Global Medical Billing Trends in 2023
The medical billing in 2023 is in a constant state of metamorphosis.. The healthcare industry has been rapidly evolving especially since the pandemic, resulting in medical billing companies pushing for innovation. To deal with labor shortages and mounting expenses prompt office managers, outsourcing medical billing was one of their best practices and wise decisions. Below you will learn about the trends that will shape the future of medical billing in 2023 so you know what to expect.
Outsourcing Medical Billing Services
In 2022, the global medical billing outsourcing market’s value was estimated at $12.43 billion and is expected to grow at a CAGR of 10.70% between 2023 and 2028. This tells us that hiring an external company or service provider to handle the billing and payment processes won’t go away. The demand for outsourcing medical billers will continue to rise as more healthcare providers want to free up their time to focus on patient care. Start to outsource your medical billings to trusted providers like Synapse and reap the benefits of a stress-free staff and increase in revenue.
Medical Billing Trends You Should Look Out For
Now that we have entered 2023 we can take a closer look at the changes that will impact the course of medical billing systems onwards. It’s important that we understand these trends because they may have a huge influence on the effectiveness and accuracy of medical billing operations and the quality of patient care. You may consider implementing them to catch up to innovation and further enhance the capabilities of medical billing outsourcing.
- Emerging Technologies – Artificial Intelligence (AI) technology is becoming more well-known in revolutionizing medical billing processes through automating repetitive and manual tasks, such as coding and data entry, helping healthcare staff to focus on higher-value activities. Additionally, the use of AI-powered billing software reduces the risk of errors and improves accuracy by identifying patterns and trends in large amounts of data.
- Improved Patient Care – A patient’s negative experience with billing can impact their overall satisfaction with their healthcare provider. In 2023, medical billing processes are moving forward toward being transparent, streamlined, and stress-free. This can be done by the following steps: providing clear and concise billing statements, offering flexible payment options, improving communication and education, and implementing efficient and user-friendly billing systems.
- Evolving Regulations – This trend talks about enhancing cybersecurity protocol, ensuring the security of patient data and records, and preventing any cyberattacks and data breaches in medical billing organizations. In addition to this, you need to be aware of the 21st Century Cures Act which aims to accelerate medical product development and innovation. Meanwhile, the No Surprises Act aims to protect patients from unexpected medical bills.
If you’re looking to grow your healthcare facility and gain financial health in 2023 and beyond, emerging technologies, focus on patient care, and learning about evolving regulations will shape your growth in the future. Embrace these changes rather than go against them. Your patients will thank you for creating a better experience for them.
At Synapse, we make your work effortless. We improve your billing processes’ accuracy, efficiency, and transparency, reduce administrative costs, and enhance your overall revenue cycle management. Schedule an appointment with us and learn more about how we can serve you. Call us today at (844) 384 7532.