Technology is a part of our everyday lives. We use technology to help us get from Point A to B, we use it to call loved ones, and find the best restaurants in the area. But technology hasn’t just made our lives simpler, it has also drastically improved the healthcare system. We now have cutting edge technology that has paved the way for innovation in the medical field.
For example, 3D printers have the capabilities to produce medical equipment for patients, use of virtual reality for medical education, and Telehealth Medicine which allows you to see a physician from the comfort of your home. The list of things technology has improved in the healthcare system is endless and is only going to get better and better. However, let’s take a step back and identify the top reasons technology and billing has changed healthcare for the better.
Technological Innovations in Medical Coding
Medical coding is the side of healthcare considered to be the “billable information,” meaning it includes all medical documentation when you visit your provider. This industry is in charge of producing the bills for patients along with insurance claims, in order for your insurance to determine which services will be covered or not.
Medical coding relies heavily on accuracy. Any sort of error could result in more money lost and more time spent correcting the issue. The use of technology in the medical coding industry has produced a plethora of positive results. For example, the creation of artificial intelligence computer-assisted coding systems can now ensure all patient documentation is correct, error-free, and even provide feedback. The use of these systems can save an estimated amount of 750 billion dollars a year (annual cost of medical coding errors).
When you integrate technology in the healthcare system but in a balanced manner it allows room for growth. Alleviating some of the workloads from your employees by incorporating technology allows your employees to work more efficiently on important tasks technology can never replace. Additionally, technology can create a better work-life balance, thus resulting in happier employees. The best strategy is to recognize which aspect of your company is better with the use of technology and which are needed with employees, such as providing top-of-the-line patient care.
Decline in Costs due to Technology
Technology doesn’t just bring costs down in your company it also has the capacity to bring costs down for the patient too. Upcoding is a common problem, where incorrect medical coding causes patients to pay more out of pocket. Technology solves the problem of upcoding. Furthermore, it reduces costs associated with medical coding and billing areas which have the propensity to be quite significant.
Our Cutting-Edge Technology at Credence Global Solutions
At Credence Global Solutions we have cutting-edge technology, providing solutions and strategies to help transform your company. We contain innovative business intelligence software, driving both quality and efficiency to increase your company’s revenue. Contact us today to learn about all our technology-driven solutions.