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The following is a guest article by Andrew Lockhart, Co-founder and CEO of Fathom.
The healthcare industry continues to evolve to serve patients, and with every advance, the system becomes more complex. This complexity is often evident in the medical codes for healthcare encounters. For example, ICD-10 has 69,000+ diagnostic codes, which is over four times the number of its predecessor, ICD-9. Naturally, more codes create a more complicated landscape for medical coding and billing departments to navigate.
Delayed time to payment, errors, and denials are major concerns for health systems. Considering that 68% of hospital denials are due to incorrect coding and denied claims cost hospitals roughly $262 billion per year, it’s crucial that your coding workforce is up-to-date.
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