3 Technologies in Favor of Value-Based Healthcare System

Medical billing services and clinicians have joined hands to strive for a progressive healthcare industry altogether.

As the focus on value-based care services has risen, there is no place for hiding for immature and quacks. The research in the healthcare sector is paving undiscovered paths for physicians and medical billing companies, which lead to better patients’ engagement, coordinated care services, and optimized treatment methods.

Some of these technologies are already in the market, and some are going to be available at the end of the year.

  1. Blockchain Technology in Healthcare

This technology serves for modern data collection and transfer system where blocks of data are connected and secured by cryptography. It was devised for digital currency (bitcoin), however, research shows it has a great potential to transfer data across healthcare organizations without any limitation that Electronic Medical Records (EMRs) have.

Its decentralized mechanism is compatible with every system and thus makes access to information easier and reliable than before. According to Forbes, blockchain applications will be showcased for commercial use at the end of this year.

Medical billing services will find this technology useful to minimize errors in data transmission.

  1. Telemedicine

Telemedicine may be a familiar term for many of you. You even might have seen a practical demonstration of this technology anywhere. Whatever the case may be, this technology reduces the gap between remote patients and clinicians via electronic means.  It also affects the way information is submitted to a physician. The optimized and smart interaction surely brings a breakthrough in a regular patient-physician interaction and consequently in medical billing services procedures.

  1. Artificial Intelligence

Since 2018, we have been listening about the implication of artificial intelligence (AI), and indeed, it is the future of every field.  Speaking generally, artificial intelligence will revolutionize the monitoring of human activity. Reaching far-away areas where there are limited or no resources will be possible with artificial intelligence. Who knows AI modernizes diagnostic procedures so much that the need to take out blood and tissue samples vanishes.

Even Forbes says that work productivity in healthcare systems can be increased by 10-15% within the next two to three years with AI.

In general, when we look upon the healthcare technologies, one thing comes forward. They all strive to improve data transmission and patients’ engagement level. The factors like interoperability and the burden of shifting to a new system are challenging, but in order to get the best healthcare outcomes, physicians and medical billing service providers need to adopt new methods and implement value-based healthcare strategies.

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How to Stabilize Finances of Healthcare Practices?

This is the 21st century. The healthcare rules are changed. Physicians don’t have the time to file claims with insurance companies due to administrative burden. Therefore, medical billing services stand next to healthcare practices to help them increase revenue. Certainly, it’s not time when physicians’ only had to worry about the well-being of patients. Now, the factors like patients’ satisfaction, implementation of engagement strategies, and innovation in the healthcare industry via MIPS have more points in making a physician’s reputation.

Thus, it is not wrong to say that it’s time to work smart! Therefore, technology comes to save the day for physicians and medical billing companies.

Medical Billing Services! If you’re looking to increase the collection rate for your clients, watch out for the following technology innovations.

These suggestions optimize medical billing and coding process, save time, and help increase ROI.

  1. Go Online

Leave paper behind. In this digital era, do you believe, sending invoices to patients via paper is a reliable or safe way? Well, No.

Most of the medical billing services still send bills via papers, and we must know this method is obsolete. Collection rate can be significantly increased if physicians allow a digital method of sending invoices.

  1. Ask for Payments While the Patient’s Visit

It is observed that the chance of collecting payment decreases by 20% when patients walk out of the physicians’ office.

In-house or in-office payment rate increases when medical billing companies or front-desk staff accepts credit/debit cards on the spot. But, first make sure you have a HIPAA-compliant setup and you obey Payment Card Industry Data Security Standards (PCI DSS) guidelines.

  1. Verify Patient’s Insurance Eligibility Beforehand

Verifying patient’s insurance eligibility before the treatment is an under-rated practice. However, when done, it makes bank accounts full. Some software can help in this task, and some of them are so advanced that they even notify physicians for the paid payments by the patients such as deductibles and copayments. In this way, medical billing services can proceed with medical claims without any difficulty afterward and even inform patients about their financial responsibilities.

It needs a big investment, but it is worth every penny.

Healthcare innovations are on the rise. So, it’s better to move forward instead of sticking to the old conventional methods. It is not only beneficial for introducing interoperability but also to level up the billing and coding standards.

Don’t you think?

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