What Is Medical Coding?
The task of a medical coder is often overlooked in the medical field. In short, medical coding is the process of translating complex medical information, documents, and records into alphanumeric codes to later simplify the use of such information. By organizing medical information in such a way, practices and hospitals can improve efficiency and increase the effectiveness of their operations. Processes such as billing procedures, patient communications and record keeping are all made easier through the implementation of medical coding.
It is crucial to analyze clinical statements and assign standard codes; however, in the healthcare system it is very easy to have flaws in the coding process. Fort-two percent of Medicare evaluation and management (E/M) services are coded incorrectly.
Advantum Health’s team of over 40 certified coders have helped hundreds of providers remain compliant with CMS rules and regulations. Medical coding expertise is beneficial to provide proactive claim and document reviews while identifying coding and modifier errors.
Why Is Medical Coding Essential for Revenue Cycle Management?
The development of new workflows requires the healthcare provider to rethink their management of the revenue cycle. The demands of modern medical institutions require more office staff time than ever before to deal with managing insurance claims, referrals and authorizations, and staying on top of healthcare initiatives. It’s very easy to misread documentation, select or input the wrong codes or even unintentionally overcode or undercode.
Advantum Health provides internal revenue cycle management such as medical coding audits, as well as the front end process of revenue cycle management. Medical coding is important for revenue cycle management because repeated errors can lead to missed reimbursements of provided services.
How Does Medical Coding Affect Financials?
In order for a medical practice or hospital to perform effectively and serve its patients, it is essential that they maintain and operate under a healthy financial system. The process of managing the financial functions of a healthcare institution, such as claim processing and revenue generation, is known as healthcare revenue cycle management. Changing the way healthcare organizations communicate with their patients is vital for business. Usually, the best chance of a healthcare organization getting paid is before the patient leaves the office. Communication has changed overtime and advanced due to updated technology, which directly affects both the healthcare provider and the patients.
By simplifying and streamlining the revenue process there is better patient engagement and an improved financial outlook. Advantum Health provides expert coders that help healthcare companies avoid legal and financial exposure by improving medical coding. The development of medical coding also includes unbiased reviews in preparation for OIG and RAC audits, along with a comprehensive analysis of contracts, claims, and payments to find potential underpayments.
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