What Are The Technology Trends In Laboratory Billing Services?

In spite of the significant role of healthcare labs in the medical field, these practices are undergoing strict regulations, comparatively less wages, and ever-evolving regulations of laboratory billing services. Innovative technologies enable healthcare labs to streamline their billing operations and streamline their revenue growth more easily & efficiently. 

This article features all the trending innovative technologies contributing to the better functioning of lab healthcare revenue cycle management (RCM). It will help you explore the latest innovative technologies like automation, artificial intelligence, and cloud-based solutions shaping the future of healthcare labs and streamlining lab billing services. 

Moreover, we’ll also discuss the challenges that come along with emerging technologies for lab billing services. Join us as we uncover the exciting future of lab billing solutions and their impact on the healthcare industry. 

Emerging Technologies Trending For Lab Billing Services
There are several emerging technologies that have changed the functioning of the medical billing industry, and aimed to improve the efficiency, accuracy, and productivity of medical billing services. 

Let’s explore the innovative lab medical billing solutions that will help you along your practice’s billing functions. 

Automation in Lab Billing Services
Automation streamlines several aspects of the medical billing process helping healthcare labs experience an error-free and smooth execution of their medical claims and lab revenue cycle management. 

Automated lab billing solutions can validate patient information, reduce coding errors, and monitor the progress of each medical claim in real-time. It helps healthcare providers to collect their payments faster and experience reduced claim denials. 

According to a report by Grand View Research, the global medical billing outsourcing industry is expected to reach $19.7 billion ny 2026, with automation being a key driver parameter of the growth of medical billing outsourcing companies. 

There are several lab billing software that has entirely automated lab healthcare revenue cycle management (RCM) and medical billing services such as; 

Medical Billing Solutions	Automation Of The Medical Billing Process
AdvancedMD	This software solution automate the entire the medical billing cycle including automatic claim scrubbing, billing analytics and reporting, compliance tracking, mobile payments, and remittance advice. The software is suitable for all sizes of medical practices.
DrChrono	DrChrono is a cloud-based EHR and medical billing software that automates entire medical billing, patient monitoring, and revenue cycle management processes. It also streamlines all billing features i.e. claim scrubbing, billing analytics, compliance tracking, patient statements, and quote and estimate management.
Kareo	It is a cloud-based EHR, medical billing, and practice management software solution that automates the medical billing process along with insurance enrollments, patient statements, and analytics.
NextGen	It is a fully integrated medical billing, EHR, & practice management solution. It automates the billing features including claim scrubbing, compliance tracking, remittance advice, and quote and estimate management. It is available as both an on-premise and cloud-based solution.
Intergy	It is a fully-integrated medical billing, EHR, & practice management solution. It automates the billing process along with claims scrubbing, compliance tracking, and remittance advice. It is suitable for all sizes of medical practices.

Use of Artificial Intelligence (AI) and Machine Learning (ML) 
AI and Machine Learning are increasingly being integrated into medical billing and healthcare revenue cycle management procedures. Unlike manual medical billing procedures which are prone to more errors due to human mistakes and incorrect documentation, modern AI-integrated medical billing solutions detect, monitor, and eliminate potential issues. 

These technologies can analyze large volumes of data to identify patterns and trends, which also help you apply accurate medical codes. It helps medical billing and coding professionals to improve the overall efficiency of your lab healthcare revenue cycle management (RCM). 

According to a report by Research and Markets, the global AI in the healthcare market is projected to grow at a CAGR of 41.1% from 2021 to 2028 reaching $120.2 by the end of this time span. 

Cloud-based Lab Medical Billing Solutions
There are several cloud-based lab billing solutions that provide secure, accessible, and scalable platforms for managing medical billing data like Simplex Himes, MedicsPremier, CMGLABDAQ, LigoLab LIS & RCM Operating Platform, Dendi LIS, and much more. 

