Five Medical Billing Trends Expected to Remain Strong in 2021

The medical billing field continues to evolve at a rapid pace. Every year new regulations come into play while many others remain constant.

Here are some of the common trends that are likely to remain strong during 2021.

Electronic Claims Processing Will Continue to Surge

Medical coding and billing rely heavily on electronic means. Before the advent of medical billing software, all the billing operations were done on paper. However, now a day, medical coding software has become essential to keep up-to-date revisions to the code.

Besides that, the payers also make errors to the claims that result in denials, and in turn significantly bring down the percentage of claims being processed and paid.

Since all the software applications are being regularly updated and electronic filing has become more efficient than ever, it is immensely important for the healthcare providers to adequately train all the employees to incorporate all the modifications in the industry.

Faster claim processing also accelerates the payment processing, which in turn maximizes the profitability of the medical practices.

AI Being Developed to Streamline the Medical Processes

Reviewing the denied and rejected claims at the same time is not only a time-consuming but also time-consuming process but also makes it difficult to recognize the common errors and problems with the payers.

AI, on the other hand, can run advanced analytics since claims are processed electronically and makes it easier to determine where a problem exists.

For example, knowing that certain payer is denying payment time and again for a procedure on the basis of medical necessity enables the healthcare provider to resolve the disagreement by taking necessary action instead of appealing claim repeatedly.

AI, on the other hand, learns continuously, and the loss of knowledge does not occur whenever employee an employee change occurs, and instead it becomes more valuable over time.

Increased Accessibility of Medical Billing Software via the Internet

In the healthcare industry, the term "The cloud" is a term used for offsite electronic record storage and accessing the data remotely through the internet. Installing medical billing software rather than on each workstation in a medical setting minimizes the risk of data loss in case of hardware failure and makes it easy to access the data from the tablet.

There could be several points vulnerable to failure in the chain of action needed to update the billing software on the physical hardware that be can be removed by updating a single point on the cloud.

In the past, the healthcare providers security of patient’s data was a concern for the healthcare providers on the cloud-based software; however, it has been put to rest with the advent of data encryption and other technologies, which make billing applications extremely secure to use.

Increasing EHR Interoperability

The advent of Electronic health records (EHR) has made it extremely easy for patient information to be kept in a usable form. Now the physicians can easily access the complete patient history and communicate more effectively with each other when treatment in a collaborative environment is necessary.

The next big challenge is to build interoperability among different electronic health record systems to ensure a smooth and seamless communication and connection. The issue is being addressed by the medical billing software developers on a war footing.

Another area is interoperability of EHR and medical billing applications to streamline processes within each practice and support billing communication and the payments that are collected in the patient portals through electronic means.

Outsourcing Medical Billing to Third-Party Service Providers

The number of healthcare organizations that outsource their revenue cycle management (RCM) to professional billing company continues to rise, and the trend is likely to remain strong through 2021.

Outsourced RCM is an answer to a number of challenges including providing training to employees of a medical office on all the regulations in the medical billing industry and keep the billing software up-to-date.

Every time an employee is changed in the billing staff of a small practice, the result is likely to be delayed claim submissions which may result in the delay in the payments received. These delays can be largely avoided by outsourcing medical billing.

Medical Billing Experts the USA

Precision7 Inc. is the leading Revenue Cycle Management (RCM) services provider in the United States.

We provide an end-to-end solution to manage the revenue process, from determining patient insurance eligibility to claim to process and claim denial management to financial reporting and beyond.