The International Classification of Diseases (ICD) contains around 69,823 codes for diagnostics and 71,924 for procedures, which is accounted for the largest market share. In fact, there is a scope of the addition of more than 1, 40,000 new codes from its previous version due to the improvement in medical science and technology advancement.
Moreover, a 2019-2026 survey forecast for North America, MEA, APAC, Europe region by the end-user (hospitals and nursing homes) stated that the durable medical equipment (DME) market size is expected to increase USD 271 billion by 2026, registering a CAGR of 6.1%.
“One more reason for the increase in the DME market is the increase in the number of aged people across the globe,” observed Dr. Dipak Nandi, who also has more than a decade of experience in medical billing and collection business. This is because peoples above the age of 60 are more prone to health risks like mobility issues, diabetes, cardiovascular diseases (CVDs) and other lifestyle problems hence leading more demand for DME products. Thus, creating demand for more trained coders for the DME industry.
Even with such high profitable market prospects having a successful DME coding service is out of the question without experience staff and proper resources.
Dr. Dipak Nandi a New York, based entrepreneur and psychiatrist, also observed “the coding process in a medical billing business not only helps in identifying the disease or diagnosis but also serves for the purpose of reimbursement, research, and compliance. For a successful seamless DME coding service, the outsourcing RCM organizations that handle the coding services should not only be an allusive third party but should be the operational extension of the client’s team. This helps in a better seamless medical coding service as well as improvement in the cash flow as well.”
How coding services help:
Ensuring the quality service DME coding services in medical help in interdepartmental communication for the support, which is needed during the patient treatment to coordinate with the other physicians, nurse, etc. Helping in running a successful healthcare system, the correct DME coding process is a way to help to generate efficient revenue generation.
The DME medical coding also determines compliance and adherence to legal/policy regulations and requirements; manage clinically pertinent, complete, accurate, timely accessible patient health records; and measure the quality of service and provider productivity and effectiveness based on patient outcomes.
“Lessening the risks and address performance concerns; the correct coding process improves the Revenue Cycle Management organization’s workload” said Dr. Dipak Nandi.