Technological advances are being released faster than ever before. Because of this, companies have had to stay on top of the changes in medical billing. Here are some of the top technology trends in medical billing shaping the healthcare field’s future.
During the pandemic, the move to virtual visits was a challenge for medical providers, but it also meant changes in medical billing. The addition of telehealth led to the release of new CPT codes. New treatments emerged, which again led to changes to the billing and coding system. Because of these changes and transitions, many claims were denied in this period.
Now that telehealth has been around for a few years, the changes have been implemented into many practices and medical billing software around the country. Healthcare Dive reported that the cost of medical services incorporating telehealth between 2020 and 2023 would likely increase by 265%.
Automation holds the key to successful medical billing and coding. Software automation can significantly reduce the time healthcare personnel spend on repetitive tasks. It will also catch errors a lot faster and allow efficient fixes. An area that can benefit from automation is insurance pre-authorization. Checking the patient’s eligibility and payment limits should be quick and seamless, so the patients can receive the care they need.
Patient portals are a great way to improve patient engagement. The ability to schedule appointments, gather updated demographics, contact their doctor, and pay online bills in one convenient location saves the patient and provider office time. Giving patients the option to pay their bills online leads to practices receiving their payments faster, in fuller amounts, and more frequently.
Staffing shortages have been a serious issue in the healthcare field recently. Because of this, companies are relying on outsourcing their medical billing to save them the headache of looking for employees. In 2023, the global outsourcing market for medical billing is projected to reach 12.5% CAGR.
Outsourcing medical billing is an excellent option for companies that don’t have the time can’t afford to keep up with the ever-changing technological advances. Give us a call at Outsource Receivables to see how we can save you time and money in the new year.