AAPC's annual salary survey gives a good understanding of the earning potential within the medical coding profession. If you put stock in statistics, you’ll be reassured by the numbers that indicate medical coders are in high demand and will be increasingly so in the future. Aubry believes “the pandemic has only begun to teach us important lessons. I presume more care will transition to outpatient and telehealth, which is not a bad thing for many patients, but new codes and rules will develop to accommodate those POS.”. The field of medical billing and coding is growing as a result of a number of factors, chief among them being an aging population, an increasing focus on health data and informatics, and the digitization of health records. “How We Can Expect the Healthcare Industry to Change in the Future.” 2020. https://healthcaremba.gwu.edu/blog/how-we-can-expect-the-healthcare-industry-to-change-in-the-future. The current international standard for medical coding is ICD-10 (the tenth version of International Classification of Disease codes), from the World Health Organization (WHO). What we learned is encouraging, especially for those of you who are not afraid to tread in uncharted waters. With passion comes a love for not only your job, but for your career as well! Aug. 4, 2020. https://www.ahrq.gov/news/newsletters/e-newsletter/724.html, The George Washington University School of Business. COVID-19 has certainly fast-tracked healthcare into the “digital age,” but it also has required us to regroup and reassess our priorities. No doubt, many HIM professionals are moving … Everything is in a state of decay unless you’re putting constant energy back into it. She holds a Bachelor of Science degree in Media Communications - Journalism. The next update to this international standard, ICD-11… As per the statistics, the incidence of cardiovascular diseases is increasing, which is directly proportional to the market growth. Â© 2020. Medical coders are sought after in a variety of healthcare organizations, and those opportunities and avenues continue to grow. “I do not see volume of visits or need for coders to change that much but be prepared for constantly learning new codes attached to new programs,” she advises. Medical coding is thus being increasingly used in the present scenario, to create a proper record of patient care, streamline the medical billing process, accelerate payments to physicians, and identify the healthcare areas that require focus. A successful medical coding and billing process will always need meticulous, educated employees to manage the data and apply expertise. AAPC National Advisory Board President-elect Colleen Gianatasio, CPC, CPC-P, CPMA, CPC-I, CRC, CCS, CCDS-O, sees these trends as opportunities. But change is inevitable. A successful medical coding … According to the American College of Cardiology (2017), cardiovascular disease accounts for 800,000 deaths in the United States. Medical coders used to be afraid that this technology would replace them, but that has not been the case. Renee Dustman, BS, AAPC MACRA Proficient, is an executive editor at AAPC. Medical coding is thus being increasingly used in the present scenario, to create a proper record of patient care, streamline the medical billing process, accelerate payments to physicians, and identify … Accept change and overcome adversity – it’s coming whether you want it or not. The international classification of diseases (ICD) segment is expected to register a significant share, in terms of revenue, over the forecast period, owing to the increasing demand for trained medical coders. Medical coders assign codes to clinical diagnoses and procedures. 6. The Centers for Medicare & Medicaid Services (CMS) will continue to add and revise these programs, such as the Quality Payment Program, based on usage patterns, according to Aubry. And that’s a good thing! The Medical Coding Market has been segmented by the Classification System (International Classification of Diseases and Healthcare Common Procedure Code System), Component, End User, and Geography. As the health care system turns increasingly to electronic health records, billing and coding … And nearly everyone is held to a 95 percent or higher accuracy rate. We would be remiss to overlook the elephant in the room. All Rights Reserved to Mordor Intelligence. The number of professional coders is expected to rise significantly over the forecast period, thus boosting the number of companies providing platforms for medical coding professionals. Good companies should welcome that communication and be willing to work to meet that challenge.”, Melissa Kirshner, MPH, CPC, CDEO, CRC, CPC-I, Approved Instructor, AAPC Fellow, sees EHRs limitations daily. 8. At the conclusion of the study, each participating organization realized a 1 to 3 percent loss in revenue while using offshore coders. As evidence, BLS reports in a Nov. 6, 2020, Economic News Release that healthcare employment increased by 58,000 in October 2020. Medical coders continue to play an important role in accurate documentation, owing to their knowledge of medical procedures and terminology. So, what does that mean for medical coders? EMRs will not be able to interpret a provider’s thought process for medical decision making or work with them to do a better job at documenting it.”