The new year is approaching, and providers everywhere are asking the question. What medical billing trends are we facing in 2020 and should they make any changes at their practice to adjust?
The problem with trends is that they can be risky in terms of investing your time, resources, and energy into adopting new tools/resources that might not be relevant in the long-term.
When it comes to medical billing, there are several recent tools/developments that are trending in the industry. The following 2020 medical billing trends are here to stay in the new year, and long after.
1) Cloud-Based Medical Billing Software
‚ÄúThe Cloud‚Äù has made its way into multiple industries all over the United States. It is simple in nature and refers to electronic storage, maintenance, and access to data over the internet rather than on a specific local device or hard drive. In the medical field, cloud-based medical billing software has been somewhat controversial as providers question its security when it comes to patient data. After all, protecting patient health information is one of the most important responsibilities any provider has to their patients.
The good news is that cloud-based medical billing software from a quality technology partner is more secure than the alternative. Via encrypted technology that is constantly updated at no added cost, patient and practice data is kept safe while enabling qualified professionals to access it on-the-go, wherever they need it.
2) Outsourcing RCM Services
A popular question in the medical billing industry is whether or not Revenue Cycle Management (RCM) services would be better managed in-house or outsourced to a service vendor. In 2019, a record number of providers started outsourcing RCM. This number is only expected to grow in 2020 as providers are realizing the benefits of doing so.
By outsourcing RCM services to a trusted vendor, providers free-up time, energy and resources within their own practice while also cutting costs and improving results. Qualified billing professionals manage parts of your medical billing so that your practice sees better clean claim results and more on-time payments.
3) Electronic Claims Processing
Where paper claims used to be the standard, electronic claims processing and medical billing coding are being used increasingly by providers all over the country. With the right system, the software can code your claims automatically to best fit your encounter. Medical billing software from a quality service partner helps providers pinpoint the most common mistakes in their coding to refine their process and work toward a quick payment.
By filing a claim electronically, providers are able to accomplish more in a shorter amount of time. Bulk claims processing helps providers quickly file claims going to the same payer for reimbursement. While this trend has been around longer, software partners are continuously developing ways to improve this electronic process and help providers accomplish more.
4) EHR Integration/Interoperability
While medical billing software is an integral part of any practice, providers run into large inefficiencies and problems when their software is not interoperable and fully integrated with their other practice technology. The trend in 2020 is that providers are finding vendors that offer complete software interoperability, allowing them to work more effectively and better help their patients. Medical billing software is integrated with your electronic health record offers the potential for digital payment processing from a patient portal as well as efficient payment reminders with your practice management software.
These four medical billing trends are not going anywhere and are only expected to grow in 2020. To learn more about how your practice can effectively implement these tools and resources, click here.