Medical Coding (FAQ’s)
Why should I choose Lloyds over other companies?
The best reasons are our knowledge of the US healthcare industry and our expertise In Medical Coding. We have worked for the US healthcare industry for years and are thoroughly proficient in medical coding, medical billing, EMR and medical transcription. Over the years, we have mastered delivering great quality in record Turn-Around-Time, and at a competitive price.
We already do our coding “In-House”, why should I switch to your service?
Eighty to Ninety percent of a hospital’s or a medical practice’s income today is cycled through medical insurance companies. These institutions require accurate coding to optimize their reimbursement from insurance companies. Quite often, physicians attempt to code medical procedures themselves, but there is sufficient available research to demonstrate that physicians tend to be suboptimal coders.
Quite often, nurses and billing clerks are assigned the task of coding, sometimes without formal training. It is not sensible to trust this crucial revenue-generating function to someone who may be under-qualified and under-trained for this job. In what other business would one delegate the most important financial and regulatory functions of their institution to an untrained employee?
In today’s regulatory environment, these very same hospitals and medical practices quite often do not have the time or the budgets to keep abreast of the latest regulations, as well as developments in Medical Coding. While you may currently be doing your coding in-house, you need to ask yourself these questions:
- Are we maximizing re-imbursement for all the patients we treat?
- Are our existing coders on top of their game?
- When was the last time we sent them elsewhere for specialist training?
- Are our coders well versed with the appropriate modifiers?
- Are we over-coding, which could possibly cause an audit down the road?
- Is my staff always behind, and always playing catch-up, regarding coding issues?
- Have I done a cash flow analysis, to see how much I would save out-sourcing our coding to an external coding service such as Lloyds, as opposed to paying for an in-house coding department?
If you are asking yourself any of these questions, it is time to contact Lloyds and outsource your coding.
By using our Team Lloyds, here’s what you will gain:
- Accurate and ethical coding
- Maximum reimbursement
- Lower costs, volume based pricing
- Reliable and dependable medical coding
- Enhanced performance
- 100% HIPAA compliance
- Strict confidentiality and security
- Expertise in the latest medical coding technology
- Rapid deployment and set-up of services
- Capability to manage high volume of work
- Short turnaround time
- Competitive edge
- Quality process
- Access to specialized coding skills
- Feedback and custom reports
- Clean claims and fewer denials
- Better control and co-ordination
I already sub-contract my Coding, why should I switch to your service?
With our Six-Sigma approach to Medical Coding and our commitment to quality, we guarantee optimized reimbursement for our clients. We use only the latest state-of-the-art software available, giving our customers the best work possible. We offer you instant web access to your data, including the ability to view your digitized original documents on the web. Moreover, you can run management reports at any time from the web site without having to wait for us to send them to you. Our turnaround time is generally overnight. If you send us a day’s worth of work every day, it is generally completed by the next morning. Test drive our model without any cost to you. You won’t regret giving us a try!
How can sub-contracting our Coding to Lloyds help us?
Industry experts agree that it is better business to concentrate on your core competencies, like providing quality medical care, and intelligently sub-contract your ancillary functions, like Coding. Employees, in any business, come at a cost, and need to be trained and supervised. A busy Medical practice or Hospital does not necessarily have the time or expertise to do this. At Lloyds, medical coding is our core business. We make our money on volumes of scale, causing us to be more efficient. Our senior staff members average over 8 years in the medical coding industry, and are true physician-oriented professionals. We can, therefore, perform routine coding tasks quicker and at a lower cost than your institution will be able to do. In addition, you don’t have to deal with sick or inefficient employees. Sub-contracting your medical coding to Lloyds Solutions gives you 95% accuracy with record turnaround time. In most of our clients’ medical practices and hospitals, we see a gradual rise in revenue by sometimes as much as 20%, with the reduced costs and efficiencies offered by our medical coding services.
Are you HIPAA compliant?
