5 Medical Billing Trends to Watch in 2023

January 20th, 2023 - Find-A-Code
Categories:   Practice Management   Billing  

No doubt the medical billing industry is changing at breakneck speed. As a medical billing specialist in 2023, you will need to keep up with emerging trends if you want to stay in the game. What should you be paying attention to in the coming year? Check out these five possibilities:

1. A Greater Emphasis on ICD-11

ICD-11 is the next version of the most popular classification system. It was officially launched in 2022. Rumor has it that ICD-11 will replace ICD-10 as the universal standard for disease classification in 2023. That means healthcare providers will be transitioning to it soon.

In addition to being more comprehensive than its predecessor, ICD-11 also has a number of new categories such as 'digital health' (eHealth), 'cancer survivorship' and 'lifestyle choices'. You will need to learn them.

2. More Advanced Billing Software

More advanced billing software is being developed even now, software that simplifies the billing process and makes it more efficient. Here's what to look for in new billing platforms:

  • Automated billing processes
  • Better handling of more complex billing scenarios
  • Data integration using multiple systems

By combining artificial intelligence (AI) with data standardization, software developers are able to create billing platforms that are far more efficient and accurate. New platforms should make automation a standard part of the billing job.

3. The Introduction of Blockchain

Speaking of more advanced billing software, blockchain is on the horizon. As a technology, blockchain is fairly mature. Yet software developers are now finding ways to leverage it outside the cryptocurrency space. It works extremely well for medical coding and billing.

Blockchain is little more than a decentralized ledger capable of keeping track of all sorts of transactions. From a data standpoint, there's very little difference between a series of financial records and the electronic health records (EHRs) produced by medical providers. An EHR can be encapsulated in a blockchain ledger quite easily. And because blockchain records are immutable once they are created, you have a more accurate and secure system.

4. SaaS Cloud Billing

Cloud and software as a service (SaaS) are by no means new technologies, either. Both are finally starting to make impressive inroads into the medical billing industry. Hosting billing and coding platforms in the cloud increases efficiency. It gives health systems and their billers and coders access to software from anywhere. It also offers real-time data and snapshot overviews, which administrators appreciate.

Everything from claim submission to remittance and error correction is moving into the cloud. Healthcare systems and third-party billers/coders are taking advantage of cloud-based tools to improve accuracy and reduce the time it takes to prepare and submit bills.

5. A Greater Emphasis on Virtual Care

Finally, both medical coders and billers should see an uptick in virtual care in 2023. The concept of telemedicine is here to stay, and that will be reflected in the EHRs coders and billers depend on to do their jobs.

As previously stated, ICD-11 even includes new codes that account for telemedicine services. Billers and coders should expect to familiarize themselves with said codes in the near future. They will be used more often as patients choose to see their providers virtually rather than in person.

The demand for medical coding and billing is only expected to grow over the next 5 to 10 years. Between greater access to affordable healthcare and a steadily aging population, a growing demand for healthcare services will see to it. Hopefully, the billing and coding trends we see emerging for 2023 will help support that growth in a positive way. Time will ultimately tell the story.


Questions, comments?

If you have questions or comments about this article please contact us.  Comments that provide additional related information may be added here by our Editors.

Latest articles:  (any category)

Artificial Intelligence in Healthcare - A Medical Coder's Perspective
December 26th, 2023 - Aimee Wilcox
We constantly hear how AI is creeping into every aspect of healthcare but what does that mean for medical coders and how can we better understand the language used in the codeset? Will AI take my place or will I learn with it and become an integral part of the process that uses AI to enhance my abilities? 
Specialization: Your Advantage as a Medical Coding Contractor
December 22nd, 2023 - Find-A-Code
Medical coding contractors offer a valuable service to healthcare providers who would rather outsource coding and billing rather than handling things in-house. Some contractors are better than others, but there is one thing they all have in common: the need to present some sort of value proposition in order to land new clients. As a contractor, your value proposition is the advantage you offer. And that advantage is specialization.
ICD-10-CM Coding of Chronic Obstructive Pulmonary Disease (COPD)
December 19th, 2023 - Aimee Wilcox
Chronic respiratory disease is on the top 10 chronic disease list published by the National Institutes of Health (NIH). Although it is a chronic condition, it may be stable for some time and then suddenly become exacerbated and even impacted by another acute respiratory illness, such as bronchitis, RSV, or COVID-19. Understanding the nuances associated with the condition and how to properly assign ICD-10-CM codes is beneficial.
Changes to COVID-19 Vaccines Strike Again
December 12th, 2023 - Aimee Wilcox
According to the FDA, CDC, and other alphabet soup entities, the old COVID-19 vaccines are no longer able to treat the variants experienced today so new vaccines have been given the emergency use authorization to take the place of the old vaccines. No sooner was the updated 2024 CPT codebook published when 50 of the codes in it were deleted, some of which were being newly added for 2024.
Updated ICD-10-CM Codes for Appendicitis
November 14th, 2023 - Aimee Wilcox
With approximately 250,000 cases of acute appendicitis diagnosed annually in the United States, coding updates were made to ensure high-specificity coding could be achieved when reporting these diagnoses. While appendicitis almost equally affects both men and women, the type of appendicitis varies, as dose the risk of infection, sepsis, and perforation.
COVID Vaccine Coding Changes as of November 1, 2023
October 26th, 2023 - Wyn Staheli
COVID vaccine changes due to the end of the PHE as of November 1, 2023 are addressed in this article.
Medicare Guidance Changes for E/M Services
October 11th, 2023 - Wyn Staheli
2023 brought quite a few changes to Evaluation and management (E/M) services. The significant revisions as noted in the CPT codebook were welcome changes to bring other E/M services more in line with the changes that took place with Office or Other Outpatient Services a few years ago. As part of CMS’ Medicare Learning Network, the “Evaluation and Management Services Guide” publication was finally updated as of August 2023 to include the changes that took place in 2023. If you take a look at the new publication (see references below),....

Home About Terms Privacy

innoviHealth® - 62 E 300 North, Spanish Fork, UT 84660 - Phone 801-770-4203 (9-5 Mountain)

Copyright © 2000-2024 innoviHealth Systems®, Inc. - CPT® copyright American Medical Association