Online Medical Coding Encyclopedia to Launch

Described as the largest collaborative online medical coding encyclopedia, Codapedia is set to launch in April.

Similar to Wikipedia, Codapedia will provide free, user-generated content related to medical billing, medical coding, collections, and compliance for medical practices.  Expert articles, interactive forums and links to definitive citations are among the many features this new web site has to offer the medical coding industry.

The online community is actively seeking “codapedists” to help ensure the growth and accuracy of medical coding information.

Click here to read the official press release: Codapedia Announced, Wiki for Coding and Medical Reimbursement.

Half of Nation’s Hospitals Operating in the Red

It wasn’t very long ago when PRN Funding wrote a 3-part series on the healthcare cash flow crisis in America, giving a glimpse into the actual costs of America’s healthcare system. Written at the end of 2004,we shared a startling statistic in the three-part Cash Poor Series, 1/3 of the nation’s hospitals were operating in the red. Just 4 years later, 50% of America’s hospitals are currently operating in the red, and many are in the midst of cutting back on services and staffing.

According to an article that appeared in today’s Los Angeles Times, “Forty-four percent of hospitals have seen declines in surgeries, with hip procedures showing the steepest drop-off at 45%, according to another new survey. As a result, 47% of the hospitals surveyed expect to make staff cuts, and 69% plan to cancel or delay equipment purchases, according to the survey by Novation, a company that manages supplier contracts for hospitals.

Novation has responded by demanding that vendors maintain or roll back prices on the goods they sell to hospitals.”

Click here to read the entire article: Half of nation’s hospitals running losses.

3M Earns Top Ranking for Medical Transcription and Medical Coding Software

According to BCAdvantage’s Web site, 3M Health Information Systems was recognized by KLAS for leading the market in three software solution categories: Other Dictation and Transcription Solutions, Medical Records Coding, and Medical Records–Other.

In its annual report, the 2008 Top 20 Best in KLAS: Software & Professional Services, KLAS, an independent healthcare IT vendor research firm, also ranked 3M Health Information Systems as the second highest-performing software vendor across all market segments.

New Medical Coding System Gets Much More Complex

BCAdvantage posted an article in its e-newsletter last week that discussed the forthcoming medical coding system overhaul, known as ICD-10. Although an updated medical coding system has been needed for a number of years, many in the health care industry fear the switch will “initially cause headaches for consumers and their doctors.”

According to the post, hospitals, insurance companies and many doctors all agree that the new medical coding systems was necessary to keep up with the ever-increasing new medical developments, but the problem with the new system is that it drastically increases the number of codes used to define various ailments and procedures to 155,000, which is ten times as many codes as are currently in use.

In addition, “some medical-industry officials also are concerned that consumers could see…an increase in billing errors. That can lead…to overcharging of patients, or an insurer denying payment for claim because it was submitted with an incorrect code. Some officials also expect an increase in billing fraud and more delays in payments to doctors and consumers.”

In a nutshell, when this new medical coding system goes into full-swing, it’s possible that Medicare, Medicaid and other third-party insurance companies will take longer to reimburse medical facilities. It’s quite possible that if it takes longer for medical facilities to receive payment from third-party payors, then it will take longer for medical facilities to pay their vendors. This is where PRN Funding’s accounts receivable factoring program enters the equation, as PRN Funding specializes in factoring healthcare vendor invoices made payable by medical facilities.

Click here to read the entire BCAdantage article: New medical coding system more precise, more complex.

PRN Funding Accepts Credit Cards

As an account receivables factoring firm who specializes in funding medical staffing companies, factoring invoices for medical transcription services and providing financing to medical coding companies, we (PRN Funding, LLC) made a big announcement today.

In order to serve our clients to the best of our ability, PRN Funding is now accepting VISA, MasterCard, and American Express credit cards as a form of payment on its clients’ invoices.  Traditionally, PRN Funding has only accepted checks and direct deposits.

Click here to read the entire press release on PRN Funding’s web site: PRN Funding Now Accepting Credit Cards.

Nurses and Medical Coding Careers

ADVANCE for Health Information Professionals ran an article in its e-newsletter: RNs Turning to Coding Career, discussing how RNs have the ability to “increase their earning potential and augment their job security” through medical coding.

The article discusses how nurses are starting to take advantage of special credentialing like the Certified RN Coder (CRN-C) offered by the American Association of Clinical Coders and Auditors (AACCA) and the Certified Professional Coder-Hospital (CPC-H) offered by the American Academy of Professional Coders (AAPC).  The article states, “RNs intimately know their way around a patient chart, making them among the best qualified individuals to choose accurate diagnosis and procedure codes for billing purposes.”

There were quite a few follow-up comments to this article debating the advantages/disadvantages of RNs entering into the HIM arena.

Q: What do you think about RN medical coders?

Small Businesses Turn to Alternative Funding, AR Factoring

Arden Dale wrote an article in this week’s Wall Street Journal reviewing three alternative credit sources for small businesses who are being turned down for traditional bank loans.  Specifically, the article discussed accounts receivable factoring, borrowing from friends and family, and peer-to-peer lending.

Executive Director of the International Factoring Association (IFA), Bert Goldberg, advised business owners to only consider factoring companies who follow industry best practices.  He recommended choosing an invoice funding firm who is a member of the IFA because “all members have agreed to adhere to a strict code of ethics.” 

Note to our readers: For those healthcare vendors looking for an specialized factoring firm, PRN Funding, LLC is a proud member of the IFA.

AAPC Accepting Nominations for NAB Members

Last Friday, the American Academy of Professional Coders (AAPC) started accepting nominations for the 2009-2011 National Advisory Board (NAB).

According to the AAPC Web site, “The NAB works with the national office for the betterment of the entire membership and the medical coding community through active participation in nationally sponsored conferences, events, publications, educational programs and activities.”

The new term begins on April 8, 2009 and is comprised of 16 members appointed by the AAPC.

Click here to submit your NAB nomination.

Five Ways for Business Owners to Control Their Cash

A business simply cannot operate without a healthy cash flow, but credit crunches and tight lending regulations from banks can make it difficult for today’s business owner to maintain a steady cash flow.  Elizabeth Wilson of Entrepreneur.com shared five ways for business owners to reduce their vulnerability:

1. Diversify your revenue stream. Staffing temp nurses in only one large nursing home or transcribing for only one big hospital is not ideal because if your only customer starts extending its payments, it will affect your cash flow immensely.  If you spread out your work among a couple of different clients, you will stand a better chance of balancing your cash flow if one of them starts to pay slower.  In other words, don’t put all of your eggs in one basket.

2. Cut back excess spending and protect your cash flow to meet payments. Stay on top of spending and collections patterns to be sure that the amount of cash coming in balances the amount that needs to go out.

3. Cut costs whenever possible. Work to negotiate better terms with the healthcare providers you are servicing.  Oftentimes, doctors offices are willing to make credit card payments as well.

4. Raise capital in innovative ways other than traditional banking. Healthcare vendors can and should take advantage of accounts receivable factoring to help them maintain a positive cash flow.  Selling their invoices to a factor provides cash immediately so business owners can make payroll and meet other financial obligations without having to wait to be paid.

5. If you have excess cash, you should be leveraging it. “If banks are tightening up their credit, use it to borrow what you need as collateral, and have it in capital investments you need to grow the busienss.  Having it in cash is useless unless you have disbursements on an ongoing basis,” founder of BUZGate, Deborah Osgood said.

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