Medical billing plays a vital role in the healthcare industry. It transforms healthcare data into alphanumerical codes used for recording and reporting . This also includes translating contents of a health record into a standardized code allowing it to be billed properly.
Despite increased spending on healthcare, many organizations are facing additional operational costs partly due to the increasing complexity of medical billing. With administrative costs accounting for 25 percent of all U.S hospital spending, people are on the lookout for cost-efficient trends in the future.
Here are some medical billing and coding trends you should look out for!
Computer-Assisted Coding (CAC)
This form of coding utilizes natural language processing (NLP) to interpret clinical documents from patient charts. It also identifies relevant ICD-10-PCS, CPT procedures, present on admission (POA) indicators, and ICD-10 diagnoses to provide suitable codes and documentation for CDI specialists or coders to review.
The popularity, demand, and implementation of the CAC software are increasing exponentially especially for coding inpatient claims. According to a report published by Research and Markets, the global market for CAC software has a projection value of $4.75B by 2022.
There is a shared concern by many coding specialists—that their jobs could be lost in the next decade by the incorporation of CAC into EHR. This concern is a bit misplaced as CHC increases the coder’s productivity by 20% and reduces coding time by 22% when compared with those who didn’t utilize CHC.
Improper coding techniques can give rise to reimbursement problems. If the data is not captured correctly or the chart data is incorrectly coded, it can create difficulty for the coder in locating the records at a later date. This takes away from the time healthcare providers give to patient to find the correct diagnosis codes.
The entire process becomes much faster with the integration of EHR and the medical billing software. An example is of how the software can provide the relevant coding information during the documentation. The resultant codes will be error-free.
Blockchain technology is noted to have gained acceptance in a multitude of fields. Having already been integrated into clinical trials, it has gained acceptance by many in the medical sector. Blockchain’s potential in EHR has become clear.
Every time a patient visits a doctor, their record is stored in the blockchain. This allows the patient to manage their own records. It also helps save on a lot of time which would be otherwise spent by the patient re-rehearsing their medical history. With blockchain, your medical history will be stored every time you visit a new doctor.
Medical billing and coding can be a complex and time-consuming task. Contact professional accounting services to take care of the entire process, allowing you and your medical staff to focus on providing excellent healthcare services.