By now it’s clear that populations around the world will continue to spend more money on health care as years go by. Unfortunately, many healthcare organizations will see their operational costs rise along with this increased spending within their industry.
Medical billing complexities are no help to these providers, as coding continues to grow more intricate. Thousands of unique codes exist for different medical systems, procedures, and situations. These codes will always change and evolve with the industry.
Thankfully, the medical billing and coding industry is moving towards increased efficiency and effectiveness. Here are some of the latest innovations and trends helping move the industry in the right direction:
Blockchain technology has been showing really interesting possibilities for the future of Electronic Health Records (EHR). The innovative ways in which blockchain functions has pushed it as an increasingly common way to improve the security and standardization of healthcare data. Many have touted blockchain as the next big innovation in healthcare technology.
In fact, blockchain technology could potentially transform the very nature of EHRs. Here are a few reasons EHRs should consider implementing blockchain data storage:
- Much better privacy protections
- To make information exchange easier and more efficient
- To increase patient control over their data
There is also tremendous potential for how blockchain could potentially improve revenue cycle management and claims processing for healthcare providers across the world. Blockchain would give providers the ability to record tests, results, medical billing, and payments in an unchangeable register.
This change alone could help practitioners reduce fraud and potentially save money by reducing the amount of time, energy, and money currently used to track this type of information through different systems.
Computer Assisted Coding (CAC)
Computer-assisted coding is currently growing rapidly, especially when it comes to coding inpatient claims. In fact, reports indicate the global market for CAC software could reach $4.75 billion by 2022. Some healthcare professionals are concerned that this new technology could take jobs and replace many industry workers within the next ten years.
However, it is important to realize that computer-assisted coding software works best as an aid to human workers. According to a recent study, CAC helped increase coder productivity by over 20% and lowered coding time by 22% relative to those who didn’t use CAC, all without reducing accuracy. On the other hand, CAC software is actually less accurate when used without the help of a professional human coder.
Unfortunately, inaccuracies in record keeping can lead to a mountain of problems when it comes to getting reimbursed. Most medical practices spend a tremendous amount of time searching for the right diagnostic codes instead of getting to know their patients better. Thankfully there are ways to improve the effectiveness of your record keeping activities.
Finding ways to integrate technologies can be a great way to do so. For example, there are so many benefits to aligning your EHR and medical billing software. Furthermore, if your medical billing offers CAC, the process can go even faster. These integrations can make it possible for automated coding suggestions to pop up at the point of documentation, helping make codes more accurate right from the beginning.
Your practice could also auto-populate patient data into billing documents, helping save your staff valuable time and potential errors. Integrations such as these can helphealthcaree providers reduce errors, save time and provide more in depth reports than traditional EHR and billing methods of the past.For more information on medical billing & coding innovations, please contact us by clicking here!