2019 has been an eventful year for the healthcare industry. Over the year, trends and changes such as the shift toward value-based care, increased outsourcing and offshoring by healthcare providers, enhanced patient responsibility for payments, and adoption of technologies such as AI, machine learning, blockchain and robotic process automation have helped shape the industry.
The shift to value-based care, for instance, has increased expectations from patients for their healthcare providers, whether it is in services provided or making the payment experience more seamless and patient-friendly, or having the option to pay larger balances over a period of time. Medical billing too has experienced incredible growth in the use of AI to remove some of the more repetitive billing tasks while improving accuracy. As this digitalization continues to impact the way healthcare organizations operate, smart coding and billing are fast becoming the norm.
When it comes to the medical billing process, there is no denying that there are various challenges such as billing code errors, incorrect filings, unintentional billings, and duplication of processes. But, with blockchain healthcare providers can reduce the number of errors by showing proof after the transactions are completed. This technology ensures data integrity and protects medical organizations’ data including electronic health records, patient health information, monitoring systems data, and claims data. It also stores all the billing records in a way such that they cannot be modified until it reaches the recipient. All data is readily available and saved in a fixed location. Alongside, machine learning and AI will continue to play an increasingly important role in bringing down the cost of healthcare. Machine learning tools will help efficiently interpret every line in a patient’s record and enable healthcare providers to avoid duplicate charges, up-coding, and unbundling related errors. Automated medical billing is another trend that shows immense promise. It can help reduce the risk of error in insurance claims processing by flagging potential errors in advance. This will allow billers to resolve issues proactively and minimize payment delays and denial.
As a multitude of these billing and coding technology trends are set to nurture the growth of the healthcare industry, Healthcare Tech Outlook has compiled a list of ‘Top 10 Medical Billing and Coding Companies – 2020’ and ‘Top 10 Medical Billing and Coding Consulting/Service Companies - 2020.’ The listed organizations are transforming the medical billing and coding processes at the convergence of several disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CXOs.
We present to you Healthcare Tech Outlook’s, “Top 10 Medical Billing and Coding Companies – 2020.”