Did you know 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%. Discover the top trends that are shaping the future of medical billing services and healthcare industry.
Front-end services dominated the worldwide medical billing outsourcing industry last year. However, the middle-end services industry is predicted to develop at the fastest compound annual rate of 12.4 percent this year through 2026.
Hospitals dominated the global billing outsourcing market last year (highest market share), which is anticipated to continue through 2026.
To achieve all these goals, errors in insurance validation, patient registration, and claim submission must be eliminated, as well as payment denials must be managed. It also necessitates the follow-up of the trends shaping the future of medical billing services, regardless of size.
Let us look at some of the most recent medical billing technology and trends that are assisting hospitals and healthcare providers in remaining focused and moving forward:
Alignment of EHR and Medical Billing Software
In the case of reimbursement, mistakes in record keeping, unfortunately, lead to a slew of problems. Many medical practices squander a significant amount of valuable time as they search for the correct diagnostic codes and miss out on getting to know their patients better. But don’t panic, as incorporating technologies can improve the effectiveness of your record-keeping tasks. It is primarily beneficial to align your EHR with medical billing software.
Furthermore, the procedure might be accelerated even further if your medical billing company offers CAC. With the help of these integrations, automated code suggestions appear while documenting, which aids in the accuracy of the codes right from the start. Compared to the previous EHR and billing procedures, you save much time, may eliminate potential errors, and create complete reports.
Computer-Assisted Coding (CAC)
While coding inpatient claims, computer-assisted coding has recently grown rapidly. Many healthcare professionals are concerned that many industry personnel may lose their employment and be replaced by this new technology within a decade. However, the inescapable truth is that the practical aid of this computer-assisted coding software has considerably benefited personnel.
A recent study revealed that using the CAC increased coder productivity by 20% while decreasing coding time by 22% when compared to those who did not utilize it. On the contrary, it was discovered that with the assistance of a skilled human coder, the CAC software’s accuracy might have been increased.
Blockchain Medical Billing
There is no denying that the top medical billing and coding companies procedure is fraught with difficulties. These issues include false filings, procedural duplications, billing code problems, and unintended billings.
Blockchain medical billing assists healthcare professionals in reducing the possibility of errors. It is a reliable distributed ledger that records proof of a successful transaction. With such progress, medical companies can accomplish data integrity and protection for their patient health data, EHRs (Electronic Health Records), claims data, and monitor system data.
Furthermore, Blockchain technology is in charge of recording billing data in such a way that no changes can be made to them until the recipient receives them.
Outsourcing – The Ongoing Trend of Future of Medical Billing Services
Plenty of opportunities are wasted when a healthcare organization fails to keep track of the constantly evolving trends that affect the success of healthcare. To stay ahead of the curve in medical billing and coding, it is critical to stay current and always upgrade to keep up with the ever-emerging new trends and practices. Time management must be proper and given for both back-office administration activities and the medical services offered to patients in their facilities for the safety of the patients and to ensure that the healthcare organization’s operations are seamless, protected, and of high quality.
As medical practitioners are concerned with providing high-quality care to their patients and increasing their visits, many opt to outsource the difficult work of medical billing and coding services. Since RCM (Revenue Cycle Management) for medical billing is critical for managing a wide range of complex procedures, such as scheduling patient appointments, AR follow-up, submitting accurate claims, and payment collection, it is one of the best aspects and a significant concern for medical practitioners. Outsource medical billing services allows medical practices to focus more on their patients, providing them with excellent care and maximizing their resources while having a strong revenue drive.