2018 witnessed several changes in the healthcare industry. From focus on artificial intelligence and automation in medical billing to patients becoming the biggest payers and outsourced billing, there were several changes that providers embraced last year.
CMS continues to make necessary changes for improving the lives of providers who are struggling to strike a work and life balance. In July this year, the proposed initiative for 2019 Medicare Physician Fee Schedule was announced by the CMS.
Several coding changes took place in 2019:
- From 1st January 2019, CPT (Current Procedural Terminology) codes came into effect. 72 codes were deleted, 49 were revised and 164 new codes were added.
- There were ICD-10 CM codes that were effective from October 2018 to September 2019 with several additions, deletion and revisions. A total of 71,932 active codes were recorded with most recent CMS revisions.
- Even HCPCS codes were changed by CMS, effective December 2018.
Need for effective billing system on the rise
It has been predicted that the rate of hospital visits in the years to come will cross more than 6 billion a year. This is a clear indication that the proportion of patient data will increase. If this complex data is not converted into simple terms for billers, practitioners and insurance companies, then revenue generation will become a challenge. Considering the rise in complexities of codes, it is important to ensure that the right ones are being used or else insurance companies will refuse to pay.
Practices need to have an effective coding and billing system in place because it will help them in getting paid on time. The right codes are used by insurance companies to eliminate fraudulent claims or errors in payments.
It is expected that the medical billing outsourcing market will reach $16.9 billion by 2021. There will be a constant rise in providers who will choose to outsource billing to a third party due to changes taking place in healthcare regulations and compliance concerns.
From the point of view of cost and operational factors, outsourcing is turning into a lucrative option for a growing number of practices. Be it a new medical practice or an established one, providers are making the switch because they are able to save time as well as money. According to the industry experts, the outsourcing trend will continue in 2020.
About 247 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.
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