According to CMS (Centres for Medical and Medicaid Services), health spending in the United States will exceed 5.7 trillion dollars by 2026.
As the healthcare market is as large as it is depending on public and private insurers, healthcare providers must adhere to tight guidelines in order to remain profitable. Practitioners who want to optimize the procedure and ensure full reimbursement for their services must keep up with current medical billing trends. Even in 2021, when digital change has swept the sector, many medical facilities are grappling with the complexities of medical billing and coding.
Let’s understand how to deal with such complexities:
Medical Billing Outsourcing – The Future of Healthcare Providers
The strict regulation and coercion of healthcare providers in many countries to embrace digital record-keeping is expected to propel the business.
During the predicted period, the sector would benefit from the rapid shift and ambiguity of the legislation and regulatory framework being proclaimed. The future of medical billing outsourcing looks promising as the healthcare industry increasingly emphasizes earning profit and income. However, the heightened risk of data breaches may stymie the industry’s growth in the future years.
In many countries, the government’s increased investment in healthcare infrastructure will be a key driver of development for the medical billing outsourcing business. The burden of healthcare infrastructure due to diseases and pandemics has motivated various countries to invest in healthcare infrastructure, which will further increase the development potential of the medical billing outsourcing industry.
Did you Know?
- According to the Medical Billing Outsourcing Market research conducted by Future Market Insights, the market value of the Medical Billing Outsourcing business increased at a 12.5% CAGR from 2017 to 2021.
- The global Medical Billing Outsourcing Market was valued at $11.1 billion in 2021. The estimated market growth in 2022 is 16%, which is much greater than the historical growth.
- The medical billing outsourcing market is massive and rapidly expanding. According to Grand View Research, it is predicted to reach 25.3 billion USD by 2028, with a CAGR of 12.3%.
Trends followed by Medical Billing Outsourcing Companies
The turbulent year has accelerated the industry’s digital transformation, brought technological improvements, and created paradigm shifts.
The following are some of the key trends in medical billing implemented by medical billing outsourcing companies:
- Digital claim submission and electronic processing
Medical facilities or hospitals can speed up filing and identify possible problems early on by incorporating electronic claims into their workflow. The entire cycle, from original writing to tracking claim status and collecting reimbursement, could be expedited and made more error-proof if medical billing software was used.
- Incorporation of EHR into the billing process
Over the last decade, the US government has increased pressure on the healthcare sector to use Electronic Health Records (EHR). As medical billing systems become more automated, integrating EHRs into the billing workflow can be advantageous in a variety of ways.
Firstly, the amount of patient data already in the system will considerably reduce the amount of time physicians spend on this work. Second, EHRs will make the billing process easier by making it easier to access medical histories. Establishing a continuous flow of data within integrated medical billing systems results in the most significant gains for the healthcare industry, overall.
- The Advent of ICD-11
The eleventh edition of the International Classification of Diseases, the brainchild of 300 specialists from 55 different countries, has been in the works for nearly a decade. The new taxonomy will go into force on January 1, 2022, although the US medical system is expected to completely adopt it by 2025. The most significant ramifications for healthcare providers are changes in medical billing and coding software solutions must begin responding immediately.
- The Move to Cloud SaaS Solutions
Moving to cloud Software as a Service (SaaS) solutions, one of the most recent technological advances in medical billing presents various advantages for healthcare providers. The following are the most notable gains:
- A reduction in hardware and maintenance costs
- Universal and continuous access to services
- Improved data security
- No need to purchase newer software versions
The current gold standard for medical billing software is cloud architecture and SaaS, which offers a number of solutions.
A Chance to Move with Times
Whether you run a health centre, a hospital, or a private practice, your in-house team is crucial to your overall performance. However, it can be tough for time-crunched employees to keep up with enormous workloads and negotiate the ever-changing tides of the healthcare business. Outsourcing medical billing can be the greatest answer for your revenue cycle leaks. Do you want to take your financial health to new heights? All this can be possible with the assistance of an outsourced medical billing partner such as 24/7 Medical Billing Services. A lot of time and money can be saved by outsourcing your billing to such experts. Your practice’s earnings can rise steadily and noticeably. These highly specialized companies are professionals with the experience and billers to rapidly optimize revenue cycles while also maximizing your practice’s financial health.