How Are Hospitals Balancing Benefits & Costs?
Hospitals are feeling the strain. There's been an influx of COVID-19 patient admissions, cuts to the hospital personnel, and reduction in elective surgeries. In order to relieve the operational pressure, providers are using external vendors for their outsourcing coding and billing needs. Subcontracting coding support to an external vendor can be daunting for hospitals. However, the rewards and benefits far outweigh the hesitations.
The Benefits of Outsourcing Coding
Outsourcing coding efforts allows hospitals to better manage the coding demand without having to lay off or furlough workers. COVID-19 times have highlighted this, for instance. With the help of outsourcing, hospitals would not have the costs to maintain an in-house coding department.
Relying on a partner vendor for subcontracting coding efforts makes your deliverables their deliverables. Most importantly, higher and consistent coding quality is ensured. As a result, there are fewer denials and a lower DNFB rate. A partner vendor is also responsible for PTO and backlog coverage. These are common pain points for so many facilities. In addition, the coder turnover rate is even lower when outsourcing coding teams.
In the HIM industry, recruiting coders has an average cost of 20% of a coder’s salary. Onboarding a new-hire coder means months of training and internal QA. But, with outsourcing, the vendor partner handles the coding team's ongoing training and mentoring. Therefore, the outsourced coding team is knowledgeable in all updates and guidelines.
How can organizations find a reliable, trust-worthy coding and auditing partner? It's easy! Firstly, look for a medical coding and auditing company that has a 100% client retention rate. Secondly, trust a partner with decades of experience in the industry and an expert team on staff - like YES HIM Consulting.
Debunking Myths: Outsourcing coding costs more than in-house teams
One of the biggest myths of outsourcing coding is that it costs more than in-house coding. However, this assumption is not valid. To illustrate, review our comparative analysis between in-house coding vs. subcontracting coding. The analysis provides a general example with accurate estimates from current clients. Furthermore, it's clear that the cost of outsourcing coding is much more affordable than maintaining an in-house team.
According to our study below, healthcare facilities would save over 15% on the costs of keeping an in-house team. In addition, they would also save on the factors needed to maintain compliance and accuracy.
debunking myths: a comparative analysis
ADDITIONAL RESOURCES (subcontracting coding)
Still unsure if outsourcing HIM medical coding services is the right choice? This checklist helps healthcare providers evaluate when to outsource HIM needs. Medical coding outsourcing companies, like YES, can be your trusted vendor partner. In conclusion, contact our team of qualified HIM experts to develop a custom proposal for coding support or other services.