Top 5 Benefits to Outsource Medical Coding Service

 

It has been observed that the global market of medical coding services will reach $4.1 billion in the year 2026 which shows that more and more people are relying on this service. Moreover, RevenueXL also conducted a study that shows that the operating costs of healthcare providers has reduced by 30% when they outsource medical coding services. Not only this, the data from MedBillingExperts also shows that efficient medical coding also increases the collection rate of healthcare providers by about 125%. 

So, keeping all these statistics in mind, it is evident that healthcare providers find outsourcing medical coding services helping them grow their business. There are numerous benefits to outsourcing coding services but let’s dive into the top 5 benefits of outsourcing medical coding services which can give you a solid reason to hire them.   

 

Benefit number 1: Guaranteeing Dependability and Accuracy 

Professional medical coding services not only excel in delivering exceptional accuracy but they also ensure that the claims are made without any type of errors and discrepancies. Also, professional coders taking care of your coding business have approximately 97% clean claims rate. With a deep understanding of numerous code sets such as ICD-10, CPT and DRG, they are only known for submitting all the claims accurately along with rigorous follow-up on all the denials or rejections so that you get faster reimbursement.  

 

Benefit number 2: Efficient data management and reduced operational cost 

Efficient management of health records is highly important to make sure that the billing is accurate which eventually helps the coders to make proper reimbursement claims. However, when healthcare providers outsource their health records, the need to train their in-house staff reduces, which eventually leads to a decrease in staffing expenses. Apart from that, it also eliminates the requirement for investing in costly billing software that can be used for other business expenses. Hence, rather than getting advanced billing software or dedicated coding staff, it’s better to outsource health records management which can give them the same service at the lowest price. 

 
Benefit number 3: Mitigating the rejection and denial rates 

The denials occur due to many reasons such as incomplete or incorrect documentation of coding. However, if the denials are not addressed promptly, it can cause higher financial distress for the healthcare providers. That’s why it is important to choose the right company that makes accurate coding practices so that no rejection or denial comes. In case a claim is submitted with incorrect or missing diagnosis codes, it will be rejected. However, with the right medical coding services and experts you will not only get your medical records adequately done but also correct the diagnosis codes that will be linked to the procedures. 

 

Benefit number 4: Reporting for claims submission, collections, denials and account receivables 

It can be identified that most patients face issues with claims submission, collections, denials as well as account receivables. Hence, professional coders make an accurate coding combination which includes service and diagnosis codes, place of service codes and also modifiers. Apart from that, they also make error-free patient entry, rejection follow-up within 24 hours and also track and follows-up on all the partial and incorrect payments every 48 hours. They conduct a highly detailed analysis of denial management and also proactive and methodical AR follow-up. The best professional coders also follow all the HIPAA compliant and make customized reporting for claims submission, collections, and denials and also account receivables.   

 

Benefit number 5: Better reimbursement rates 

Professional coders play an essential role in maximizing all the reimbursements. Moreover, they not only assign the codes to appropriate treatments, diagnoses and medical procedures but also make sure that the healthcare providers receive the reimbursements as soon as possible. Apart from that, they review the patient’s medical records, identify the specific procedures that are to be performed and finally assign all the corresponding CPT codes. Furthermore, in case there is a highly complex coding process, professional coders use ICD-10 and CPT coding systems effortlessly so that healthcare providers don’t face any further problems. 

 

With so much confusion and things to remember, it is best to outsource medical coding services from a reputed medical coder. Helping you reduce the burden on the healthcare provider by having professional codera you can further focus on other important task like - patient care.