With the dawning of 2023, new opportunities are being witnessed in almost every aspect of the healthcare industry, including medical billing. This is why it has become crucial for healthcare practices in the United States to stay up-to-date with all medical billing trends in 2023. Hence, with the influx of technology and the addition of new practices in medical billing, a medical practice will find it convenient to stay intact with all changes and ensure a smooth revenue cycle in 2023.
In case you’ve missed them, here are some of the top medical billing trends to look out for in 2023.
A Rejuvenated Billing Workforce and Outsourcing Platforms
After the quelling of Covid-19, the fundamental nature of the workforce has radically changed. A rejuvenation occurs when employees are now trying to participate in freelance work rather than a 9 to 5 job. This means that the medical billing industry is now shifting from an in-house billing team model to a more freelance system where providers are looking for freelance billers for their needs.
As a result, many medical billing companies have come about in the past few years, and they are offering medical providers cost-effective and affordable revenue cycle management. Such a system has dramatically improved the efficiency factor in the medical billing industry and contributed to a better workflow for providers.
Greater Focus on Software and Automation
2023 is considered a landmark year for growth and innovation in the technology and IT sector. This is mainly because the world witnessed a plethora of challenges in the past two years, and several industries were affected. The medical billing industry is no exception, with many providers looking to stabilize their revenue collection and dealing with numerous billing challenges and obstructions.
Therefore, medical billing companies are now focusing on developing better and more efficient medical billing software such as EHR systems for healthcare. Such a technological advancement is expected to improve medical billing systems, increase automation, and provide better growth opportunities for medical practices across the United States.
Updating the CPT and ICD-10 Codes for Medical Billing
To make medical billing more personalized and specific for providers, the CPT codes are frequently updated to include new and improved terms for service. Hence, it is expected that 2023 would see a much more integrated and personalized set of ICD coding for medical practices that would enable medical practices to improve their billing mechanisms.
As a result, medical billers must stay updated with all improvements and changes in these coding systems to provide quality services to providers. This is especially relevant for medical billing companies as they have to incorporate all new changes into their systems and then train their staff with appropriate capacity-building and training sessions. Once that is done, only then such medical billing companies shall be fully able to provide new and updated billing services to medical practices across the United States.
To sum it up, one can claim that the medical billing trends in 2023 are actually toward further modernization with a greater focus on improving the overall effectiveness of revenue cycle management for practices. The aim has always been to ensure a better and cost-effective revenue collection mechanism for providers who find themselves trapped in a claim reimbursement dilemma. This is why we are providing medical practices with a set of important trends expected to dominate the year 2023, and providers should understand the importance of such trends for their medical practice.