These solutions are tuned to provide real-time updates, seamless data sharing, and remote access which makes it easier for lab technicians and billing professionals to collaborate and execute medical billing procedures the right way. 

According to a report by Mordor Intelligence, the global healthcare cloud computing market would grow at a CAGR of 17.8% from 2021 to 2026. 

Outsourcing Lab Billing Services
Several lab professionals and healthcare providers tend to outsource medical billing services in the USA. it has become an increasingly popular option in the USA for healthcare providers because it allows them to connect with a fully trained and experienced medical billing team at a fraction of their office-based administration expenses. 

Moreover, when you outsource lab billing services to a remote team or a medical billing company then you can experience improved efficiency, reduce costs, and enjoy the freedom of work-life balance. 

When you outsource lab billing services then you can have more time to focus on your core competencies i.e. delivering high quality patient care services. Overall, it improves the cost savings of healthcare providers, reduce their work-stress, mitigate their administration expenses, and eliminate risks of errors and mistakes with the help of professional billing expertise.  

Patient-Centric Lab Billing Services
Patient-centric medical billing involves the special details which makes it easier for patients to understand their medical expenses and financial responsibilities. This approach includes providing clear explanations of charges, offering flexible payment options, and implementing user-friendly digital tools for patients to access their billing information. 

As healthcare providers recognize the importance of patient satisfaction, adopting patient-centric billing practices will become more significant in building a more loyal customer base. 

Several practices are incorporating patient-centric lab billing solutions to boost the efficiency and productivity of their business. Offering easy billing and payment options to the patients makes them visit your healthcare office over and again which improves your customer retention rate. 

Technologies Impacting Medical Billing 
There are several technologies that are shaping the future of medical billing and enhancing efficiency, accuracy, and overall patient experience. Here is the list of technologies contributing to the well-being of the healthcare industry including; 

Electronic Health Records (EHRs)
In the past, healthcare providers used to maintain patient records on paper manually. However, Electronic Health Records (EHRs) are the electronic form of EMRs that also help in streamlining the medical billing process. 

It provides real-time access to accurate patient data and suggest billing codes for automatic charge entry. In this way, it enables healthcare providers to coordinate with the billing staff and engage better with their healthcare revenue cycle management system. 

According to a report by Allied Market Research, the global EHR market was valued at $24.9 billion in 2020 and is projected to reach $38.3 billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028.

Therefore, healthcare labs should deploy advanced EHR solutions like CareCloud, Athenahealth, eClinicalWorks, Allscripts, and much more. Educate your billing staff to adopt these solutions and improve their expertise to efficiently proceed with the lab billing tasks using an EHR solution. 

Blockchain Technology in Medical Billing
Blockchain technology has the potential to fill the remaining gaps of the medical billing system and enhance data security, transparency, and interoperability. This decentralized technology with tamper-proof digital ledger and blockchain can help reduce billing frauds and medical coding malpractices. 

According to a study by BIS Research, the global healthcare blockchain market will grow at a CAGR of 63.9% between 2018 and 2025, reaching $5.6 billion by 2025.

Telemedicine and its Impact on Medical Billing
Telemedicine is the procedure of diagnosing and providing medical treatment to patients from remote locations using telecommunication technologies. This form of medical care has transformed healthcare delivery by enabling remote consultations, monitoring, and treatments. 

Telemedicine is a growing need in the US healthcare industry and medical billers should understand the medical billing and coding requirements of this field. With the continuous growth of telemedicine, lab billing specialists should adapt to accounts for virtual visits, remote patient monitoring, and other telehealth services.

According to a report by Fortune Business Insights, the global telemedicine market size was valued at $34.1 billion in 2019 and it is expected to grow at $185.6 billion in 2026, growing at a CAGR of 23.5% during the forecast period. 

Wearable Technology and its Role in Medical Billing
If you’re not familiar, wearable technology is any electronic device that is designed to be worn on the user’s body. Several medical wearable technologies, such as fitness trackers and smartwatches, are becoming increasingly popular in the healthcare industry. 

