Blockchain has steadily worked its way into modern lexicon and thanks to the growing popularity of cryptocurrencies. But managing digital money is not the only thing blockchain is capable of. Businesses of every size and shape have started implementing this technology. The medical billing industry is no exception, and there are some intriguing applications of blockchain to the process of medical billing and coding. The nature of data matters not for blockchain can offer a way of decentralized recordkeeping and managing. It provides both transparency and security of transactions.
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Medical billing facilities face many challenges, and one of them is the complex levels of medical coding that leads to unintentional billing inaccuracies, such as process duplication or incorrect information filings. Blockchain can lower the errors by showing proof of transaction completion, thereby reducing the risk of a second billing for the same service. In addition to unintentional billing errors, there are cases of fraud too. Patients, providers, and insurance companies are all capable of conducting billing fraud. