Keep Up With the Changing Times
Medical technology continues to advance at an exponential rate. In order to provide patients with consistent, high-quality care, healthcare providers must continually update their practices.
Medical billing is not immune to these changes; in fact, it has greatly benefitted from them in the past. Here are a few medical billing industry statistics to be aware of:
- The industry itself is expected to grow by 9.52% by 2026
- 75% of providers currently use paper and manual processes for billing, but new advancements in technology are expected to shift those numbers toward cloud-based and online billing.
- 87% of consumers want to make their payments in one place: online.
Staying up to date with medical billing changes helps you avoid unintentional billings, code errors, and incorrect filings. Below, we’ll explore the technological and procedural changes that the medical billing industry can expect throughout the rest of the year and into 2023.
Medical Billing Technology Advancements
Technology is always improving, adapting, and providing new ways to streamline our lives. Medical billing technology is no different. With technological advances in the healthcare sector, you can easily keep track of claims, patient data, and insurance information. Here are some of the top medical billing industry trends you can expect to see through the end of 2022.
Blockchain
You’ve probably already heard about blockchain technology in reference to managing Bitcoin and other cryptocurrencies, and it has the ability to streamline the medical billing process as well. Blockchain is considered a distributed ledger, meaning it is a decentralized system for storing information. This makeup prevents a single point of failure, so information stored in the blockchain remains extremely secure.
Blockchain is part of the future of medical billing and coding because it improves security and consistency across the board. With blockchain technology, each transaction is coded as its own distinct block, so it’s impossible for a transaction to occur more than once. Once a transaction is logged in the blockchain, it cannot be altered, either. With these processes in place, medical records and billing are able to remain consistent, transparent, and secure. This medical coding industry trend leads to fewer billing errors and eliminates the possibility of duplicate processes.
Cloud Billing
One of the biggest technological trends across industries is the implementation of cloud computing. Software-as-a-service (SaaS) is a cloud service model that allows businesses to license software without having to fully integrate it into their physical infrastructure. Claims submission, managing insurance, remittance, and other billing processes can be handled by cloud-based software. This allows healthcare providers and medical billing providers to streamline the billing process and reduce the risk of error, delays, and denials. With cloud-based billing, providers can access information on a number of devices and easily keep track of a large volume of data.
Virtual Medical Care
Virtual medical care is a great way to connect physicians and patients. Instead of traveling to the physician’s office, patients can simply log onto a phone or video call. Telemedicine emphasizes accessibility first and reduces the need for in-person meetings. However, virtual medical care does have an effect on the medical billing process. You need to be aware of specific telemedicine guidelines, applicable CPT codes, and varying insurance company policies to ensure that your billing is accurate and compliant.
Computer-Assisted Coding
Computer-assisted coding (CAC) is another medical coding industry trend that streamlines the medical billing process. CAC generates accurate medical codes directly from clinical documentation, bridging the gap between electronic health record (EHR) systems and financial healthcare systems. This medical billing technology ensures the accurate transcription of health codes by using a specialized algorithm to extract unstructured data from records.
Electronic Claims Submission
Electronic claims are another medical coding industry trend that improve your system’s accessibility by eliminating the need for a physical paper trail. This allows you to keep track of records with greater accuracy while also saving on time and money. Information can be accurately stored without the need to print hundreds, if not thousands of claims documents.
BSI Medical Billing is Arkansas’s premier provider of medical coding and billing services. Want to learn more about our dedication to excellence in the industry?
Medical Billing Procedural Updates
With technological updates abound, you can also expect to see more of these quality-of-life trends and updates within current medical billing procedures.
Current Procedural Terminology (CPT) Updates
CPT codes serve as a universal language for physicians and healthcare professionals to communicate about medical services. All CPT codes are composed of a series of five letters and numbers, and each corresponds to a specific service, procedure, technology, or performance measurement. These codes are updated regularly to ensure clear, accurate, and efficient medical reporting.
Value-Based Care Model
Value-based care is not necessarily new, but it is an important trend to keep in mind within the medical billing industry. In this model, payment is dependent on the quality of care. Providers are rewarded based on the efficiency and effectiveness of their care. With prompt, high-quality care, you can ensure proper payment for your services.
Outsourcing
Similar to cloud computing, global medical billing outsourcing is expected to grow substantially in a short period of time. A high growth rate is expected because outsourcing your medical billing cuts costs and streamlines your workflow. Scheduling, enrollment, insurance verification, claims submissions, and payment collection are all areas within your revenue cycle management (RCM) that can be covered by outsourcing. A medical billing service provider takes on these processes for you so you can focus on more pressing matters.
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