For anyone dealing with the medical billing and coding aspect of running any size of medical practice, it’s clear that information about medical billing, coding and financial administration is a powerful asset.
Expert organizations like Deloitte projected that between 2015 and 2020, healthcare spending will increase from 2.4% to a whopping 7.5%. Even though the spending is on a steady rise, many healthcare institutions are battling operational costs that are eating into their bottom line.
One of the leading causes of operational costs spiraling out of control is complex medical billing landscape. Each payer uses a different coding system that makes monitoring and recording an extremely complicated affair.
Another reason for increased operational costs is the administrative expenses that account for 25% of healthcare spending.
While medical coding and billing remain an ever-evolving system, one can observe a general shift towards making it more efficient.
Let us take a look at how 2018 will shape billing and coding trends for the coming year –
1. Computer Assisted Coding (CAC)
This coding:
1. Uses natural language processing (NLP) to read and interpret text-based clinical documentation from patient charts.
2. Identifies potentially relevant ICD-10-CM diagnoses, ICD-10-PCS and CPT procedures, and present on admission (POA) indicators to provide suggested codes and corresponding documentation for coders or CDI specialists to review and approve.
CAC software is being used rampantly these days, especially for recording inpatient claims. Industry analysts predict that computer-assisted coding system has the potential to reach $4.75 billion by 2022.
In fact, the coding experts feel threatened that the efficient CAC integrated with EHRs has the capability of replacing them within a matter of 10 years. However, specialists reveal that this is an exaggerated concern. CAC helps human coders and increases their productivity by 20%.
2. EHR Alignment
Poor record keeping from not capturing the chart data you need to code correctly to capturing the data but making it hard for a coder to find later can lead to a variety of problems for reimbursement. Already, most providers spend too much time searching for the right diagnostic codes for their patients rather than looking at and listening to them.
If your EHR and medical billing software are integrated, especially if your medical billing offers CAC, the process can go much faster. For example, your software can offer coding suggestions at the point of documentation, making codes more accurate from the get-go..
By combing EHR and CAC, you can make the system populate patient information automatically into the bill, rather than wasting time into manually entering all the information, introducing a potential for inaccuracy. With the reduction in errors, you can increase your claim acceptance rate and offer a much tighter framework for reporting, rather than depending on the individual software.
3. Blockchain
The blockchain is gaining acceptance in many industries, including healthcare. It has been already introduced in clinical trials and is favored by many in the medical sector. Experts are already predicting blockchain’s potential in EHRs.
Blockchain data storage will be mainly adopted for its improved privacy. At the same time, blockchain enhances the security and efficiency of data exchange. Most importantly, the patients will have greater control over their data.
Rather than wasting precious patient time during the consultation, rummaging for information, blockchain will empower them to give doctors a token that has all the requisite medical information for diagnosis. EHRs reconfigured with blockchain technology makes a lot of progressive. Experts also acknowledge blockchain’s ability to transform RCM and claims processing for the better.
Recording all the data, from tests to payments, in an unalterable ledger, blockchain can eliminate potential for fraud. It also introduces efficiency into the system, reducing the time and money spent on locating the information.
The Bottom line
CAC and EHR will witness seamless amalgamation for improved medical billing and coding services. At the same time, blockchain will make inroads in the healthcare industry, further strengthening the coding and billing system.
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