What an overwhelming year it was for 2018, the massive shift to value-based care, artificial intelligence and more technologies being incorporated to ease the payer-provider relationship. To top it all, there has been an increase in the healthcare organization opting for outsourcing medical coding and billing companies to ensure they can devote more time to qualitative treatment and care. With the evolving healthcare landscape and payer-provider needs, it is only natural to have an impact on its revenue cycle management.
Today we are going to discuss few medical billing and coding trends that will have an impact on how healthcare organizations function in 2019:
COMPUTER ASSISTED CODING:
Streamlining the medical coding process manually with ensuring correct specialty-specific coding adherence was tiring, and there was always a stronger possibility of the outcome being rendered with errors. With computer-assisted coding making use of natural language processing to identify ICD and CPT coding, and automatic generation of medical codes from the clinical documentation, billing, and coding accuracy will be enhanced. This implementation of machine learning can help healthcare practice’s with speeding up their medical coding without compromising on efficiency. Aside from ensuring adherence to compliance and minimizing the complexity of the payer-provider relationship, the CAC provides enhanced productivity.
GROWING OUTSOURCING NEEDS:
Healthcare organizations are always concerned about compliance with the policies and how to devise a risk management strategy. The in-house staff might not be well equipped with the necessary knowledge and training to ensure the finances and coding requirements are met with policies aligned with the latest coding requirement. This is why more and more healthcare practices are investing in outsourcing their entire RCM to medical billing and coding companies. They ensure compliance, risk management and revenue cycle growth at the customized and reasonable package.
World health organization periodically revises the system of medical coding with ICD 11 being implemented with multiple new chapters and covering more codes for injuries, diseases, and causes of death. Intending to address duplication and ambiguity in the codes, ICD 11 is entirely electronic and structured to support EHR. This revision to speed up the billing and claim processing will have a massive impact on coding specialties.
A more convenient way to dispense and manage patient care is making use of digital technologies or telemedicine to administer treatment and care efficiently, resulting in a considerable increase in return on investment. But the healthcare organizations need to be careful with the medical billing and coding as the codes and modifiers applicable on in-person visits are different and so is the process to go about the insurance coverage.
Public health information is always vulnerable to being misused be it by cyber criminals or against the patients, healthcare organization. With blockchain data storage for electronic health record, there is a centralized network database in place over which the PHI is shared. This way the integrity of the healthcare organization is maintained as the data thus stored cannot be changed unless it reaches the authority it is supposed to. Blockchain enhances privacy and promotes a more efficient exchange of patients data, giving patients more control over the information.
You can either multitask and make sure that your medical billing and coding department is aligned with the contemporary requirements, which has a strong possibility of compromising the quality of treatment and care you are proffering.
You can consult and outsource your entire revenue cycle management to credible medical billing and coding companies that whose comprehensive approach will make sure your practice financial health stays in the best shape, and you are better able to dispense excellent service to the patients in need.