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.
Insurance company's today are growing in power against the medical community. A good medical biller is what every medical practice needs. Without a good medical biller that understands ICD-10, your clinic may indeed fail. It seems as though doctors are losing their grip on their battle with insurance companies. Around 50% of doctors are said to be closing their private practice in order to work for a hospital that pays them a weekly salary. Some doctors see this as being a better fit because of the uncertainty of being reimbursed from the insurance company's.
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?
Through the years, insurance companies have written checks to doctors because the system was set up that way. You tell the insurance company the ailment using correct codes and they submit a check back to you within a couple of weeks. Now, you must document everything to the insurance company. Your coder must know what to put down. Are you documenting the success or your patients or just submitting a claim for reimbursement? It is clear that insurance company's today wants to know more about your patients and if you are healing them. Many insurance companies are asking the question of why? Why does your patient need 2 x-rays instead of one? Why do they need 2 follow up appointments instead of the standard 1? It The system is basically forcing doctors to be more honest and open with why they are treating a patient to begin within a certain way.
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.
Insurance company's today are growing in power against the medical community. A good medical biller is what every medical practice needs. Without a good medical biller that understands ICD-10, your clinic may indeed fail. It seems as though doctors are losing their grip on their battle with insurance companies. Around 50% of doctors are said to be closing their private practice in order to work for a hospital that pays them a weekly salary. Some doctors see this as being a better fit because of the uncertainty of being reimbursed from the insurance company's.
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?
Through the years, insurance companies have written checks to doctors because the system was set up that way. You tell the insurance company the ailment using correct codes and they submit a check back to you within a couple of weeks. Now, you must document everything to the insurance company. Your coder must know what to put down. Are you documenting the success or your patients or just submitting a claim for reimbursement? It is clear that insurance company's today wants to know more about your patients and if you are healing them. Many insurance companies are asking the question of why? Why does your patient need 2 x-rays instead of one? Why do they need 2 follow up appointments instead of the standard 1? It The system is basically forcing doctors to be more honest and open with why they are treating a patient to begin within a certain way.
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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