These devices can generate valuable data on patient health, which can help healthcare providers make well-informed decisions for the diagnoses, treatment plans, and billing of the patients. 

As wearable technology becomes more integrated into the healthcare industry, medical labs should also incorporate compliant solutions for smoother payments and reimbursement models that are more data-driven and tuned for personalized care. 

According to a report by Mordor Intelligence, the global wearable technology market would grow at a CAGR of 17.7% from 2021 to 2026. These technologies are shaping the future of medical care, offering improved data management, security, and interoperability, ultimately leading to more patient-centric medical care. 

Therefore, lab billing specialists should also comply with the innovative technologies and leverage these data-driven technologies to streamline the lab revenue cycle management. It will help medical billers to reduce medical billing errors, payment delays, and aging account receivables. 

What Is The Future of Lab Medical Billing?
The future of lab medical billing services is in the hands of several innovative and technological advancements, aimed at enhancing efficiency, accuracy, and patient satisfaction. Here are some key technologies directly shifting the way lab billing services work today; 

Predictive Analytics in Medical Billing
Predictive analytics is the use of data to predict future trends and events using historical figures, algorithms, and machine learning. In medical billing, predictive analysis can help identify and monitor potential billing and coding errors. In this way, you can adopt early preventive measures to reduce claim denials and optimize healthcare revenue cycle management. 

Also, this technology helps healthcare labs in detecting fraud, reduce operational expenses, and improve overall financial performance. 

Integrating Medical Billing & Other Technologies Together
In order to upgrade the medical billing system, medical billers should have hands-on experience with other technologies like EHRs, LIS (Laboratory Information System), and patient portals as well. It helps them execute their billing operations seamlessly, efficiently, and accurately. 

When lab billing specialists adopt innovative technologies then they coordinate better with healthcare providers, the entire billing and coding team, and insurance companies. Ultimately, it will result in reduced errors and faster reimbursements. 

Personalized Medical Billing 
It is important to offer on-demand medical billing services to all healthcare labs based on their practice’s size and specialty. Also, healthcare labs should deploy customized payment plans for patients, providing multiple and on-demand payment methods to the patients. It’ll encourage patients to pay their financial dues on time easily. 

Also, lab billing specialists should offer customized payment plans, clear and concise billing statements, and use patient-friendly digital solutions. Personalized medical billing can help improve patient satisfaction, increase customer loyalty, and ensure a satisfactory patient experience. 

Future Challenges in Medical Billing
Despite the innovative technology shifting the paradigm of medical billing, there are certain challenges that the medical billing industry will continue to face such as; 

Data Privacy and Security
As medical billing procedures heavily rely on delicate patient data, therefore, it is important to ensure accuracy and privacy of the data throughout the preparation and submission of medical claims. 

Healthcare labs should strictly comply with HIPAA policies in order to ensure optimized data security and prevent unauthorized access to patient’s healthcare data. Along with HIPAA privacy rules, healthcare providers should also comply with the SECURITY RULES to ensure data security is being transmitted and recorded for your healthcare revenue cycle management in the electronic form. 

Regulatory Compliance
Medical billing is subject to several regulations and compliance requirements. Therefore, always stay updated with the modifications and new forms of medical codes including; CPT, ICD-10 & HCPCS codes. 

Healthcare labs should always have professional laboratory billing specialists onboard who consistently keep up with the ever-evolving environment of billing and coding regulations. 

While deploying medical billing software or EHR solutions, practitioners should make sure that the software has automatic updating system which applies or suggests updated medical codes and medical billing formats. 

You can also outsource lab billing and coding services to make the professionals assist you in staying compliant with the industry updates and guide your office staff as well. 

CureCloudMD is a US-based lab billing company offering professional medical billing and coding services to all healthcare labs across the country. Book our free quotation to learn more about our lab billing outsourcing services.