Medical Billing and Revenue Cycle Management Trends in 2019
When it comes to revenue cycle management (RCM), there are a series of complex steps – patient scheduling and insurance verification, medical coding services, charge entry, claim checking, payment processing, denial management, AR follow up, patient statements and quality & audit.
Since RCM involves a lot of critical steps, many companies prefer to outsource this service. In 2019, here are some key changes to look out for in the medical billing and RCM industry :
Automated medical billing
Using paper for medical billing has become outdated as many companies handle this service via web or cloud-based software. This software enables billers to efficiently streamline billing activities right from the claim submissions to handling insurance and patient payments. When medical billing software is used, the chances of any error occurring is reduced as potential errors are flagged in advance. But it is important for medical billers to be proficient in using advanced technology so that the claims are error-proof.
The new and upcoming technology known as blockchain creates authentic data records which can be shared among network database systems. This superior technology allows the recording of digital events in a way that the data cannot be changed or altered until it reaches the specific recipient. This technology protects the data and maintains the integrity of the organizations.
Virtual medical care
Virtual heath is not something of the past anymore. It has become a reality now. To bridge the gap between patients, physicians, and caregivers, combining digital and telecommunication technologies is the solution everyone has been waiting for. This way, managing and coordinating patient care will be done in a more efficient manner. This solution will also provide a good ROI as this sector evolves to value-based care and compensation from a fee-for-service model. But, the billing of a virtual patient will not be the same as a patient who visits the facility. Medical billers also need to be aware of the proper codes applicable and telemedicine guidelines for each payer and whether the patient’s insurance covers telemedicine to have a smooth reimbursement process.
The medical billing service market will continue to grow in 2019 as there has been an increase in healthcare expenditure, internet use, use of information technology and greater need for risk and compliance management. If you want to drive success in medical billing and RCM, outsourcing these services to an experienced company like Infognana Solutions will be your best bet. For more information on all our healthcare RCM services, contact our experts or visit our website at: Medical Billing Services | Medical Coding Services