The scope of Laboratory Billing Expert in the future healthcare system.
The Healthcare industry has evolved rapidly in the last few decades.
Paper claims have given way to electronic claims, Practice management software now a necessity for efficiently managing a practice.
Billing practices have changed.
Today’s healthcare world has stringent and complicated laboratory billing guidelines and coding rules. Payment for every procedure is an oft-heated negotiation process. The administrative workload is overwhelming for lab owners and physicians, who more than ever are turning towards medical billing companies for assistance.
Advances in technology and ICD-10 guidelines are changing the rules of the medical billing services. EHR (Electronic Health Record) system for documenting health conditions is in the trend. The National Center for Health Statistics discovered that about 55% of physicians had adopted an EHR system by 2016. In 2018 this number stood at almost 98%.
The intrusion of information technology in laboratory billing reflects a global, cross-industry change that some great thinkers have documented extensively. As the world is becoming increasingly connected and paperless.
Evolution of Laboratory Billing and Coding Rules
While the changes to ICD-10 has spurred a conversation regarding its administrative and cost-related burdens, the extra level of detail is expected to help streamline the claims submission process. The greater specificity will provide payers, policymakers and physicians better information to make refinements to the reimbursement system.
Information technology will continue advancing billing industry in a positive way, and though many fear it can replace human expertise, there are things that technology cannot achieve.
Laboratory billing expert are capable of dealing with unexpected challenges that software can’t.
The change will bring new opportunities for laboratory billing Companies as problem solvers. Some insurers would delay in updating their systems, leading to A/R issues and cash flow problems.
The US Bureau of Labor Statistics shows that employment for medical billers and coders is expected to increase by about 11% in the coming years. Whereas, medical records and health information technicians will grow by 20% through 2020.
In nutshell, laboratory billing expert have a bright scope in helping the US healthcare system generate revenue, improve the quality of patient care and lead the world in efficiency.
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