From the implementation (at long last) of the ICD-10 code set to the newly released modifications to the Meaningful Use program, the healthcare industry has experienced a lot of changes in 2015… and for arguably every year preceding this one for at least the last half-decade! As we collectively adapt to the newest round of government mandates and patient expectations, it’s hard not to wonder what’s next – but it’s even harder to predict what is.
Because it lives at the intersection of patient care and payments, the medical billing sphere is ground zero for the changing landscape of the healthcare business. As billers, coders, and medical billing companies prepare for an uncertain future, it’s vital to keep in mind the top industry-wide trends that are poised to reap the biggest impact on medical practices in the years to come.
Interconnected Tech
Whether you attribute it to the embrace of incentive programs or the ongoing ‘tech revolution’ of the twenty-first century, one thing’s for sure: healthcare has adopted information technology to a great degree in the last few years. In 2011, the National Center for Health Statistics reported that just 55% of physicians had adopted an electronic health record system. By the end of 2014, the Office of the National Coordinator for Health Information Technology (ONC) said that number had increased to 83%.
The key consideration moving forward won’t be whether providers utilize information technology – it will be how effectively they use it to enhance healthcare outcomes and increase patients’ access to their medical records. Interoperability isn’t just a buzzword; it’s a vital component of the expectations facing the healthcare system in the years to come.
Enhanced Data, Higher Expectations
Ideally, greater interoperability will create greater efficiency across the entire healthcare ecosystem, simplifying and speeding up the revenue cycle management cycle for providers, medical billers, and payers. The onus on the medical billing community will be to help physicians and others to understand how to utilize their systems to eliminate redundancies and streamline claims submission and remuneration, especially in an increasingly value-based payment system.
One tool they’ll have in their arsenal for doing that is better, deeper data through business intelligence. Medical billing departments and companies will be increasingly expected to utilize data metrics to monitor profits, understand margins, and bring specialty-specific reimbursement knowledge to the table on a per-encounter basis. Advanced software systems will (hopefully) help them leverage data in an actionable way.
Greater Volume
As practitioners and their teams contend with more government mandates, higher patient expectations, and new technologies and systems, they’ll look to unload responsibilities where they can. Medical billing has always been one of the first pieces of the healthcare business that practices outsource in times of uncertainty – and that will only increase in the years to come.
Contracting with a medical billing service is a proven way for medical practices to enhance payment outcomes. As such, it’s smart for the future of medical billing companies to staff up, stay informed, and prepare for greater volume in the transition years to come. Medical practices across the country are seeking expert partners to guide them through changes; a medical billing firm is the first (and best) place for them to get the help necessary to keep their bottom lines on track.
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