American Business Systems offers solutions for streamlining and optimizing medical billing systems. This includes their popular ABS business package.
With new medical billing industry trends emerging in 2024, they know that understanding the trends is the key to securing and growing medical practice in the coming year. Here, they discuss eight billing process innovations in healthcare.
1. Increased AI Use
One of the most important healthcare billing advancements is the increasing use of artificial intelligence in the billing process. The technology can perform mundane administrative tasks to help staff provide better service.
2. More Automation
One of the medical billing technology trends practice owners love most is the increased capacity for automation. This frees up employees to perform more specialized tasks.
It can increase their work satisfaction and keep their productivity levels high. Automation also allows for faster billing with fewer mistakes.
3. Focus on Data Analytics
With electronic health records becoming normalized, healthcare systems now have greater access to a patient's data. Increasing the focus on analyzing this data allows medical organizations to identify areas where they underperform, common billing errors, and trends in payments.
4. Strengthened Regulations
One of the medical billing industry trends that helps keep patients safe focuses on increasing regulations. In particular, authorities seek to reduce the frequency of fraud. While they've made no changes yet, many professionals expect to see more frequent updates to billing guidelines and stricter auditing practices.
5. Patient-Centric Billing
One reason efficient medical billing is important is to provide the customer with a high level of service. That's why one of the biggest evolving trends in medical reimbursement is the shift toward patient-centric billing. This shift utilizes more user-friendly interfaces, digital access, and easily understandable billing statements. Plus, it implements payment plans.
6. Utilizing Blockchain Technology
One of the industry changes in medical billing is the increased use of blockchain technology. This doesn't necessarily mean implementing cryptocurrency but rather focusing on a decentralized ledger system that helps prevent fraud.
7. Focus on Cybersecurity
A positive future outlook for medical billing practices requires an increased focus on cybersecurity methods. With the ever-growing threat of cyberattacks, expect billing systems to implement practices such as zero-knowledge authentication, advanced security software, and more.
8. Normalizing Telehealth
One of the most popular medical billing industry trends is the availability of telehealth. Because it benefits both patients and providers, expect an increase in access to and use of telehealth in 2024 and beyond.
Contact American Business Systems to learn more about effective medical billing solutions. They offer ongoing support, professional training, and more. Speak with a representative by calling (866) 565-8413.