. The push for quality data is placing an emphasis on the role of medical coders to serve as a go-between with CDI specialists and clinicians. “The key is to always be evolving in your role. Veteran auditor, inpatient coder, and college professor Dorothy D. Steed, CCS, CDIP, COC, CPCO, CPUM, CPUR, CPHM, CPMA, ACS-OP, CCS-P, RCC, RMC, CEMC, CPC-I, CFPC, PCS, FCS, CRCR, CICA, CPAR, is not convinced that AI alone is capable of improving accuracy and efficiency in medical coding. But to stay relevant, you must keep your eye on industry trends that will affect your role and then educate yourself accordingly — depending on whether you want to ride the wave or create waves. A medical coder extracts the information from patients’ medical records and converts … According to the British Heart Foundation (BHF), 17,06,213 cases of cardiovascular diseases are diagnosed in the United Kingdom alone. This guide can help answer your questions about how to start a career in medical billing and coding. The best place for medical coders to place their attention is an area of coding that they are passionate about. With companies banning together to create end-to-end revenue … What do you think lies in store … CPT 2021 Update: New Lab, Category III Codes, Major Stimulus Bill Pumps Funds Into Healthcare, COVID-19: Be Informed, Take Precautions, Stay Calm, and Carry On, Telemedicine Takes Healthcare Into the 21st Century, Don’t Let Telehealth Claims Derail Your Accuracy Rates, 40 percent – monitoring data from Internet of Things devices, such as wearable technology, 37 percent – accelerating research for new therapeutic or clinical discoveries, 37 percent – assigning codes for accurate diagnosis and reimbursement. This group convened as part of AHIMA’s transformation, a process that involves the creation of the “Coding Change Story,” a task force designed to envision the future of co… This type of AI uses natural language processing (NLP) to recognize and extract data from medical documents for coding and billing purposes. See what actually is going on in the healthcare business job market. Thus, the market seems to be highly fragmented, due to the presence of many local providers offering a wide array of services. When you see that next wave swelling, don’t panic and paddle in the opposite direction. As a contributor you will produce quality content for the business of healthcare, taking the Knowledge Center forward with your knowhow and expertise. Many organizations want someone who knows what their medical billing and coding staff go through. Poor communication continues to be the downfall of AI. Earn CEUs and the respect of your peers. These alterations have greatly impacted the way medical coding is taking place. 4. Not everyone is ready to ride the AI wave, though. Renee has more than 20 years experience in print production and content management. It’s entropy. Even with AI or with health systems absorbing smaller practices, coders are still needed to help the software developers correctly develop programs, review for glitches, and help with updates as industry requirements change. Based on everyone’s comments on the post, the consensus is that quotas depend on the specialty and place of service (POS) — radiology and inpatient coders are expected to process far more claims than family practice coders, for example. There’s an increased demand for managers in the billing and coding field who can offer first-hand experience. “KIWI-TEK partnered with six hospitals and health systems to answer the coding industry’s toughest question: ‘Who delivers higher coding accuracy, domestic or offshore outsourced coding services?’” The study results showed an accuracy rate of 90.5 percent for outsourced offshore coding compared to 96.5 percent for outsourced domestic coding. But fear not. Medical coding is an upcoming in-demand field in the stream of Healthcare Administration. Medical coders play a vital role in these companies. “Is Offshore Coding Really Saving You Money?” White Paper.https://kiwi-tek.com/whats-trending/domestic-vs-offshore, https://www.imagineteam.com/blog/the-future-of-medical-billing-in-2019-5-trends-you-should-consider-now, https://www.hfma.org/content/dam/hfma/document/article/PDF/54648.pdf, https://www.healthleadersmedia.com/revenue-cycle/3-elements-needed-revenue-cycle-future, Healthcare Tech Outlook, “Artificial Intelligence Meets Medical Coding,” Aug. 10, 2020, https://www.healthcaretechoutlook.com/news/artificial-intelligence-meets-medical-coding-nid-1895.html, https://www.healthleadersmedia.com/revenue-cycle/how-covid-19-kicked-open-digital-front-door-memorial-health-system, BLS, Employment Projections 2019-2029,https://www.bls.gov/news.release/pdf/ecopro.pdf, BLS, Economic News Release Employment Situation Summary Nov. 6, 2020,https://www.bls.gov/news.release/empsit.nr0.htm, BLS, Occupational Outlook Handbook, https://www.bls.gov/ooh/healthcare/medical-records-and-health-information-technicians.htm, https://www.optum.com/content/dam/optum3/optum/en/resources/ebooks/3rd-annual-ai-survey.pdf, DiMarco, Michael. Medical coding is an in-demand job The Bureau of Labor Statistics predicts that the job outlook between now to 2024 for health information technician and medical records is 15%. The major factors found propelling the growth of the market include the escalating demand for coding services, rising need for a universal language to reduce frauds and misinterpretations associated with insurance claims, and high demand to streamline hospital billing procedures. Thus, coding-related jobs are expanding, due to the growing landscape of the business side of healthcare, along with their efficiency to automate large amounts of work. “With the increased focus on value-based and patient-centered care, I see the career of coding expanding at an exciting rate,” she says. I believe it is going to teach us a lot more about how/where we are deficient, both clinically and operationally.”, For example, Aubry explains, “Healthcare does not prioritize investment in the business-end of the industry whether it is in- or outpatient. “AI is important,” she says, “but I do not think it has reached the level of accuracy required to code neurosurgery, for example.”, Optum’s survey may be a bit overzealous. “Telehealth has experienced explosive growth during the coronavirus pandemic, with telehealth claims lines increasing 3,552% from August 2019 to August 2020,” according to FAIR Health. Employment of medical secretaries, including medical billing and coding specialists, is projected to increase 22% from 2016 to 2026, according to the U.S. Bureau of Labor Statistics (BLS). 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