2018 was an overwhelming year for healthcare providers. We saw the incorporation of Artificial Intelligence into medical billing, the shift to value-based care, EHR alignment, and more. This year, new trends such as blockchain, outsourcing of billing and computer-assisted coding (CAC) are creeping into recent trends in medical administration.
For anyone dealing with the medical coding and billing aspect, it is important to embrace these changes. If adopted, these changes can also benefit your revenue cycle in no time.
Here are the top five trends in medical billing practice that you need to consider:
Introduction of Blockchain
There is no denying that the medical billing process comes with various challenges such as unintentional billings, billing code errors, incorrect filings, and duplication of processes.
Blockchain is a distributed ledger that helps the providers in reducing the number of errors by showing proof after the transactions are completed. This technology ensures data integrity and protects medical organizations’ data including electronic health records, patient health information, monitoring systems data, and claims data.
It also stores all the billing records in a way such that they cannot be modified until it reaches the recipient. All data is readily available and saved in a fixed location.
Automated billing is a medical billing practice through which claims submission, managing insurance, remittance, and other aspects of the process are handled by cloud-based software. This practice reduces the risk of error in claims and leads to minimized payment delays and denials.
To use this form of billing, you have to be proficient in using this technology, know everything about medical billing collection and claim denials. For increased accuracy, you can also consider taking the billing services from one of the best medical billing outsourcing companies.
Current Procedural Terminology (CPT) Updates
With 335 CPT code changes, these codes now reflect new technological advancements in tools for clinical practice. It includes remote patient monitoring codes that will help you use technology to connect with their patients at home.
There are interprofessional internet consultation codes that depict the importance of using non-verbal technology to work through a patient’s care. Other CPT changes consist of adaptive behavior analysis, central nervous assessments, skin biopsy, and fine-needle aspiration biopsy.
Virtual Medical Care
Virtual Medical Care is a method through which you can communicate with them without calling them in the clinic. This mode of care bridges the gap between physician and patient and allows you to move from fee for service model to value-based care.
With this procedure, the process of billing will not remain the same. To ensure proper reimbursement, you have to be aware of telemedicine guidelines, which codes are applicable, and whether the patient’s insurance covers telemedicine or not.
Medical Billing Outsourcing
The revenue cycle management (RCM) involves numerous complex steps including patient scheduling, enrolment, insurance verification, submission of claims, follow-ups and payment collection. To streamline the workflow and give personal attention to patients, many medical care providers are now considering medical billing outsourcing as an option.
Outsourcing saves time, money, gives you increased revenues, and better control over your business processes. You can refer to GreenBills medical billing services as they help you with the entire process, from filling out forms, billing, responding to verification requests, forwarding to collections attorneys and settlement.