10 Reasons Why You Should Outsource Your Medical Coding- Reason 3 of 10: Cost Savings
As ICD-10 implementation draws near, the shortage of qualified medical coders will only become more acute. Outsourcing your medical coding is a solution that fits the needs of large hospital groups, standalone hospitals, large and small physician groups, and other healthcare organizations. It can result in zero coding backlogs, guaranteed quality, reduced cost, and no worries about coding resources or shortage-driven cost increases.
Over the next several weeks, we’ll offer you the top 10 reasons why outsourcing makes sense for your organization.
Reason #3 of 10– Cost Savings
Providers incur significant expense to assure their medical records are coded according to the ICD-9 coding guidelines that include more than 17,000 codes. The planned expansion of ICD-10 coding guidelines (which include more than 140,000 codes) promises to reduce coder productivity while requiring more coders to process the same number of medical records. The existing medical coder shortage will most certainly grow as the demand increases.
Increasingly, providers are searching for external partners in preparation for ICD-10 coding guidelines. In a recent survey by market research firm Black Book Rankings, nearly half of the 650 hospitals polled indicated that they will outsource ICD-10 services when the new diagnostic and coding system goes online next year. The survey also found that 19% of providers are outsourcing medical coding already, and that number is anticipated to grow to 47%.
Outsourcing to offshore coding brings a cost effective alternative to the coder shortage. In addition to the readily available and highly educated workforce, offshore coders cost about half the price of domestic coders. Outsource coding is a cost savings strategy that will enable providers to incorporate a larger workforce to perform medical coding functions.
To learn more about Ovation Revenue Cycle Services’Comprehensive Coding Services, visit www.ovationrcs.com.
Leave a Reply
Your email is safe with us.