Sending an insurance claim is one of the vital steps taken if you want your payment in time. Making these medical insurance claims can be a little stressful as you have to draft them without even the smallest mistake. In any case, if there is even a small mistake, it may lead to delays in payments.
In the healthcare industry, medical coding is used for medical insurance reimbursement and also for maintaining patient records. For insurance agencies to know that there is no cheating or fraud happening, medical codes should be done accurately. This way they can find out the correct illness or injury and the treatment undergone for the patient.
Maintaining a steady stream of income for any hospital is very important. With margins tightening, cash flows declining and bad debts increasing, retaining a stable income may seem difficult.
Medicare has established a national fee schedule that comes under the National Social Security Act. This fee schedule shall be followed by the physicians based on Relative Value Units (RVU), which come under the Resource Based Relative Value Scale (RBRVS) that has been followed by Medicare ever since 1992.