What’s the Future for Medical Billing Service Providers?
There isn’t much that could have been predicted about the year 2020. But one thing that’s held true even during the COVID-19 pandemic, is that the healthcare sector remains one of the fastest-growing industries in the country. And that certainly holds true for medical billing service providers.
The opportunities in the medical billing space are exciting. But one thing to remember is nothing ever remains the same. So here are 5 trends in the billing industry that you should be aware of as a service provider:
1. Job Growth Remains High
Trained medical billing professionals are in high demand in the healthcare industry according to recent reports from the U.S. Bureau of Labor Statistics. That’s why hospitals and medical facilities are always looking for professional medical billing services personnel. They also want to ensure they retain the billers that they do employ. All of which means it’s important as a medical billing service provider to seek out and retain the best possible talent you can find.
2. Healthcare Providers are Consolidating
With rising consumerism, physician practices are merging into larger brands – physician groups, hospitals, and health systems. This gives them the ability to offer comprehensive medical services while gaining the scale to negotiate better with health plans. This means that medical billing companies need to look at their internal talent pool, invest in high caliber resources and technologies that don’t require high upfront investments.
3. New Growth Hurdles to Overcome
As regional billing service providers face growth hurdles with national level aggregators providing significant competition, it’s important to remember that physicians still value the personal touch and focused services provided by regional billing companies. Organizations should address strategies to position themselves for the future such as enhanced analytics, personalized services, high-level resources, and automation.
4. The Future for Billing is Here – and it’s Electronic
Medical billing processes are being significantly automated at a rapid pace, with more doctors, hospitals and medical facilities switching to secure online patient management systems. In a competitive marketplace, there’s increased pressure to attract and retain patients. In turn, patients want to see that their personal information is secure before committing to medical practice. If you’re not currently using a computerized billing system, you need to get with the program, because electronic billing is here to stay.
5. EHR Integration/Interoperability
While medical billing software is an integral part of any practice, providers run into large inefficiencies and problems when their software is not interoperable and fully integrated with their other practice technology. The trend in 2020 is that providers are finding vendors that offer complete software interoperability, allowing them to work more effectively. Medical billing software integrated with electronic health records offers the potential for digital payment processing from a patient portal.
A Closing Word
As 2020 winds down, the big question for medical billing service providers is “How is the industry evolving, and should we make any changes in our business model to adjust? If you’re ready to consider these questions, reach out to the healthcare management experts at AMN Healthcare Revenue Cycle Solutions. We’re an industry-leading healthcare workforce solutions and staffing company with the experience, knowledge, and resources to help companies execute the increasing demands of today’s rapidly changing healthcare landscape.
At AMN Healthcare RCS, our revenue cycle solutions can help you maximize revenue and help your healthcare organization succeed in a patient-centered world. To learn more, contact us today.