One of the key trends to emerge from last month’s JP Morgan Healthcare Conference was the shifting mindsets of hospitals. For the last decade, hospitals have had a defensive mindset; acquiring or merging with smaller hospitals and physician practices to outpace their competitors and grow top line revenue.
But to receive the full payoff of this consolidation, hospitals need to think and act differently. To steal a term from the tech world, hospitals must begin to think of themselves as a platform. This strategy requires hospitals to fully incorporate all these acquired entities into a centralized infrastructure.
We have seen this macro shift, along with the implementation of ICD-10 in 2015, add a tremendous amount of complexity to medical coding, which directly impacts a hospital’s revenue cycle.
Now is a great time, after all this consolidation, to examine how outsourcing medical coding can improve performance while also saving you money.
HAVE YOU RUN THE NUMBERS?
Medical coding is a non-clinical specialty and outsourcing this process can be a resourceful way to reduce costs and improve quality. There are many costs associated with hiring in-house: salary, payroll tax, employee benefits, training, equipment and office space all add up.
While teaching institutions and trauma centers may have the scale to absorb these costs, community sized hospitals and smaller can benefit from having an outsource partner. It is worth examining the substantial financial benefits MRA can bring to your hospital.
FOCUS ON THE MISSION
As healthcare has shifted, it is even more important to focus on your mission and the services that impact clinical care and the consumer experience. Using your finite resources on a non-clinical specialty like medical coding, uses resources that can be better used elsewhere on your platform.
At MRA, coding is what we do, which means:
– We are experienced in all medical specialties, so we can handle all the complexities brought on by consolidation.
– We can achieve faster coding turnaround time, lowering DNFB and improving AR.
– We improve coding quality to minimize denials and audits.
– We have developed unique insights over the last 30 years working with hospitals from across the country.
SO WHAT SHOULD YOU DO?
MRA’s Managed Coding service can quickly start reducing costs and improve the quality of your coding. By contacting MRA today, we can provide you with information of how much it costs to outsource so you can do your due diligence.