These days it seems that pretty much everything is evolving at break neck speed. The dawning of the technological age has spurred the wheels of invention and innovation like never before. Medical Billing is just one sector of business that is currently in the spotlight as medical professionals rush to remain current in the face of widespread changes in procedures and guidelines.
…computers and IT are not the only factors reshaping the landscape for the future of medical billing procedures.
Computers have become a mainstay in practically every home and office, taking over the way we operate in, and perceive the world around us. Even medical professionals are being influenced to rapidly adjust in order to embrace developing technologies. But computers and IT are not the only factors reshaping the landscape for the future of medical billing procedures.
By now you should already be well aware of the current, (not to mention colossal!) changes taking place within the ICD medical billing code system. The recent mandatory update from ICD-9 to ICD-10 brings with it a massive influx of over 50K new codes. As these changes are implemented across the medical profession many practitioners are beginning to rethink the entire structures of their business.
In the past many physicians preferred to keep billing in-house, but due to the enormity of new requirements, codes and rapidly changing legislation, more and more doctors are turning to outside agencies who are highly trained to keep up with new developments. As more medical professionals continue to turn to outsourcing, it is believed that the quality of care provided will improve by allowing physicians to focus more on their patient’s needs and less on administrative concerns.
Another major turn you can expect to see over the next decade, or so, is the global implementation of Electronic Health Records. Roughly 55% of doctors have already begun using the EHR system which is creating a global data base of patient information designed to make patient records more accessible not only to doctors, and billing professionals, but to the patients as well.
As the efficiency of EHR’s and new coding systems increases over time, so will the benefits of a uniform, global system. It is expected that once the dust settles, and changes become more commonplace, you will see collection rates stabilize at an astonishing 99%!
The potential for growth in the medical billing job market is also on the upswing. Ever increasing demands for qualified medical billers will result in higher wages, and more opportunities for skilled medical billers, and transcriptionists. The US Bureau of Labor Statistics estimates that information technology opportunities in the medical field will increase by 20% throughout 2018.
Everything considered it is safe to say that sweeping medical reforms are certainly changing the way medical care is provided. Despite ongoing debates, continuing changes, and a steep learning curve, the overall future of health care might just end up being the picture of perfect health.