Compensation of any healthcare organization relies heavily on the accuracy and efficiency of medical coding. If the billing department isn’t well-trained to handle the complexities of coding, it might lead to significant revenue loss. Same is the case with HCC coding (Hierarchal Condition Category) in which each HCC is mapped to a certain ICD-10 code.
Here are some of the benefits that they get to enjoy with outsourcing:
- It gives them access to an expert, fully-trained coding team that knows how to handle HCC complexities. Reputed billing companies work with coders who are updated with latest coding requirements, including new ICD-10 codes.
- Outsourcing HCC coding needs to a reliable company helps ensure coding accuracy and speed. Such companies have the right software that makes it easy for the medical organization staff to communicate with coding professionals. Documentation and patient charts can be uploaded to this software and shared instantly. The staff can also review the finished coding on a chart basis for QA purposes. All this helps in ensuring accuracy in HCC coding.
- Having an in-house team of coders gives limited coding capacity. It also gets challenging to quickly adjust to changing coding volumes. But with outsourcing, these challenges are eliminated because the company is well-equipped to match coding demands perfectly.
- Another benefit is that they get to save a huge amount because there is no need to maintain an in-house team. Infrastructure costs are also eliminated. Reduced overhead costs help healthcare organizations become more efficient.
- As mentioned earlier, if a dedicated team will be handling the coding complexities and bringing in revenue, then healthcare providers will be able to focus on quality care. There will be fewer distractions from core business activities.
- It is a common myth that HCC codes are not the same as CPT codes and therefore they don’t affect revenue. This isn’t true. Since HCC coding is a very important activity needed for receiving maximum Medicare Advantage reimbursements, it cannot be overlooked. It makes sense to let a dedicated third party handle this job.
Only an experienced coding service provider can work with clinical documentation specialists and physicians for ensuring compliance with complex revenue models. They can help in mitigating compliance risks as well.