Top 5 Trends For Medical Billing Services In 2023
The
healthcare system has undergone an immense transformation in the last couple of
years. With the rise of technology and the implementation of virtual care,
medical billing has also undergone a significant change. It can be proved by
the statistics in medical billing, which point toward advancing several new
trends. It includes a substantial rise in the adoption of virtual payment
systems and new medical billing technology implementation. As the year 2022
ends, and we move into 2023, it’s time to look into some of the top five trends
in medical
billing services in 2023 that will revamp the healthcare system.
Knowing the latest trends will help you understand where your facility lacks
and implement them for better revenue for the following year.
1. Autonomous Coding
A
report by Kaufman Hall stated that operating margins for hospitals were down by
80% in 2021 compared to the pre-pandemic phase. The number indicates that
hospitals and other healthcare facilities need encouragement to adopt and keep
going with the automation technology in the billing system. It will not only eliminate
the manual errors that were often part of the billing system but also cut down
on engaging more billers than needed for the medical billing operations.
The
new software that provides an automated coding system ensures the absence of
coding errors with a decrease in the medical coding and billing time,
warranting on-time submission. The result is preventing any revenue leakage and
improving the revenue cycle management while scaling the facility.
2. Improve Patient
Experience
One
of the critical issues that have been on the rise and have been a significant
concern for every healthcare facility is offering a better patient experience
and access to healthcare. A key deficit area that has been plaguing the patient
experience is the information on payments. The question of how much the patient
should pay from their pockets always lingers, and the answer to it has been surprising
to find.
In
fact, a part of the patient's service requires them to get the information they
need immediately and efficiently for the charges they must pay. Such
information can help the patients to know the amount the insurance companies
will cover and the additional expenses they must bear.
New
technology, like AI-backed chatbots and other software, can now provide this
much-needed information to patients. The improved omnichannel and the patient's
payment system plan will be the new trend with a much-needed overhaul.
3. Cybersecurity Compliance
With
the increase in telehealth, telemedicine, work from home by the medical billing
staff, and EHR software, cyber security is an issue. The dependency on the
unsecured network and often the oversight by the healthcare providers regarding
the data can be open to cybercriminals' target.
There
have been reports that the healthcare industry has experienced maximum security
breaches in the last decade. In fact, the cost of security breaches is on the
rise, as it was about $$7.13 million in 2020. According to industry experts,
security breaches will continue to rise unless proper cybersecurity is
implemented. Cybercrimes in the healthcare sector also violate medical billing
and coding compliance, and with new HIPPA
privacy and security rules in place, any cyber breach in practice will
be jeopardized.
There
is a need to put new cybersecurity protocols in place for the sake of revenue
cycle management, and medical billing and coding need to be HIPAA compliant to
warrant the security of data and records. Therefore, new software and
technology are being introduced that are harder to breach. In 2023, medical
billing will see new and enhanced cybersecurity.
4. AI in Medical Billing
In
medical billing, prior authorization must warrant successful reimbursement for
the services offered. There is a technology that can provide prior approval,
enhanced information exchange, age verification, and other details from the
patient required for successful reimbursement. However, earlier, there needed
to be more standardized protocols for information exchange and documentation.
With HIPPA complaint standardized rules, new technology and software are put in
place that not only modernizes the prior-authorization process but also keep AI-backed
technology on the rise. The API-driven exchange of information will make the
medical billing services more robust, secure, and easy to use by the patients,
medical admin and billing staff, and stakeholders.
5. Analyzing the
Underpayment Issue
Most
medical practices are plaques with underpayment issues; mitigating them with
in-house staff can be pretty challenging. The new trend that has been there for
the last few years and will continue to rise is partnering with a knowledgeable
medical billing company
like 24/7 Medical Billing Services to mitigate the underpayment issue.
The
partners will analyze the problems that cause the underpayment and other issues
that decrease the practice's revenue. They will put in place KPIs that will
allow you to get the correct view of your facility and a way to correct its
course to increase revenue through the medical billing companies.
Partnering with the 24/7 Medical Billing Services will ensure the medical
facility does not have to train medical billing staff, thus decreasing overhead
costs and offering experienced services to enhance revenue.
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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