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View All ProductsIn all areas of resuscitation, from neonatal to elderly care, clinical deterioration is a risk that can be avoided with the help of HealthStream's training programs.
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Learn MoreAs much as a decade ago, healthcare staffing experts were warning of impending issues in healthcare revenue cycle departments. We now have an ongoing shortage of qualified coders, simultaneous with major emerging trends that complicate this area of healthcare.
Like the nursing shortage that we have heard so much about, healthcare’s similar issue with the coding workforce looks different, depending on the region or state in question, and even down to communities. What is similar is that the availability of talent is a concern, as are possible training programs, salary differentials, and other elements that HR departments face all the time for attracting and retaining a qualified coding workforce. Many of the solutions to help solve this problem are unique to the situation.
A Growing Senior Population That Generates Care with More Complex Coding
A rising senior population is requiring more inpatient and outpatient care. Changes wrought by the Affordable Care Act and ongoing tinkering there by Congress should necessitate more coders in general—as well as more highly trained, specialized personnel within their ranks.
Coding Professional Retirements
At the same time, in 2013 the average age of coder was estimated to be 54, which meant a looming retirement wave was coming when it could be least afforded (Wirth, 2013).
A Strong Demand for Hiring Coding Professionals
There are many localities where conditions have created a shopper’s market for coders, especially those with plenty of experience and a varied skill set. These high-value hires have specific salary demands, which can run afoul of organizational leadership’s desire to control labor costs in specific lanes in the face of reimbursement challenges and competition from other providers.
Pressure from Reduced Reimbursement
Financial numbers often are bleak in the current care environment—according to some forecasts, by 2024 commercial payments to hospitals and health systems will drop from 37 to 33 percent, while Medicare payments will rise from 30 to 40 percent. Reduced reimbursements and fiscal decline will come at a time when labor, already an estimated 60 percent of noncapital costs for hospitals, will likely continue to be the largest driver of operating expenses (Korenda, 2018).
The Growing Coding Profession
At the same time, medical coding has become one of the 20 fastest growing occupations in the United States, expected to rise by 15 percent from 2014 to 2024, or 29,000 new jobs, according to the U.S. Bureau of Labor Statistics (3M, 2017).
The Demand for ICD-10 Expertise
Further complicating the picture is the recent adaptation of ICD-10, an updated set of codes to report diagnoses and patient procedures. ICD, or the International Classification of Diseases, coding was introduced in the late 1970s, and the more detailed ICD-10 replaced ICD-9 on Oct. 1, 2015. The codes form the foundation, not just of recording and identifying health conditions for study and predictive analysis, but also for insurance and government payment and reimbursement. And while the update was overdue and necessary, it made the coder’s job significantly more complicated by more than quadrupling the number of new codes from 14,000 to 70,000, which meant an immediate hit to speed, efficiency, and accuracy (Weldon, 2015).
References
3M. (2017). “Navigating the coder shortage: The current state of medical coding,” Retrieved from http://images.ubmmedica.com/diagnosticimaging/pdfs/navigating-the-coder-shortage-infographic.pdf
Korenda, L. (2018). No sick days, no collars: How tech might help hospitals shrink labor costs. Retrieved April 27, 2018, from http://blogs.deloitte.com/centerforhealthsolutions/no-sick-days-no-collars-how-tech-might-help-hospitals-shrink-labor-costs/
Weldon, D. (2015). Hiring woes persist as ICD-10 coders tough to find. Healthcare IT News. Retrieved April 28, 2018, from http://www.healthcareitnews.com/news/hiring-crunch-coders-leaves-many-providers-unprepared-icd-10-takes-hold
Wirth, P. (n.d.). Addressing Coder Shortages From Within. For The Record. Retrieved April 27, 2018, from http://www.fortherecordmag.com/archives/021113p6.shtml
Learn about HealthStream Coding Education Solutions from nThrive.
HealthStream’s learning management system and comprehensive suite of competency management tools empower your healthcare workforce to deliver the best patient care.
View All Learning & PerformanceHealthStream offers performance learning management solutions to help develop your healthcare staff into leaders and reduce turnover.
View All ProductsHealthStream works with healthcare organizations to create engaging and high-quality training videos for your staff and management.
View All ProductsImprove care quality and save money by making informed decisions about your healthcare facility and staff with HealthStream's reporting analytics solution.
View All ProductsHealthStream's proven methods for the improvement and overall engagement of your healthcare staff foster a positive workplace and increase retention rates.
View All ProductsWhen you enact HealthStream's quality compliance solutions, you can do so with the confidence your healthcare organization will meet all standards of care.
View All Quality & ComplianceBe confident in your staff’s ability to reduce risk by providing compliance training that changes behavior.
View All ProductsDevelop next-level people for next-level care by prioritizing quality and safety improvements.
View All ProductsStandardize policy and procedure management with an automated, customized, and centralized system.
View All ProductsEstablish a culture of belonging with education supporting DEI, wellness, engagement, and leadership development.
View All ProductsHealthStream offers professional training and education on how to best optimize your reimbursement process within your healthcare organization.
View All ReimbursementStreamline the revenue cycle management process and protect your bottom line with expert-backed education.
View All ProductsLearn about our advanced resuscitation training solutions. Our solutions are designed to help improve patient outcomes.
View All ResuscitationIn all areas of resuscitation, from neonatal to elderly care, clinical deterioration is a risk that can be avoided with the help of HealthStream's training programs.
View All ProductsNurture the skills of your nurses and medical staff to help mold them into effective leaders with development training from HealthStream.
View All ProductsExpand the decision-making skills and effectiveness of your healthcare workforce with HealthStream's clinical development programs and services.
View All Clinical DevelopmentMake sure your clinicians have the support they need to provide competent care with clinical competency training and development from HealthStream.
View All ProductsHealthStream’s learning management system and comprehensive suite of competency management tools empower your healthcare workforce to deliver the best patient care.
View All ProductsThe suite of healthcare onboarding solutions available from HealthStream aids in nurse retention and improved patient outcomes.
View All ProductsGive your healthcare staff the decision support and skills training they need with the online products available from HealthStream.
View All ProductsHealthStream leverages medical professional development in healthcare by providing staff training programs
View All ProductsMake sure your healthcare staff can schedule out appointments and work schedules with ease using HealthStream's line of software solutions.
View All SchedulingHealthcare workforce management is essential. We provide advanced scheduling solutions for organizations to solve issues such as nurse retention
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View All CredentialingOur affordable CVO credentialing services establish patient safety by enabling primary source verification for your healthcare organization.
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