The 2020 Coronavirus pandemic undoubtedly took an unwavering toll on most industries, specifically, the healthcare sector. Healthcare institutions realized that under the immense stress of rising cases and hospital admissions, the practice management systems were unequipped with the necessary technology to cater to the large influx of patients.
While the pandemic proved that necessity, indeed, is the mother of invention, the formerly sceptical health industry became more accepting of modern technological advancements to optimize practice management systems.
Growing Demand for efficiency
According to an estimation surrounding medical billing, it was reported that around 80% of medical billing forms and entries included errors. 25% of these errors were due to typing mistakes whereas, 44% of mistakes were due to medical record maintenance. Therefore, the need to diminish human error was critical.
As healthcare institutions progress towards a metamorphosis of the formerly redundant, manual practice management systems, rapid advancements ensure newer and more updated solutions continually exist to offer efficient revenue cycle management.
Rapidly Advancing Industry
A report submitted by the Centre for Disease Control records that since 2019, 96% of medical practices have adapted to office based EHR systems. This trend is only likely to rise as years pass on.
Stepping into 2023 means this year the healthcare industry can look forward to more cutting-edge technology that shall tackle healthcare revenue cycle management and medical billing matters like no one else.
Experts predict 2023 shall become the epitome of modern technological advancements in the field of healthcare revenue cycle, including medical billing.
Let’s look at what updates 2023 has to offer in the field of medical billing:
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Efficient Cybersecurity
As electronic health record system and medical billing switch to digital health platforms, the urgency to maintain the security of this information becomes vital.
Patient information is sensitive and valuable data, that, if lost, can cost a healthcare facility, millions of dollars. Therefore, health institutes shall require digital solutions that will propagate efficient cyber breach management systems.
With cloud-based medical billing software, having a robust HIPAA compliant framework shall allow healthcare facilities to maintain the confidentiality of their patient information, and diminish cyber breaches to ensure a smooth-running digital billing system.
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Automated Coding
Medical billing systems that come with automated coding can be a God send for healthcare revenue cycle systems.
Automated coding can diminish the possibility of human error, maintaining vital patient information and clinical documentation in an accurate format that thus, helps in filing successful, timely medical claims and reduces the amount of claim denials received by a practice. This shall help maximize reimbursements which is a supreme benefit to any healthcare organization.
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Artificial Intelligence
AI induced medical billing systems provide a better structured channel for maintaining prior authorization for maximum reimbursements.
Prior authorization is essential to promote maximum output during the medical billing process. With AI, medical billing systems can provide prior approval, and ensure a secure, accurate and timely exchange of patient information in order to execute successful claims.
HIPAA compliant medical billing technology limits the possibility of unsuccessful payment procedures as a result of human error and promotes seamless transactions for your medical practice.
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Outsourcing
A new trend that is likely to catch on further this year, is outsourcing. Outsourcing your medical billing to partners that specialize in eliminating barriers that occlude the cash flow of your medical practice may help produce larger revenue for the institution.
Not only can outsourcing your medical billing but help also streamline your KPI’s and demarcate a clear objective to maximize output, outsourcing to experts means you will not have to employ a significant task force to tackle the issue. These will help cut labour costs which will also ultimately benefit the practice.
Outsourcing also means that while the experts handle your medical billing matters efficiently, healthcare providers can utilize the extra time left from not having to file tedious medical claims, by treating more patients, that enter the practice, and focus on the clinical aspects of the institution.
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Digital Billing
It goes without saying that a successful practice is one that prioritizes its patients’ needs, and one major feature that may contribute to this, is improved patient experience.
Most patients, consider, that cash payments can be a hassle, and that digital transactions offer a quick and seamless answer to the problem.
Incorporating digital payment methods will allow patients, who prefer to pay through credit card, do so with ease, so that neither the patient nor the provider feels the stress fulfilling due payment.
Conclusion
Medical billing systems are an all-rounder solution to tackle any financial barriers with respect to a medical practice.
However, in order to absorb maximum usage out of a medical billing system, it is of utmost important that you opt for an outsource partner that provides solutions to the specific needs of your practice.
While one type of system may not work for all types of practices, ensuring that you are up to date with the latest trends in medical billing will allow you to make an intelligent decision.
CareCloud’s HIPAA compliant practice management solutions offer a detailed financial workflow, as well as a fool proof billing system, including claims submission and remittance, to allow for maximum revenue for medical practices of all sizes.
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