Medical Billing Services in 2022 - Changes to Expect
Due to the COVID pandemic, hospitals had to operate
on tight margins and extract the maximum out of the revenue cycle more than
ever. The pandemic highlighted the importance of medical billing services all
the more as it had become a struggle to keep up with the testing and
immunization records. The post-COVID healthcare industry will be much more
complex than earlier. In the coming year of 2022, this will result in the
introduction of key technologies and process innovations to improve business
outcomes.
There have been a few recent changes that have
impacted the medical coding and billing industry significantly. Let’s understand these changes
and how they might affect 2022.
Adding COVID-19 Codes
The sudden pandemic and its effects forced the
healthcare industry to make some changes in their system, to cope up with the
situation. A few codes had to be added for streamlining and tracking the
procedures, medical tests for COVID detection, treatment, and immunization
related to it. These changes will be an important part of the medical billing
system, specifically in 2022.
Transitioning to New ICD Systems
The medical billing industry has already made a
major shift to ICD-10 from ICD-9. It is a global system used to classify and
code symptoms, diseases, and medical procedures. Though ICD-10 was implemented
as early as 1999 for reporting mortality, it was very recently implemented by
medical providers and insurance companies. The new system made way to more than
140,000 new diagnostic codes and procedures.
The World Health Organisation (WHO) has already approved the usage of ICD-11 from January 2022. Hence, the
new system will come with more changes; for which all professionals need to be
trained to keep up with the new codes, rules, etc. This will also shed light on
the importance of continual training that goes beyond certification credits or
continuing education units (CEUs).
Replacing Medicare Physician Fee
Schedule
This recent major change enacted by the Centers for Medicare and Medicaid Services
(CMS) in 2021, is one of the first implemented in more than 10 years.
Hence, reimbursements and fee schedules in the future will be changing. This
will also require professionals to get additional training to keep following
the new changes.
Increased Automation
Automation has proved to be a boon in the
healthcare industry by helping to reduce physician burnout, increasing
accuracy, and streamlining workflow. It has efficiently boosted productivity
for various professionals through processes like automated appointment
reminders, online scheduling, or patient check-ins. Not only for saving time,
but automation has also helped in reducing delays and denials during
reimbursements.
The next year and the future look promising on this
front. Increased automation can provide for more thorough documentation and
completion of tasks in less time.
Increase in Use of Artificial
Intelligence
With the other industries, healthcare has also
adopted AI and machine learning as its part. It has helped to cut costs and
increase patient satisfaction by integrating billing workflows and creating
work queues for claim re-submissions. It has also been used to correct and
verify the demographic information of patients and customize billing statement
releases.
It’s a myth that AI being a part of
Computer-Assisted coding (CAC) will reduce human jobs, but it has been proven
that the software has been less accurate without the help of a professional
human coder. The technology is perfectly designed to enhance the capabilities
and increase the productivity of medical billing professionals.
Aligning EHR Software
Almost 86% of office-based physicians already use
the EHR
software and it has many proven advantages.
This feature never stops expanding and surely won’t in the coming year too. It
ensures robust reporting and helps perform digital payment processing via
patient portals. It also helps in reducing the need to photocopy each billing
sheet, using cleaner claims to reduce coding errors, accessing data from a
single location, and keeping manually filling forms at the minimum.
Changes in Medical Billing Industry
Statistics and Outlook
- According to the Bureau of Labour Statistics, employment in the
field of medical billing is expected to grow by 8% on a national level in
10 years, from 2019 to 2029.
- Family healthcare insurance plans have moved to a higher-deductible
model and consumers will be able to use their Health Savings Accounts
(HSAs) for covering the costs.
- Patients have become more aware of their payment responsibilities
and generally want to know their bills upfront considering the growth of
electronic payments. Unfortunately, traditional medical billing may delay
the collection process by as much as 30 days. The industry is coming up
with new payment models such as Revenue
Cycle Management (RCM) which can help manage patient payments
easily and streamline the whole process.
Some other upcoming changes in 2022:
- CMS has come up with a few provisions related to the Affordable
Care Act (ACA) coming into effect in 2022. It will help in better medical access
for U.S. residents.
- The European Commission has proposed an AI-based framework for
Europe, which might be the first legal framework and might come into
effect in 2022.
- The No Surprise Act coming in 2022 for Americans will make health
providers treat out-of-network services as in-network services, except
ground ambulance transportation.
Even if it is the most crucial part, selecting the
proper code and accuracy continues to be challenging in this constantly
evolving field. It is integral for efficient working of bill payments and
preventing fraud at the same time. Educating all the professionals periodically
about billing system changes, insurance regulations, Medicare policies, and
medical privacy laws.
Outsourcing Medical Billing Services
to the Rescue!
Outsourcing medical billing to another company helps providers focus more on
patients, increase productivity, and reduce burnouts. It enables providers to
allocate their resources in other aspects of their business. Plus, these
companies who take up the outsourced work are compliant with the current
healthcare regulations and strive to ensure steady growth. Outsourcing help
businesses lessen their burden as they take care of all aspects of revenue
cycle management, manage the accounts receivable, and timely submission of
claims for reimbursements.
Consider choosing 24/7 Medical Billing Services for
all your needs. Simplification of your billing, dedicating resources to payer
reimbursements, and ensuring the accuracy of claims; everything will be taken
care of!
About 24/7 Medical Billing Services:
We are a medical billing company that offers ‘24/7
Medical Billing Services’ and support physicians, hospitals, medical
institutions and group practices with our end to end medical billing solutions.
We help you earn more revenue with our quick and affordable services. Our
customized Revenue Cycle Management (RCM) solutions allow physicians to attract
additional revenue and reduce administrative burden or losses.
Contact:
24/7 Medical Billing Services
Tel: +1 888-502-0537
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