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7 Methods Used to Increase Profits With ICD Coding Outsourcing

ICD 10 coding
In late June, CMS released the results of the second round of end-to-end, Medicare claims-submissions tests. The results were 88% compliance using the new ICD-10 code, which, in the opinion of CMS, is on track for the October 1, 2015 implementation deadline. The first round of tests, conducted between January 26th and February 3rd, achieved a slightly lower 81% compliance rate, thus the 88% result of the April 27th to May 1st testing was at least a step in the right direction.Anxiety, however, continues over the potential medical and financial impacts of switching to ICD-10. One member of Congress, recently proposed a “grace period” wherein health care professionals would escape penalties for “errors, mistakes, and malfunctions” related to the ICD-10 transition. AHIMA, and other health organizations, however, have vigorously opposed any delays, suggesting that a grace period would only lead to “waste, fraud, and abuse.”

ICD Coding Outsourcing

For home health agencies and other organizations that provide client care services, the need to remain functional and profitable under the new coding system is of greater practical importance than the debate over the merits of ICD-10. The burden of compliance will soon be greatly increased under a far more detailed medical code, and many are therefore turning to ICD coding outsourcing as the most financially feasible solution.

Seven ways that outsourcing both ICD-9 and 10 coding can serve to increase your  profits, are as follows:

  1. By outsourcing ICD coding, you avoid the expense of recruiting and hiring a certified medical coder and paying their salary and benefits. Since experienced home health/hospice coders are hard to find and in high demand, you will save time, money, and frustration by simply using the skilled, experienced coders at an ICD coding firm.
  2. Coders require expensive ongoing education to keep up with coding changes and to receive or update their certification, Medicare rules, and other health regulations. You will incur the expense for this constant continuing education with a certified in-house coder.
  3. Using firm coders who are 100% focused on ICD code greatly reduces costly errors and significantly speeds up the submission of claims. Coding errors can lead to delayed and declined claims, and minimizing errors will maximize your profits.
  4. The proficiency of professional coders, whose only job is to complete your coding quickly and to maximize your reimbursement, enables them to use your clinical documentation to assign accurate codes swiftly.
  5. Staff productivity increases as trained caregivers are allowed to focus on client care instead of using their valuable time to code.. Clients will be more satisfied and retention rates will increase.
  6. Coding firms have the expertise to train your staff to implement documentation changes required with ICD-10, which makes for smoother and fully compliant claim submissions.
  7. Outsourcing firms have the ability to use your organization’s current software to review records off-site, avoiding unnecessary travel and lodging expenses.

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7 Methods Used to Increase Profits With ICD Coding Outsourcing
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In late June, CMS released the results of the second round of end-to-end, Medicare claims-submissions tests. The results were 88% compliance using the new ICD-10 code, which, in the opinion of CMS, is on track for the October 1, 2015 implementation deadline. The first round of tests, conducted between January 26th and February 3rd, achieved a slightly lower 81% compliance rate, thus the 88% result of the April 27th to May 1st testing was at least a step in the right direction.

Anxiety, however, continues over the potential medical and financial impacts of switching to ICD-10. One member of Congress, recently proposed a “grace period” wherein health care professionals would escape penalties for “errors, mistakes, and malfunctions” related to the ICD-10 transition. AHIMA, and other health organizations, however, have vigorously opposed any delays, suggesting that a grace period would only lead to “waste, fraud, and abuse.”ICD-Coding

ICD Coding Outsourcing

For home health agencies and other organizations that provide client care services, the need to remain functional and profitable under the new coding system is of greater practical importance than the debate over the merits of ICD-10. The burden of compliance will soon be greatly increased under a far more detailed medical code, and many are therefore turning to ICD coding outsourcing as the most financially feasible solution.

Seven ways that outsourcing both ICD-9 and 10 coding can serve to increase your profits, are as follows:

By outsourcing ICD coding, you avoid the expense of recruiting and hiring a certified medical coder and paying their salary and benefits. Since experienced home health/hospice coders are hard to find and in high demand, you will save time, money, and frustration by simply using the skilled, experienced coders at an ICD coding firm.
Coders require expensive ongoing education to keep up with coding changes and to receive or update their certification, Medicare rules, and other health regulations. You will incur the expense for this constant continuing education with a certified in-house coder.
Using firm coders who are 100% focused on ICD code greatly reduces costly errors and significantly speeds up the submission of claims. Coding errors can lead to delayed and declined claims, and minimizing errors will maximize your profits.
The proficiency of professional coders, whose only job is to complete your coding quickly and to maximize your reimbursement, enables them to use your clinical documentation to assign accurate codes swiftly.
Staff productivity increases as trained caregivers are allowed to focus on client care instead of using their valuable time to code.. Clients will be more satisfied and retention rates will increase.
Coding firms have the expertise to train your staff to implement documentation changes required with ICD-10, which makes for smoother and fully compliant claim submissions.
Outsourcing firms have the ability to use your organization’s current software to review records off-site, avoiding unnecessary travel and lodging expenses.

Kenyon HomeCare’s ICD Coding

Kenyon HomeCare Consulting is staffed by professional, experienced, certified home health and hospice coders, who are fully equipped to handle the transition from ICD-9 to ICD-10. They offer excellent ICD training and outsourcing services that will free up your staff to maximize client care hours and focus on improves clinical documentation . Their expertise in OASIS optimization, HIPAA compliance, and both ICD-9 and ICD-10 make them an ideal choice for code outsourcing.

Conclusion

Now more than ever, with mandatory ICD-10 implementation on October 1st, outsourcing is a truly cost-effective option for your coding needs. Outsourcing will alleviate your agency from the coding burden, increase your retention rate with happier care staff and land more profits to your organization’s bottom line.

ICD coding is a complicated area of expertise that requires specialized attention. The mandatory transition from ICD-9 to ICD-10 makes the choice to outsource coding more financially beneficial than ever before.

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