The world is changing and so does Healthcare!
As technology and data are becoming more pervasive, the healthcare segment is adopting digital ways to overcome medical billing and coding challenges faced by worldwide practitioners.
Recent trends in medical administration are creating a New Normal for healthcare revenue cycle management that has helped medical organizations to recover from the unprecedented crisis witnessed globally and have enabled them to make a shift towards value-based care.
Many medical practices have accepted the new trends and norms to procure digital revolution, however, there are many who lag behind. For anyone dealing with the medical coding or billing aspect, it’s crucial to embrace these digital trends and changes to benefit their revenue cycle and patient experience in no time.
Top Trends in Medical Billing & Coding
Here are the popular Trends to consider in Medical Billing & Coding for 2021 and beyond:
Blockchain is one of the robust technologies of today that has made its contributions in almost every work sphere, rendering an effective solution for the challenges faced. And, the medical industry has also reaped benefits from it.
Medical billing processes are undoubtedly complex in nature and prone to great billing errors. Nevertheless, blockchain technology offers high-end solutions for incorrect filings, billing code errors, duplication of processes, and much more with the help of distributed ledger technology.
It helps to create authentic data records that can be shared with networked database systems and provide complete transparency through delivering proofs of the executed transactions.
Further, the technology ensures data integrity and protects medical data(electronic health records, patient information, from threats/breaches as its algorithms, are highly encrypted and store data in a format (i.e.chains of blocks) that cannot be modified until verified by all participants over the network and it reaches the final recipient.
[Prefer Reading: Blockchain Use Cases and Applications Industry-Wise]
Automation is not new to the healthcare segments where many medical practices have accepted it as a boon after delivering exceptional revenue results.
Automation, presently, is considered a new medical billing practice that orchestrates all of the major revenue cycle processes like medical claim submission, AR management, insurance management, payment posting, patient eligibility and verification, and much more, by deploying automated software bots.
Robotic Process Automation has proven to be an ideal solution to enhance the indices of accuracy, efficiency, and performance of the entire medical billing paradigm.
NetSet Digital helps various medical practices, physicians, and other healthcare institutes in automating their administrative tasks by employing a digital workforce proficient in managing feasible revenue cycle processes paired with integrated workflow patterns.
Virtual care is generally linked to value-based care that offers digital aid to the patients from all the comfort of their homes. Adapting to the new normal, medical institutes, and centers are transforming the traditional ways of providing care to patients by digital means where the patient-doctor connect is made virtual.
The initial steps of patient intake like pre-registration, appointment scheduling, and check-ins and visits have been made electronic and contactless that further supports mitigating risks of disease exposure and increases patient and staff contentment.
The Digital Technology Service Helps to :
Thus, the trend of rendering virtual care as a service is revamping the medical industry by supporting telehealth, thus, changing the process of billing.
Medical billing is one of the most complicated but critical tasks of a healthcare organization. The revenue cycle management involves a myriad of complex tasks and processes like patient scheduling, insurance verification claims management, AR follow-ups, payment collection, etc.
To focus more on patient care and experience, many medical care service providers consider medical billing outsourcing a feasible option to streamline the workflow and orchestrate the overall billing and administrative activities.
Medical Billing and Coding Outsourcing helps practices to:
- Focus on basic tasks.
- Achieve a reduction in expenses.
- Promote growth.
- Balanced AR (account receivables)
- Maintain operational control.
- Offer staff flexibility.
- Timely reimbursements.
- Provide continuity and risk management.
- Professional development for internal staff.
- Enhance productivity.
- Reduce revenue leaks.
The size of the company does not matter. Any organization can employ outsourcing to help the business grow and expand while keeping expenses to a minimum.
[Prefer Reading: Benefits of Outsourcing Revenue Cycle Management (RCM)]
NetSet Digital is a leading name in providing top-notch solutions for medical billing services. Our automated solutions are tailor-made and are concreted as per different business requirements to manage services for the entire revenue cycle.
We have helped hundreds of practices to achieve significant results out of our strategic solutions that are powered by robust technologies of Artificial Intelligence and Robotic Process Automation.
Reach us to avail Healthcare Financial Services and Patient Care Facilities that are committed to continuously optimize costs and improve revenue generation cycles.