Without question, technology has drastically impacted almost every facet of the healthcare system. From 3D printed prosthetics to telehealth, technology has made healthcare both instantaneous and accessible.
Technology has also dramatically improved healthcare administrative processes, such as medical billing, by eliminating the possibility of human error and reducing overhead time and cost for organizations. In doing so, technology has given physicians the opportunity to engage more authentically with their patients, ultimately improving patient-centric care.
Technological Innovations in Medical Coding
The “billable information,” or medical coding, includes all clinical and demographic documentation when a patient visits their physician. This process produces bills and insurance claims for patients to determine which services will be covered or not.
Accuracy is a critical element of medical coding: any errors can interrupt revenue and be costly to reconcile. However, technology has positively impacted the medical coding industry. For example, artificially intelligent coding systems can now ensure all patient documentation is correct, error-free, and even provide feedback. The use of these systems can save healthcare organizations as a whole an estimated amount of 750 billion dollars a year.
Technology Slashes Costs
Technology has the ability to slash costs for both the physician and the consumer. For example, upcoding, or incorrect medical coding, causes patients to pay more out of pocket. With advancements in coding technologies, physician groups and practices can avoid these mistakes, which will cut time and costs for the organization.
Improved Balance Throughout Your Practice
Adopting technology in a balanced way allows room for growth for healthcare organizations. Incorporating technology alleviates some of the workloads from your employees, and allows them to work more efficiently on important tasks technology can never replace. Additionally, technology can create a more positive work environment by enforcing an improved work-life balance. The best strategy is to recognize which aspect of your company could benefit from technology and which can only be handled by human interaction, such as providing top-of-the-line patient care.
Our Technology at MEDSTAT
At MEDSTAT, we have cutting-edge technology, providing solutions and strategies to help transform your physician group. 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.
