As the advent of a new year draws, healthcare providers in the field of gastroenterology are posing the question of what current trends in medical billing are being observed, and whether adjustments to their practice should be made accordingly.
While it is acknowledged that trends can be uncertain in terms of committing time, resources, and energy to adopt new tools and resources, it is important to note that there are several recent developments and tools that have gained traction in the industry.
As stated by Paul Limburg, MD, CMO for screening at Exact Sciences®, the utilization of data analytics, artificial intelligence, and augmented reality will prove to be a vital aspect in the identification and mitigation of emerging health trends. In light of the current financial challenges faced by the healthcare industry, including inflation, rising supply costs, and diminishing reimbursements, healthcare finance leaders must prioritize profitability while also allocating resources toward the incorporation of cutting-edge technologies. The following medical billing trends are anticipated to be widely adopted by healthcare practices in the long-term.
- Electronic Claims Submission and Processing
In the field of Gastroenterology, the utilization of electronic claims processing and medical billing coding has become a prevalent practice among providers, superseding the traditional method of paper claims submission. With the integration of advanced technologies such as Artificial Intelligence, the software is capable of automatically coding claims according to the encounter. The utilization of Artificial Intelligence technology for medical billing and coding has been characterized as an equalizing force due to its relatively low kick-out ratio of under 20 percent. This can help mitigate workforce challenges that healthcare organizations currently encounter. A reputable service partner (like iTech, for instance) in medical billing can assist providers in identifying and rectifying common coding errors, thereby optimizing the process and facilitating swift reimbursement.
The adoption of electronic claims processing enables providers to increase efficiency and file claims in bulk to the same payer for reimbursement. The trend towards electronic claims processing has been on the rise for some time, and software partners are constantly making efforts to enhance and improve this process to benefit providers.
- Cloud-Based Medical Billing and Claims Management Software
The use of cloud-based medical billing software has been a topic of debate in the healthcare industry, as providers have raised concerns about the security of patient data (PHI in particular). It is no secret that protecting patient information is of the utmost importance for any healthcare provider. However, new developments in technology have made cloud-based medical billing software from trusted partners a more secure option than ever before.
These software solutions leverage cutting-edge encryption technology and are continuously updated to guarantee the security of patient and practice data, enabling authorized professionals to access it from anywhere. In the near future, the implementation of technologies such as blockchain and autonomous coding may further improve medical billing software by adding an extra layer of security and reliability. By using decentralized ledger systems, medical billing and coding tasks can be performed in a secure, tamper-proof, and transparent manner, making the process more efficient and trustworthy.
As healthcare leaders, it’s crucial to evaluate the available options to either build or buy automation technologies that can drive positive business outcomes. By embracing the power of new-age technologies, healthcare providers can not only ensure the security of patient data but also streamline their operations and provide better care to their patients.
- Outsourcing Expert Revenue Cycle Management Services
The healthcare industry is constantly evolving, and one area that has seen significant growth in recent years is the outsourcing of Revenue Cycle Management (RCM) services. One of the main advantages of outsourcing RCM services is that it frees up time, energy, and resources within a practice, allowing providers to focus on providing high-quality care to their patients.
According to the aggregated statistics of claims processed by expEDIum, several healthcare providers and clinics have utilized the software for reimbursement purposes. Specifically, it has been reported that over 80 clinics and 230 providers have submitted approximately 640,000 Gastroenterology/Anesthesia/Ambulatory Surgery (ASC) claims over the years. In the last 12 months alone, over 160,000 claims have been processed, resulting in reimbursements totaling more than $168 million. Therefore, by outsourcing to a qualified vendor, providers can rest assured that their billing is being handled by professionals who are experienced and knowledgeable in the field. This can lead to improved clean claim results and more on-time payments, which can ultimately result in increased revenue for the practice. By outsourcing to a RCM vendor, providers can avoid the expenses associated with hiring and training in-house staff, as well as the costs of maintaining and updating billing software and equipment.
In conclusion, the future of gastroenterology medical billing is rapidly evolving with the incorporation of new technologies and advancements in healthcare. As the demand for efficient and accurate billing processes increases, it is important for gastroenterology practices to stay informed and adapt to these changes. iTech’s software expEDIum is a powerful solution that can help practices navigate this ever-changing landscape. With its intuitive interface, advanced seamless capabilities, and expert support team, expEDIum could be the perfect partner for your practice to thrive in the future of gastroenterology medical billing.