Declining reimbursement and mounting margin pressures are forcing hospitals and medical practices to rethink their revenue cycle strategies. But are they missing the forest for the trees?
An increasing number of healthcare organizations are adopting technology, modernizing their revenue cycle and tightening processes but there is one key element that all too often goes unnoticed. And it can have an adverse financial impact -Under coding.
Under coding is the defence strategy of coding departments and it may not even forestall audits. According to AAPC, under coding is in no way better than over coding and may attract the same penalties.
It is a reflection of poor medical coding quality and misrepresentation of services. In more ways than one, under coding is more damaging than over coding.
Well, according to Medicare almost $236 million and this was way back in 2008. Whelp. That’s a lot of money. What can be done to prevent under coding? We are not going to bore you with 7 tips that you’ve read a million times before or a white paper that doesn’t get read! The only way to improve coding quality is to set a strong foundation.
Do you remember The Three Little Pigs? The childhood tale of three pigs who build houses of their own. Two little pigs find themselves homeless because there wasn’t much effort put into building a strong house that could withstand danger. But one loving home stands the test of time (and a big, bad wolf).
Likewise, a standardized coding process ensures accuracy, compliance and expedience at every single step.
Accelerates the coding cycle and improves reimbursement velocity
Helps bring new coders/ coding vendors up to speed quickly
Ensures compliance with shifting industry regulations
Prevents costly coding mistakes
A standardized coding process results in vast workflow improvements
Consistency in coding process improves revenue
It fuels and improvises CDI initiatives
Standardizing the medical coding process helps coders to manage formidable challenges such as classification guidelines and payer regulations.
It creates a scalable system that hospitals can rely on as they expand.
Setting a medical coding engine in motion prevents workarounds and inconsistent processes.
Having a strong process to fall back on provides medical coding teams the superpower to get more done better.
As hospitals increasingly partner with revenue cycle partners and vendors, it is essential that a standardized coding process is followed to eliminate grey areas and improve coding throughput, from day one.
SolvEdge synergizes 20+ years of experience in the healthcare industry to standardize coding processes and improve compliance for hospitals and medical practices across specialties. We are leaders and innovators in the healthcare landscape and bring a unique approach to solve coding complexities.
Sign up for a free medical coding audit and we will show you where the fault lines are.
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