Just when you thought medical billing couldn't get any more complicated, the new ICD-10 codes came out on October 1, 2015. The codes are a lot more complex than ICD-9. A lot of doctors are scratching their heads over it and asking themselves how they are going to get paid. A lot of doctors' offices are seeing audits by the insurance companies and a constant rejection of the claims that they are submitting to them. Doctors are often asking themselves, what gives?
The problem is not as bad as many people think it is. The reason for the slowdown of payments all has to do with understanding the ICD-10 requirements. It asks for more information such as how your patients are improving in their treatments with you. Insurance companies want to know why they should be paying you to begin with. Today, you need to have a good certified ICD-10 coder working for you. If you can't find one, then outsource your billing to a company that handles this. It is a wise choice if you are trying to earn more money for your practice. Doctors today are often only seeing 70% of their claims submitted to the insurance companies. Many insurance companies today are sending you a check for 50% less than you asked for. It is a tough time for doctors and anyone working in the healthcare industry.
When your patient gives you their insurance card, are you purposely making them do extra tests so that you can make money off of them? Insurance companies are asking these questions and many more. The new way of medical billing in 2016 and beyond is to document everything. Be honest with yourself and your patients. If your patient is in shape and has normal blood work, do you really need to send them to the lab again a second time in the same week? As crazy as it sounds, some doctors do. This has gotten the entire industry in rough shape now. Many insurance companies have stopped working in certain states because they felt that there was too much fraud going on.
The new ICD-10 codes are already showing hard times for doctors. Doctors are seeing their payments being slow from insurance companies. They are often see far less reimbursement from the claims that they are submitting. This is a problem since doctors rely on insurance companies to pay their salary. Most patients cannot afford to write their doctor a check for $200.00 or more dollars every time that they visit them. If the insurance company is not paying for the treatment, then who is?
Is insurance company's wrong for requiring more information? Would you willingly write a check to someone if you didn't really understand why they were sending you a bill in the first place? This is the stance of many insurance companies across the world. Insurance is now a tough industry to be associated with. It seems as though it is worth the money to hire a carried ICD-10 medical coder these days. It takes a lot knowledge and experience to deal with the new codes that are coming out. We will soon see the impact that these new codes will have. Right now they are having a negative impact on many treatment centers and hospitals around the world.
The problem is not as bad as many people think it is. The reason for the slowdown of payments all has to do with understanding the ICD-10 requirements. It asks for more information such as how your patients are improving in their treatments with you. Insurance companies want to know why they should be paying you to begin with. Today, you need to have a good certified ICD-10 coder working for you. If you can't find one, then outsource your billing to a company that handles this. It is a wise choice if you are trying to earn more money for your practice. Doctors today are often only seeing 70% of their claims submitted to the insurance companies. Many insurance companies today are sending you a check for 50% less than you asked for. It is a tough time for doctors and anyone working in the healthcare industry.
When your patient gives you their insurance card, are you purposely making them do extra tests so that you can make money off of them? Insurance companies are asking these questions and many more. The new way of medical billing in 2016 and beyond is to document everything. Be honest with yourself and your patients. If your patient is in shape and has normal blood work, do you really need to send them to the lab again a second time in the same week? As crazy as it sounds, some doctors do. This has gotten the entire industry in rough shape now. Many insurance companies have stopped working in certain states because they felt that there was too much fraud going on.
The new ICD-10 codes are already showing hard times for doctors. Doctors are seeing their payments being slow from insurance companies. They are often see far less reimbursement from the claims that they are submitting. This is a problem since doctors rely on insurance companies to pay their salary. Most patients cannot afford to write their doctor a check for $200.00 or more dollars every time that they visit them. If the insurance company is not paying for the treatment, then who is?
Is insurance company's wrong for requiring more information? Would you willingly write a check to someone if you didn't really understand why they were sending you a bill in the first place? This is the stance of many insurance companies across the world. Insurance is now a tough industry to be associated with. It seems as though it is worth the money to hire a carried ICD-10 medical coder these days. It takes a lot knowledge and experience to deal with the new codes that are coming out. We will soon see the impact that these new codes will have. Right now they are having a negative impact on many treatment centers and hospitals around the world.
About the Author:
We are a medical billing company in West Palm Beach Florida. We have physicians billing services for treatment centers, rehabs, hospitals and clinics. When a doctor decides to outsource their billing to us, we give a great approach to getting higher returns. Our customers tell us that we get them faster returns on their claims. We also offer services such as revenue cycle management and utilization.
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