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Medical Billing is the Fastest Growing Opportunity in Health Care

by: Jay B Stockman

On February 16, 2006 the Health Insurance Portability and Accountability Act was finalized, and enacted. This law is designed to establish national standards for all health care transactions, and to ensure the security and privacy of all health related information. The motivation behind this law is to improve the performance, and efficiency of our health care system. This type of reform has created a need for qualified individuals who can utilize the tools of this legislation, and assure full compliance, and maximum reimbursement. It would therefore be a prudent move for health care facilities to employ such individuals in order to avoid mistakes that could have dire consequences.

The proliferation of medical knowledge following World War II brought about an explosion of diagnostic, and treatment procedures. As a result, there became a need to organize, and standardize all these developing technologies. Here is where the foundations of medical coding were born. Medical coding met these challenges, and allowed for a more uniform way of communicating health information under a common language. By January 1979, standardized definitions, and codes were adopted, and used by health care providers, and insurance companies. Since improvements and refinements of medical procedures are constantly being developed, codes must be added and updated to reflect these changes. Today, the number of medical and surgical procedures have become enormous, so too have the codes to describe them. These overwhelming numbers of codes and protocols have made outsourcing medical billing the standard.

Medical Billing and related occupations continue to be the fastest growing opportunities in health care. Insurance institutions and government agencies are investing huge resources to control claims� fraud, abuse, and establish some degree of reimbursement parity. As a result, more insurance companies, and health care facilities are looking

Today, evolutions in the health care industry are happening at a very high pace. It is only with the assistance of sophisticated computer programs, and standardized coding procedures that medical coders are now able to describe and characterize the tremendous number and various kinds of medical and surgical procedures.

to medical billing experts for help. These companies and practices are looking for experienced and educated individuals; the legal consequences of incorrect billing could be devastating. There is a movement in the industry to make medical billers responsible for inaccuracies, much they way accountants are for tax returns.

At present, there are no standards for educational requirements for medical billers and coders. However, more employers are looking for some formal training at an accredited career training institution. These schools range in training time from nine months to two years, anything less would not be considered adequate. There is a move for certification, and several organizations are sponsoring certification examinations in medical billing and coding. Medical billers and coders earn as much as $8 to $10 per hour in the beginning, and could potentially realize $30 to $40 per hours with experience and additional responsibilities.

Today, evolutions in the health care industry are happening at a very high pace. It is only with the assistance of sophisticated computer programs, and standardized coding procedures that medical coders are now able to describe and characterize the tremendous number and various kinds of medical and surgical procedures. These realities coupled with government regulations, and health insurance guidelines have contributed to the strong demand for experienced medical coders and billers.

About the Author

Jay B Stockman is a contributing editor for Medical Billing Resource. Visit http://all-medical-billing-software.com/ for more information.

Dr. Jay B Stockman is an individual contributor to Google Health Co-op

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Is Medical Factoring the Right Business Solution for your Medical Office?

By: Marco Terry

Do you own a growing medical office? Learn is medical factoring is the right solution to help oyu grow.

If you own a medical office that is growing, sooner or later you�ll run into cash flow issues. Unfortunately, every business that is growing � regardless of industry � runs into them.

When faced with cash flow problems, most medical offices try to get a business loan or a line of credit. Although business loans can work well, they are not a panacea. For starters, they are not easy to get. But more importantly, they have set maximums. This means that you may outgrow the business loan if your business keeps growing quickly. This is a very important point because once you have outgrown a loan, it is very difficult to try and get a new one. The first one must be paid off.

A better option may be medical factoring. Medical factoring is a financing tool designed to help medical offices. It eliminates the 60 to 90 days it takes to get claims paid and accelerates payment time to between 2 to 7 days. This can be a huge advantage if slow paying claims have put you at risk of:

1. Missing payroll
2. Missing rent or other payments
3. Delaying important hiring decisions

Medical factoring can provide you with:
1. Funds to meet payroll
2. Funds to pay rent and vendors
3. Financing based on your claims. The more you bill � the more financing you get

As opposed to business loans, medical factoring is easy to qualify for. The main requirement is that your office be up to date in taxes and be free of any tax or commercial liens. And it�s also quick to set up. It usually takes about 10 days to set up an account for initial funding, but all subsequent fundings happen within 24 hours of submitting the request. The process is very simple:

1. You submit claims to insurance companies and send a copy to the factoring company
2. The factoring company advances between 70% - 85% of your net expected collections
3. You get immediate funds. The factoring company waits to get paid
4. Once the factoring company is paid, the transaction is settled.

Because of this

, medical factoring is an ideal tool to streamline your medical office�s cash flow.

ABOUT THE AUTHOR
Are you looking for a medical factoring company? We can provide you with a medical factoring and invoice factoring financing quote. Please contact Marco Terry at (866) 730 1922

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