Why Should Hospitals Outsource Medical Coding Services? Top 7 Benefits of Outsourcing
For many years, medical coding outsourcing carried several negative connotations. It was often thought that outsourcing meant hospitals would have to work with companies outside the U.S. with odd operating hours and different time zones. Or that medical coding outsourcing breaks the hospital’s budget and requires extra supervision and rework.
As experts in the industry, we’re here to tell you these connotations are just myths. Medical coding outsourcing has myriad benefits, and hospital executives need to take advantage of them. The answer to the question, “Why should hospitals outsource medical coding and auditing services?” is so they can make coding and reimbursement processes more efficient. And, ultimately, improve coding quality and boost their bottom line.
The Benefits of Outsourcing Medical Coding Services
- Outsourcing brings significant cost savings to the hospital. Our comparative cost analysis estimates that hospitals will save hundreds of thousands of dollars through outsourcing. At YES, all the costs associated with maintaining an in-house coding department are included in a one-time fee.
- An external coding services partner is more efficient and flexible. Once our services have been contracted, our coding experts immediately get to work. Delivering a quick, efficient turnaround is our goal, as we understand how vital those deliverables are to the client’s revenue cycle. Furthermore, our team offers more flexibility and scalability to meet the parameters of our clients’ projects.
- The external partner’s staff is educated on the latest codes and guidelines updates and are certified coding experts. As part of our team’s ongoing education, they regularly receive coding refresher training on niche medical topics and annual updates in the industry. Additionally, they hold the necessary certifications to help them succeed in their daily operations.
- Coding quality and accuracy are always at the forefront. At YES, we strive to maintain a coding quality standard above of 95%. We frequently conduct internal audits to identify areas of improvement, then train and mentor staff to perform at their best. Our clients can rest assured that our staff will pinpoint and resolve coding errors, undercoding, overcoding, and other issues that may contribute to denied claims or accuracy issues.
- An external coding services partner handles all onboarding and training for new hires. Hospitals will never have to worry about if they have enough staff to handle their coding needs. Once we take over the coding responsibilities, YES handles all staffing, onboarding, and training needs to complete the project.
- HIPAA compliance and security are top priorities with an external coding services partner. In order to maintain data security, our company has several robust security and recovery processes in place. Our team members regularly undergo HIPAA training and security audits to ensure they remain compliant.
- An external coding services partner offers more transparency and cross-functional communication. Often, hospital departments become siloed from one another, leading to errors, redundancies, rework, and lost revenue. But, with the support of our coding experts, YES strives to establish and maintain transparency and open communication from start to finish. We set clear project objectives and work hard to keep all involved parties informed every step of the way.
Ready to Outsource HIM Services?
If you’re ready to reap the benefits of outsourcing, reach out to one of our consultants today. Our team is ready to review your organization’s needs and develop an action plan to reach your goals.