The impact of technology on medical coding and revenue cycle management

14 March 2023
technology on medical coding and rcm

Recently healthcare industry has massively developed with significant contributions from advanced technology. Those days it was tedious and grueling to diagnose and treat patients. But thanks to the recent highly advanced technology, medical services have been effortlessly streamlined, and the quality of the rendered healthcare service gets enhanced through advanced medical equipment, low-cost medicines, and innovative procedures.

The healthcare industry's current scenario

In recent days, The Healthcare Industry has enormously evolved with the advancement of modern technology. The dire need for constant evolvement is ever-increasing for any healthcare practice to cope with the speed of the current day's technological advances for rendering quality medical care for patients and to remain successful. Prevailing challenges such as ever-increasing healthcare costs, incompetent procedures, and consistent escalation in patients battling acute and chronic illnesses, the absence of patient-specific medical treatments makes healthcare difficult.

Especially after the COVID-19 pandemic, the entire healthcare system faced a rough path as the number of patients increased. Still, the medical centers get greatly burdened as they need more staff to handle patients and healthcare providers simultaneously.

The significant benefits of Digital Technology in today's Healthcare Systems

The various time-consuming and complex healthcare tasks like collecting data, analyzing and conducting research, medical billing, medical coding, prompt diagnosis, and appropriate medical treatment, complying with the prevalent health regulations, and remote monitoring have benefitted significantly from digital technology. Mainly every single task has got efficiently streamlined, keeping errors at bay for a seamless Medical Coding and Billing, considerably minimizing paperwork and saving time.

Ensuring that patients are accurately charged for the medical care received plays a vital role in any healthcare organization's revenue cycle management (RCM). It is also mainly responsible for ensuring that healthcare providers like physicians, surgeons, therapists, lab technicians, nurses, and other staff teams get promptly paid for their extensive medical care and services.

From registering the patient to collecting the complete payment for the rendered medical services, the revenue cycle process must be seamless and efficient. Hence the usage of digital technology makes it simple for the healthcare staff, relieves their burden, and creates much free time so they can focus on rendering quality medical care to the patient. It also aids in an effective and less tedious process of generating healthy revenue for the healthcare practice to thrive in their business. However, different functions, medical billing, and coding are vital and interlinked to enjoy seamless revenue cycle management.

Role of Medical Coding automation in enhancing healthcare's Revenue Cycle Management

Loads of paperwork got used initially for manually coding and billing the claims. Much paperwork led to a significant rise in billing and coding errors which caused payment denials. Especially after the outbreak of the COVID-19 pandemic, the painstaking task of medical coding and billing was challenging and time-consuming. Hence, it became a real burden for medical practices to recruit professionals constantly, give them ample training, and allow them to handle the complex task of Medical Coding and Billing seamlessly. The revenue cycle gets deeply strained in case of incorrectly submitted or processed claims.

The entire healthcare system has been totally enhanced and reshaped; assuredly, there is a significant improvement in health data management. By equipping the medical coding automation with advanced billing software, the complete process of claims handling and submission, along with the collection of payments, relieved the healthcare providers from the burdensome tasks and gave them free time to be more patient-centered to render quality care and drive healthy revenue for the business. The complex process was made simple and streamlined effortlessly, thereby keeping errors at bay. Electronic Health Records (EHRs) created quite a sensation among medical practitioners, aiding them to maintain a proper and thorough patient record efficiently.

A few clicks surprised the entire healthcare system, making the complete coding process simple by utilizing medical coding automation.

Benefits of using Revenue Cycle Management Technology in Healthcare

The RCM technology utilizes the RCM software to unify a healthcare organization's clinical and business sides. By quickly automating the gruesome administrative tasks, they provide easy access to critical information from EHRs and information from several hospitals, thereby simplifying the management of solutions. The entire financial process of the healthcare practice gets seamlessly streamlined to function efficiently.

In the form of Medical Billing Software, medical practice management software, healthcare claims management software, patient engagement software, and healthcare credentialing software, we can witness the performance of the exhaustive RCM Software. In some cases, this RCM technology offers data analysis features and has tools for training employees.

Few benefits of utilizing digital technology for the medical coding process

• Enhanced process of medical and coding

• Quicker processing of claims

• Productivity is greatly improved

• Lesser rates of denials

• Far better accuracy

• Focus more on patients and increase the number of patients.

In a nutshell

Digital technology positively impacts medical coding, offering enhanced productivity and efficiently streamlining your business. To remain competitive and thrive in your business, utilizing and integrating digital technology is appropriate. The critical challenges faced while handling these complex tasks get quickly resorted by implementing advanced digital technology.

Why BIS?

Business Integrity Services has decades of experience in handling medical coding. Our proficient team of professionals possesses a thorough knowledge and understanding of the current payment policies, is updated with information about the latest government regulations, and can effortlessly read and interpret medical codes. They are well-updated and highly trained to use the advanced technology at ease, to assist you in a smooth medical coding journey, and allow you to enjoy a healthy revenue cycle management avoiding revenue leaks.