The use of past technologies has peaked, and novel advanced technologies are about to have a significant impact on how we live. However, no industry is immune to the changes brought about by the new economy, which is fueled by rising technologies. Since the healthcare sector is one of the most ever-changing industries which affects us directly in practically all conceivable ways—emotionally, physically, psychologically, and financially—its effects on the new economy and technology must be addressed right away.
New York is home to thousands of hospitals and medical facilities that serve millions of residents. Healthcare firms still need to manage a lot of monotonous and continuous administrative responsibilities like medical billing in addition to offering their patients high-quality medical care. Doesn’t that sound like a lot on the plates of the medical settings? Well, it is!
Stemmed to this argument, given that healthcare coding and laws are subject to change, it is important to invest in employee training and medical billing companies who can handle these processes absolutely hassle-free! First, let’s glance through the challenges faced by the New York physicians when it comes to medical billing, shall we?
Adapting confidentiality laws:
HIPAA Laws were developed to preserve patient privacy and data, and healthcare facilities must abide by them. These laws governing secrecy are, however, constantly changing, and if not followed correctly, can result in heavy fines. As per the New York State Board for Professional Medical Conduct scores of medical settings face the problem of adapting and keeping up with the confidentiality law. Physicians at New York get themselves into a lot of difficulty when they don’t keep up with the constantly changing confidentiality regulations along with the patient influx.
According to Becker’s Hospital Review, 80% of medical bills in the state of New York have both minor and major errors. Although computer-assisted coding is becoming more common in medical settings, there is a huge scope for human error. These errors result in claim denials. Therefore, it is suggested that doctors hire employees with extensive experience or just outsource the medical billing process to the right medical billing companies.
Challenges relating to lawsuits:
Physicians at New York particularly are under constant pressure to complete the documentation correctly or face lawsuits. However, this only increases the number of extra tasks the doctors must complete, detracting from patient care. As per the health department of the New York state, the lawsuits related to the medical billing have exponentially increased due to incorrect credentials and qualifications, unnecessary medical prescriptions and incorrect medical claims.
Data security and privacy violations:
Cyberattacks are a common occurrence across all sectors of the economy, and the healthcare sector is no different. Because of the sophisticated technology used by hackers, you may be putting the privacy of your patients at risk by using their data. Physicians at New York must therefore have strong firewalls to safeguard their system in order to guarantee the confidentiality of patient information.
Complicated revenue collection process:
Payers need a lot of time to determine whether customers grasp the new coverage policy. This causes confusion and makes it more difficult for the medical billing system to process claims because of minor mistakes. When it comes to the State of New York, the revenue collection process becomes a hassle given the concern of the population. Thus, the best resort is to rely on a medical billing company.
According to the Cincinnati Enquirer, more than 411,000 seniors have received duplicate medical bills in the state of New York. This occurs as a result of the high levels of stress that doctors experience in clinical settings as a result of their line of work. With each medical bill lining up on the front desk, the administrative burden keeps getting worse!
They must participate in administrative chores in addition to patient care, which adds to the already enormous amount of stress. It is challenging to guarantee efficient patient treatment and documentation because the latter requires maintaining current with ongoing system modifications and being continually up to date.
Lack of technology advancements:
The manual methods used in many doctors’ offices cause waiting times to increase. Healthcare professionals are unable to respond to patients accurately and quickly due to a lack of technology developments.
The development of cutting-edge technologies has dramatically accelerated the medical billing procedures used in the healthcare industry. By 2026, the medical billing outsourcing market will be worth $8 million. The conventional manual method is still employed by numerous medical facilities run by doctors for their medical billing procedures in New York. However, the former has resulted in less wasted time being used, administrative mistakes, and costs. These cutting-edge technologies have greatly simplified the process and increased patient engagement. So, the best course of action if you’re facing these difficulties with medical billing procedures is to outsource them to a medical billing business. If you’re looking for your ideal medical billing company, look no further! Presenting to you- Medisys Data Solutions!