As the need for a cure increases each day, practitioners are exploring new ways to improve the healthcare infrastructure. However, these new methods raise another series of questions such as, is the risk worth taking, or if they will be beneficial in the long run.
FREMONT, CA: For nearly a year, the COVID-19 pandemic has been making all headlines across the globe. From a few cases in a single region, the disease spread across the globe in a short period, sending healthcare institutions and pharmaceuticals in a frenzy. The outbreak of the pandemic has left every healthcare worker asking the same question, ‘What are the recent trends of medical billing and coding and how can they be beneficial in overcoming the challenges of this pandemic?’ The widespread disease has undoubtedly brought the best and the brightest together to tackle the pandemic. As the need for a cure increases each day, practitioners are exploring new ways to improve the healthcare infrastructure. However, these new methods raise another series of questions such as, is the risk worth taking, or if they will be beneficial in the long run. Here are some of the emerging trends that can be adopted into the healthcare industry.
Blockchain
Medical billing procedures bring numerous issues on the table such as post-billing, billing errors, inaccurate filings and similarities in different tasks. To combat these challenges, blockchain can prove to be beneficial. It enables the service providers to minimize the billing error rate by giving evidence of the completion of transactions. Blockchain ensures data integrity and keeps the company’s data secure, including electronic health records, patient medication, health system information, and claims data. It also ensures that billing records are secure in a manner that does not allow any modifications or alterations by an outside party until it reaches the respective clients.
Mechanized Billing
The healthcare industry can benefit hugely from mechanized billing. It ensures that specific billing procedures such as claim submission, insurance, remittances and other tasks get visualized by the cloud-based software. This methodology minimizes the billing error rate as well as claim denials. To utilize mechanized billing to the fullest, there must first be a clear and complete understanding of the technology, medical billing collection and claim denials. It is also preferable to outsource these processes to an outside third party for better accuracy and efficiency.
