Medical billing and billing codes are the yardsticks of Electronic health records(EHR system). These billing codes play a vital role in helping healthcare organizations to maintain the reimbursement rates. These Billing codes come handy when patients or healthcare facilities face problems while dealing with claim denials. These billing codes play an important role in billing and insurance related(BIR) functioning. What is to happen when they turn out to dig holes in the financial department of healthcare organizations?
Complex coding structures are driving up medical billing costs in the US. This information has been taken from several surveys conducted using micro-level time driven activity based costing measurements. This comparison was held between provider offices in the US and five other countries. Countries which have single payer systems like Canada were also taken into account. Along with that, countries like Germany and Australia with multi-payer systems were also included. Now, this is the information that the study results projected-US has higher BIR costs in comparison to other countries. This research also established that not only are the prices higher but the difference between the ranges is quite significant as well. The main reason behind these unnecessary higher expenses in the healthcare organization of the US is mainly their expensive and complex coding system. It is true that keeping a track of codes might be complex but the US can achieve savings by simplifying and standardizing the payment procedures. The countries which have lower expenses of medical billing adhere to a National structure that standardizes how payers reimburse providers.
What can the US Healthcare facilities do to manage this situation?
The US can get an automated billing system to record and process its DRG(Diagnosis related groups) Codes based on ICD-10 codes. This will help the healthcare facilities to save time on coding and save money that they spend on codes to translate documentation into billable codes. Automated charge codes demand lower wages or non-clinical team mates which helps in saving costs on billing services. Even though Medical Billing is more than necessary for Revenue cycle management, it is important to understand the emergence of cost cutting on these services. This will help the US healthcare facilities to become more efficient and ensure best patient care. There are various medical billing service providers like I-conic solutions who are experts in not only handling the revenue cycle of hospitals but also have expertise in providing strategies!