Top Medical Billing Trends 2021
Regardless of whether your medical group maintains its own staff or outsources it, medical billing was always tricky. Softwares have come a long way in making the process of coding and billing more accessible, but there’s still a lot of room for improvement. 2021 is poised to see a lot of changes in technology and processes as well. Here’s a list of the top 5 trends set to rule 2021.
Automation and Artificial Intelligence
Clinics and hospitals spend a lot of time preparing, submitting, following up, and appealing medical bills. Depending on the facility and service, the expenditure on medical coding, billing, and insurance activities can be enormous. An increasing number of medical clinics have adopted billing software, practice management systems, and EHR systems. Recent trends have seen vendors trying to integrate these systems with the help of NLP and AI.
With the increase in AI use in medical billing, there will be ow staff requirements, and more claims will be complete at first pass. Additionally, reimbursements will be sped up, and there will be an immense improvement in your revenue cycle management.
Medical Billing Outsourcing to Witness Growth
Currently, outsourced medical billing services used by physicians and hospitals have witnessed an increase primarily due to complicated ICD-10 coding systems, a federal mandate to enact electronic medical records (EMR) for reimbursement level maintenance, and increasing healthcare costs. One of the main forces for this growth is the consolidation of huge healthcare practices. Physician’s offices and hospitals are generally the primary end-users of medical billing outsourcing services.
Focus On Accounts Receivable Collection
A compelling accounts receivable (AR) management strategy is a critical factor for a successful medical practice. The amount due from insurers or patients is referred to as AR. If you neglect this, you will experience poor cash flow and lost revenue. You must appeal on-time for any denied claims, perform internal auditing, evaluate codes submitted to payers, and check monthly A/R reports. Customized AR strategies must be implemented to enhance cash flow.
Electronic Claim Submissions
Another trend is the rapid adoption of electronic claim submissions. It will become the norm as the medical industry moves forward. Some payers still demand paper submissions, but their numbers will be vastly reduced in the coming years. Immediate proof of submission and quick and accurate claims are the advantages of electronic claim submissions.
Medical billing is both the bane as well as the lifeblood of medical practices. For providers and patients, medical billing remains a challenge. Hopefully, the trends mentioned above will keep your practice in a better position for the year 2021.