Medical Billings Trends to Watch For
If your dental or medical practice does not offer online financing or paperless billing, you are already behind two key trends in medical billing. Healthcare-related billing is increasingly completed online and with a focus on the customer. A recent post by ImagineTeam.com, a software solutions company, highlighted five trends that are reshaping medical billing.
If your medical group or company is concerned about being behind the technology curve, StrongBox (based in Boca Raton, FL) has more than 10 years of experience delivering proven solutions through our consumer-centric revenue cycle management platform and online patient finance options.
5 Trends Your Medical Business Should Consider Now
Author Janna Tropia highlighted five medical trends that are reshaping medical billing.
The Patient Payment Experience: Patients are beginning to hold medical providers to the same customer satisfaction standards that other industries are already used to.
- Automation and the Future Trends in Healthcare for Medical Billers: Freeing staff from backroom billing jobs can open resources and manpower for direct interactions with customers. Automation is also synonymous with efficiency and cost savings.
- MIPS Reporting via Registry vs. EHR: The Merit-based Incentive Payment System (MIPS) is a performance-based payment system under Medicare Part B. Records can be recorded via a registry or an electronic health recorder.
- The New Wave of Artificial Intelligence: AI is beginning to be used to automatically recognize and extract information from medical documents for proper coding and billing. As AI and machine learning continues to advance across many industries, it will increasingly be used within the medical field.
- In-House vs. Outsourced Billing: The medical billing outsourcing market is expected to reach $16.9 billion by 2021, according to the article. There are several factors to consider when weighing the in-house vs outsourced billing option.
Stay Ahead of These Trends and Others With Strongbox
The Patient Payment Experience
One way StrongBox allows your medical practice or group to empower patients is through our online payment portal. Once your website is integrated with our payment portal, your customers no longer have to fill lengthy forms. Instead, they simply sign on through our online portal. By allowing patients to choose when they pay their amounts owed, your business is showing respect for their time.
One popular feature of our consumer-centric business model is our revenue cycle management (RCM) platform. Medical billing can be confusing for many patients, and it can be time-consuming for your staff. Our RCM system allows patients to automate their payments, thereby allowing your practice to offer a positive consumer experience.
Both our RCM system and online patient payment portal are fully automated, meaning your staff can focus on interacting with patients and providing other services. Billing, patient loan applications, and key performance indicators can all be monitored in real time through our online Dashboard.
In-House vs. Outsourced Billing
StrongBox’s features are in line with another key trend — outsourced billing.
“It’s no surprise that many providers are choosing to outsource because of changing healthcare regulations and the growing risk management and compliance concerns associated with in-house billing staff,” the ImagineTeam article noted.
Using an outside business or online Platform as a Service (PaaS, such as StrongBox) for billing may be ideal for companies that experience high turnover in their billing department. New providers are also good candidates for outsourced billing because those companies can build their business model on using an online billing platform.
Contact Our Team Today
If you have questions about StrongBox’s medical patient financing and payment portal, contact our team online or call our Boca Raton, FL office at (855)-468-7876 to request a personalized demo.