Nearly one-third of physicians and medical practitioners who do not currently outsource medical billing indicated that they plan to do so over the next two years. The utilization of outsourced billing by independent medical practices continues to increase. A nationwide survey reveals that medical billing companies expect average revenue growth of 12% as utilization of outsourced billing by independent medical practices continues to grow.
The new year has begun, and providers everywhere are asking the question. What medical billing trends are we facing in 2020, and should they make any changes at their practice to adjust?
When it comes to medical billing, several new developments are trending in the industry. The following 2020 medical billing trends are here to stay in the new year, and long after.
Advantages of Cloud-Based Medical Billing
“The Cloud” has made its way into multiple industries all over the United States. It is simple and refers to electronic storage, maintenance, and access to data over the internet rather than on a specific local device or hard drive. In the medical field, cloud-based medical billing software has been somewhat controversial as providers question its security when it comes to patient data. After all, protecting patient health information is one of the most critical responsibilities any provider has to their patients.
The advantages of Cloud-Based medical billing software is that a cloud-based system from a quality technology partner is more secure than the alternative. Via encrypted technology updated and kept safe while enabling qualified professionals to access it on-the-go, wherever they need it.
The challenges of running a successful medical practice in today’s dynamic healthcare landscape continue to impact the time providers have to dedicate to patient care. These practices are turning to their medical billing companies, not only for efficiency and expertise in collecting from insurance payers and patients, but also for their insights into overall practice operations, technology adoption, and compliance.
Research also uncovered how billing companies are delivering additional value to their medical practice clients through consultative services in the areas of compliance and technology adoption and leverage, as well as practice marketing.
The survey highlights that extensive revenue cycle expertise at the specialty level is a successful strategy for building a billing company to scale. Forty-seven percent of small billing companies specialize in differentiating themselves, while 58% of medium-sized businesses do. As might be expected, large billing companies tend to diversify across a broader range of medical specialties, responding to the rapid growth (11% since 2012) in multi-specialty medical practices.
Billing companies that have traditionally charged a lower rate for patient collections now have the opportunity to align their fees with the changing reality of their work models. Billing companies are also expanding into new service areas such as technology, regulatory compliance, and patient acquisition to open new revenue paths. Helping medical practices implement and leverage technology is something that 75% of billing companies report doing today.
This focus reflects the recognition by medical practices of the potential for technology to improve practice efficiency and profitability, coupled with the need for guidance and support in avoiding costly technology adoption mistakes. Further, as practices continue to improve their capabilities at non-clinical patient engagement, they see the potential in leveraging billing companies for patient support and communications.
IOSoft’s Automated Healthcare Payment Solution Can Maximize Patient Collections
An automated Cloud-Based healthcare payment solution is convenient for consumers and staff alike. Advantages of Cloud-Based medical billing can streamline the medical billing and collections process; the patient payment workflow is automated. With payment information safely stored in advance, billing is simple, and collections are more defined. Automating with Cloud-Based medical billing and collections process saves time, increases practice revenue, and can significantly reduce paper statement costs—not to mention the considerable number of hours staff often spend preparing and mailing those statements. By automating these administrative tasks, a facility greatly enhances its practice efficiency.
IOSoft’s benefits include:
- 24/7 use of the Unified Payment System Common Portal for Payor and Provider
- Custom EOP documentation created and delivered to Provider
- Guaranteed Re-association of 835’s and 837’s regardless of payment type
- Pre-acceptance of Payment amount by Provider for quick, easy dispute resolution before payment
- Provides Provider with a choice of payment forms: Virtual Card, Virtual Check, ACH, or Paper Check
- All Payment forms are fully reconciled for Payor monthly.
Web-Based Medical Billing Software Benefits
Automation is particularly helpful when capturing the information of clients. An automated healthcare payment solution makes it easy to communicate with and bill clients. The IOSoft system provides higher revenue sharing, reduced operating costs, and increased production efficiencies. Zero re-association issues, quick dispute resolution before payment, Find any payment within seconds.
- All Payments are archived for future reference if needed for the Payor and Provider
- The IOSoft archive database includes a robust search feature making it easy to find a payment
- Virtual Card has a security feature that allows it to be processed only on the Provider terminal.
- Once the Virtual Card is delivered to the Provider through the portal, it has a maximum life span of 30 minutes (fraud prevention)
- Online IOSoft help assistance for Payor and Provider
- Funds are distributed from customer account
- Robust custom report and analysis options
- Create regulatory reporting through IOSoft UPS
The technology will even enable you to have a payment tracking history at your fingertips. Extremely Provider friendly with custom features to enhance their experience.
IOSoft’s UPC™ platform focused on improving the plans’ security, management, and control over their payments process.
Building on its extensive experience, IOSoft is pleased to present its latest Unified Payment System™ (UPS). UPS begins with a Cloud-Based system interface that connects with all claim system technology and can be implemented in 30 days or less with no or minimal workflow changes.
The Cloud-Based System provides a common portal, giving the Provider and Payor a standard Gateway that allows for more exceptional communication and a collective decision matrix. UPS offers every type of available payment on the portal with enhancements to traditional payment types and patent-pending new technology with significant cost savings.
Our clients are saving 75% and higher, utilizing IOSoft’s provider friendly Unified Payment System™. Let us show you the dramatic savings and additional services available to you.
The IOSoft team has pioneered the development of automated health care payment systems since 2006. IoSoft Inc. was formed in 1998 by, Vincent Valentine, and acquired by RJD Green Inc. (OTC: RJDG), a publicly-traded company on April 18, 2016.