Yes, we operate in a sterile HIPAA environment. We keep track of all new code and regulatory changes and, keep ourselves updated and in compliance at all times. Confidentiality and security of your records are maintained through encryption technology and strict operating procedures.
What medical specialties do you support?
We support all specialties and sub-specialties.
Will our Coding work be outsourced overseas?
Our coding services are customized to our clients’ needs. If our clients prefer the work be performed on-shore, then we ensure that no part of their work is done off-shore. However, we have numerous customers who do not have a preference as to whether the work is performed on-shore or off-shore. There is no difference in quality and our entire environment is HIPAA compliant. These customers pay a lower rate for our services. In both cases, our customers receive the same high standards of quality and responsiveness from Lloyds.
How does your service work?
We have three different models:
Model – 1
All you need to do is send us all the charts/documentation by Fedex. We do the coding and return the same via the web to you.
Model – 2
You scan all the documentation on the scanner at your end. We do the coding and return the same via the web to you.
Model – 3
We arrive at your facility, set up our scanners. We scan the charts/documentation email them over to our office. We do the coding and return the same via the web to you. If you prefer we do the coding at your institution itself, we can also set up for that.
We generally set up our technology to work as if we are an extension of your own office, in essence to be your virtual back office. Of course, if you wish a custom set-up, we will surely try to oblige. Once the patient documents/files/reports are electronically scanned, they are seamlessly and securely accessed by our coders, located remotely and using our secure FTP sites. Our teams first verify and validate the documents, split them into batches, and review them for completeness, quality and readability. Diagnosis, Procedure Codes and modifiers are assigned as per client descriptions and guidelines. Modification of certain codes may be made as per carrier requirement (e.g. certain insurance carriers require ASA code). Our diligent auditors and Six Sigma oriented quality control team audits the coded charge sheets, and process it further as required.
How long does it take to get started and How do we get started?
Step 1: With your agreement we will review your requirements and technology.
Step 2: We will sign an agreement that is mutually satisfactory to both you and us.
Step 3: Our tech support personnel will contact your office manager and/or I.T. staff to set things up.
Step 4: We will hold your hand through the crucial set-up process ensuring a seamless and smooth transfer.
With usage of VPN (Virtual Private Networks) to access your systems, our staff will perform the medical coding functions on your system exactly the way they used to be done, with the only difference being that they would be physically in our facility, not yours. All your processes and reports remain exactly the same with assured security and confidentiality.
Do you conduct any training programs for your staff ?
We believe that training is the key element in establishing world class standards. Client-specific training involves process-specific training as well as training on technology platforms. This is a continuous process at Lloyds Solutions.
CPT/ICD9 Codes and regulations change constantly, does your software keep abreast of these changes?
Yes. We keep track of all changes to Codes and regulations and update our software. Whenever changes are made, you will automatically receive a software update. We are already preparing for the next generation ICD10 Coding Requirements.
How much does your service cost?
We are extremely competitive, so don’t be afraid to ask us for an estimate. We will be happy to evaluate your needs and provide you with a fair estimate, at no cost. What we will assure you is that we will be very competitive with the service you are presently receiving. Our price is based on your volume, and the consistency of the service needed. The more charts we code on a regular basis, the lower the price. Of course, our charges for coding E&M (Evaluation and Management) services are generally significantly less expensive than our charges for Operating Room, Surgical coding.
How will I know if you are doing a good job?
Your increased re-imbursements will be an accurate report-card of our performance. Custom reports are available at any time you wish. We also frequently speak with your office liaison or practice manager to see how we can rectify any problems and reduce inefficiencies, if those should occur.
What do I do if I am not satisfied?
One of the secrets to our success is that we understand our clients’ needs. We prevent unnecessary issues with efficient communication and doing things right the first time around. If, on the rare occasion, something falls between the cracks, we will work tirelessly to rectify the issue without delay. We have never had a customer who has left us due to issues of quality. However, if you are unsatisfied with our service, you may cancel our contract at anytime without any cost to you; but, we do require 45 days notice.