practice to bill in-house. Not to mention the IT infrastructure needed to support the system and clearing house fees.
With ICD-10 coming in October, practices should carefully evaluate all their options for a successful transition while maximizing reimbursements and achieving cost savings. By taking the time and effort to evaluate outsourcing billing; all three objectives may be achieved.
MedPro Solutions, a sister company to Medical Management Services is ready to offer you full service billing at affordable rates that bring ICD-10 transition fears to an end.
Give MedPro Solutions a call and explore all your success options: