Trends in Medical Billing for 2024

Billing and payment ensure healthcare facilities function optimally. Fortunately, medical billing is constantly evolving for the better. Innovations are continuously introduced to make payment processing faster, more accurate, and more efficient for all parties. 

Technology is always changing, and new improvements and upgrades are introduced often. You need to be on the lookout for healthcare billing innovations in 2024. 

Emerging Technologies in Medical Billing for 2024

Technology has been at the heart of medical billing in the last few years. It’s rare to have a healthcare facility that still relies on manual billing in the U.S. 

It has been proven that automated billing is more efficient and actually helps the organization save money in the long run. 

Because technology is ever-changing, here are some of the trends in medical billing 2024 that you ought to know:

AI Becoming Mainstream

Back in 2021 we mentioned that Artificial Intelligence (AI) is going to be a big trend. Various industries have leveraged it in the last few years. If AI is not a priority for your company, it should be. 

The benefits of having AI far outweigh the costs. They include the following:

• Review medical records

• Assign appropriate medical billing codes

• Reduce errors

• Prevent fraud

Errors are the main reason why insurance claims are rejected or delayed. Healthcare facilities cannot afford these delays because they need consistent cash flow for their daily operations. 

AI reduces or eliminates errors through the analysis of data without bias. Good billing software combined with AI technology can further minimize or even eliminate mistakes. 

Increasing Medical Debt

Half of Americans carry medical debt. And with more and more people becoming conscious about their health and seeing their doctors regularly compared to the previous years, debt is expected to increase. 

More consultations are likely to lead to more diagnoses of chronic conditions. Patients may need treatments and procedures that go beyond what their insurance covers; hence, they get into medical debt.

Technology can help patients deal with their finances and make debt much easier to pay off. For example, payment plans through regular installments over a certain period are more manageable than a lump sum.

Integration With EHR

Electronic health records (EHR) have revolutionized healthcare. One of the biggest and most important trends in medical billing 2024 is the integration of EHR with medical billing. This way, organizations don’t need separate software tools to handle different yet related patient details. 

The Future of Automation in Medical Billing

Total automation in the healthcare industry is a goal for many. When it is achieved, the industry will improve as a whole. 

How? When healthcare processes are automated, medical professionals will have more time to tackle complex tasks and tend to their patients. 

Nothing beats face-to-face consultations. It’s great to have a medical professional who is 100% attentive to the patient’s cause. With automation, doctors don’t need to write down the patient’s complaints as they will be recorded by the system. Patient data can then be analyzed immediately and evaluated for future treatments, medications, and billing purposes. 

These developments will further streamline operations and enable even better patient care.

Key Changes in Medical Billing Regulations for 2024

As technology and medical billing evolve, regulations must also change to ensure continued data privacy and safety.

One of the biggest challenges in technology-based medical billing is security. Many software companies offer cloud-based services to save on real estate and equipment. However, there is a real issue of data theft, fraud, and malware attacks to hold patient information hostage, leading to HIPAA violations, financial losses, and damaged reputations. 

The US government and other regulatory boards are expected to tighten regulations that would reflect anticipated changes in medical billing-related technology. 

The Impact of Big Data on Medical Billing in 2024

The future of big data in healthcare is directly related to data analytics in medical billing. When you have big data available, it can be leveraged in so many ways. 

For example, you can determine which disease racked the largest medical bill through data analytics. The information can be a game-changer for the healthcare industry. Medical professionals can become more aware of the public’s biggest health hurdles. 

Many chronic diseases are preventable through a healthier lifestyle. Big data analytics will help the medical industry shape new guidelines, recommendations, and regulations to prevent the disease that affects the most people. 

Another example would be conditions that rack up the lowest medical bills. It could be because people are not yet aware of it, and the information campaign needs to be expanded. 

Conclusion

Medical billing isn’t just about numbers, invoices, and insurance coverage. It has an impact on the healthcare industry as a whole. 

Using the best medical billing software can revolutionize payment processes within the organization and its partners. Through the use of adjacent technologies, such as EHR and AI, there is much to be gleaned from collected medical billing data. 

Software like BillPro helps increase efficiency in medical billing processes and reduces errors that may result in detrimental denial of insurance claims.