Throughout the past several years, the healthcare system has seen a great deal of change. Medical billing services have seen substantial modifications as a result of technological development and the use of virtual care. Statistics may be used to demonstrate which trends are pointing in that direction. It involves a steady increase in the use of a virtual payment system and new developments in medical billing technology.
When 2022 comes to a conclusion and 2023 begins to take shape. Now is the time to examine some of the top 5 trends in medical billing services for 2023, which will completely transform the healthcare sector. Understanding the most recent trends can help you identify any weaknesses in your facility and develop solutions for improved revenue outcomes in the next years.
Increasing patient satisfaction
Offering a better patient experience and good access to healthcare has been one of the primary challenges that have been on the rise and have been a big worry for every healthcare institution. The information on payments has been a problem for the patient experience. The patient’s financial obligation to pay for care is a persistent concern, and the solution is still unexpected.
Also, as part of patient care, they must receive all the information promptly and adequately so that they may make their payments. This knowledge benefits the patient.
Advanced technology like AI-backed chatbots and other software can provide this much-needed information to patients. The patient’s payment system plan will be the new trend and the much-needed overhaul.
Hospital operating margins were 80% lower in 2021 than they were prior to the pandemic, per a Kaufman Hall research. According to the statistics, incentives are needed to encourage hospitals and other healthcare providers to use and maintain automated technology in the billing system. It would eliminate the human mistakes that were commonly a part of the billing system and lower the number of billers required for medical billing services in 2023.
The new software’s automated coding mechanism assures the absence of coding mistakes and guarantees timely submission while reducing the time needed for medical billing and coding. Revenue loss decreases as a consequence, and revenue cycle management is enhanced.
AI for Medical Billing
Prior authorization must ensure that the services provided will be successfully reimbursed in medical billing services. Technology is available to provide patient information necessary for effective reimbursement, including age verification, greater information interchange, prior consent, and other patient data. Yet up until now, exchanging data and documenting it needed more effective procedures. HIPPA-compliant standards are used to integrate new hardware and software, which not only modernize the prior authorization process but also foster the development of AI-based technologies. Thanks to API-driven information exchange, patients, medical billing personnel, and other stakeholders will all be able to use medical billing systems that are more dependable, secure, and user-friendly by 2023.
Compliance with Cybersecurity
The growth of telehealth, telemedicine, home-based medical billing staff, and EHR software has made cybersecurity a challenge. Healthcare professionals are possible targets for fraudsters due to their frequent control of patient data and dependence on unsecured networks.
According to estimates, over the previous 10 years, the healthcare sector has had the most security breaches. Security breaches cost close to $7.13 million in 2020, and that number is expected to rise. Industry researchers believe that security breaches will continue to rise until adequate cybersecurity is implemented. Cybercrimes in the healthcare sector also breach medical billing and coding compliance, and now that new HIPPA privacy and security standards are in place, any cyber breach in real practice will be at danger.
New cybersecurity safeguards must be put in place for the benefit of revenue cycle management, and HIPAA-compliant medical billing and coding are necessary to guarantee the security of data and records. Software and technologies that are more difficult to crack are being introduced as a result. By 2023, medical billing companies will have modernized and enhanced cybersecurity.
Examining the Problem of Underpayment
The majority of medical billing firms address underpayment concerns; nevertheless, working with internal personnel may be quite difficult. The recent emergence of technology in medical billing services has raised the need for ongoing collaboration with experienced medical billing.
2023 is a year of change. The healthcare industry is changing with the advancement of technology, and medical billers need to grow with the technology. For effective revenue cycle management, medical billing services should adhere to the following top five trends.