The procedures through which medical claims are sent to insurance companies for reimbursement have been constantly changing for a number of years. Prior to when medical billing services and software was a standard in healthcare, healthcare providers dealt with billing entirely on their own and with a huge number of documents.
Nowadays, health insurance companies manage more than 3 billion medical claims each year across the United States. Medical billing technology enables each of these claims. Have a look at how these new technological developments are influencing what the future holds for medical billing.
- Health insurance companies deal with more than $3 billion in annual medical claims.
- Medical billing has become more complicated year after year due to patients’ increasing utilization of health insurance and other services.
- Emerging technologies such as EHRs, blockchain medical Coding, computer-assisted coding, and telehealth are creating an impact on the medical billing industry in the coming years.
- The use of a third-party medical bill platform has several advantages for providers and the medical billing process.
Challenges of Medical Billing Software in Healthcare
The average person spends more money looking after their health than they ever did before. According to Vanguard Medical Group, an average adult visits their doctor on average four times per year. If an illness of a serious nature occurs, an individual could see an individual medical professional of a sort at least a dozen times to undergo everything from diagnostic tests to rehabilitation and treatment.
The majority of patients utilize insurance to pay for a portion of the cost. This can result in a huge amount of medical claims each year.
With the increasing number of people focusing on their medical health, the process of codes has been made extremely complicated. Particular codes have to be assigned to each procedure and interaction. Medical billing services software continues to develop to cope with complex coding in the medical industry.
Top Modern Trends of Medical Billing Technology
1. Electronic Health Records (EHRs)
Electronic Health Records Software has evolved to become the most reliable method of recording particulars about patients and the events of medical care. The user-friendly software simplifies the process of billing for medical services by automatically handling a range of duties that the staff at an organization used to manually input.
Record-keeping is an efficient procedure overall, and medical billers have one source of information to consult when filing a medical claim.
EHRs have been found to be beneficial for patients and healthcare providers; however, they can also help the process of billing medical services in many ways. Many ways, for example:
- A more accurate and current patient record
- Accessing patient information in a coordinated manner information
- Improved record completion rates and the ability to read
- Reduced risk of duplicated interactions
2. Computer-Assisted Coding (CAC) and various other AI
Computer-assisted Coding (CAC) is an ingenuous artificial intelligence type that is currently used in the field of medical billing services. There were initial concerns that CAC could lead to high numbers of billing errors or take too long to utilize. Yet, CAC is exceptionally intelligent and has proven itself to be a useful tool in the field of medical billing software.
Users of the CAC program have experienced positive results. A majority of CAC users said they had improved quality of billing and 68 percent said they had improved efficiency.
3. Medical Billing Adapts to Telehealth
Telehealth isn’t a brand-new technology, but it is being rapidly accepted by the medical profession. As of 2022 seventy percent of doctors declared that they had a desire to utilize technology for telehealth over the next few years.
Additionally, 85 percent of them said that telehealth helped improve the speed of delivery of medical care. Furthermore, new technological advancements are making the use of telehealth a much more essential component of the modern medical system.
4. Blockchain Medical Billing
Blockchain medical billing provides an uncentralized system in which each claim or transaction is stored as a block on the blockchain. The blocks are linked chronologically, creating an indestructible and secure chain of transactions.
Every participant is able to access an exact replica of the blockchain that ensures transparency in the code process and accountability.
Benefits of Using a Medical Billing Platform
Alongside the latest technological advancements, a lot of care providers are moving to third-party software for medical billing by medical billing services. Other advantages of utilizing a medical billing system include the following:
- The medical billing software is more likely to utilize the most recent, effective medical billing software.
- Medical billing claims denied due to errors that were not caught are less.
- Lower operational costs for the service provider
- A reduced administrative burden for the procedure
- The patient’s information is more protected.
- Expedited collections processes
- Management of the revenue cycle is now a simpler process.
The Future of Medical Claims Billing Is Bound to Be Different
Enlist the Best Partners to Help
Medical billing services and various software aims to assist medical institutions in growing revenue, focusing on improving patient care and cutting costs associated with overhead by using the most effective solutions. The use of a Medical Billing Platform that fully integrates with your EMR is groundbreaking.
At PerigonMed, we provide cutting-edge medical billing services to help healthcare providers reduce errors, improve efficiency, and optimize revenue cycles. Let us help you stay ahead of the latest billing trends and technology.
