The Advantages of Medical Coding Compliance
Setting up a medical practice on your own is a daunting and sometimes draining endeavor that can take months to complete. Even then, regular changes in healthcare legislation and insurance regulation mean that now, more than ever, medical practice owners must be able to adopt changes as quickly as possible. While many major changes in the healthcare field (such as ICD-10 this fall) are announced long in advance before being enacted, it’s of paramount importance that physicians begin preparations early.
By starting to assess how well your practice is able to handle upcoming medical coding changes and understanding the benefits for early adoption now, you’ll position yourself and your practice for prolonged success in the future.
Up to date medical coding compliance means your practice will…
Optimize Its Revenue
Medical coding is a critical step in the medical billing process. Untimely or inaccurate coding can lead to delays in claim submission, reduced or denied payment, or even complete loss of revenue. The lifeblood to your business is your revenue stream. If it’s organized and optimized, it will continue to flow.
Reduce Compliance Risk
Avoid the financial penalties that come with non-compliance. We will work with you and your staff to ensure that your work queues are current and that your office is in full compliance with coding rules and regulations. By being current with the latest in medical coding you can offer your patients and employees a better experience at your practice while reducing risk.
Be ICD-10 Ready
October 1, 2015 all HIPAA covered entities are required to convert to ICD-10. Failure to comply with this transition will lead to rejection of claims and disruption in receipt of payment. Don’t get caught unawares!
Get Your Practice Assessed Today
Our coders are proficient in ICD-10, and will work with your providers and staff to ensure that your practice is appropriately trained in the new medical coding requirements. Click below to learn more about ICD-10 and how Concordis can help you prepare for the transition.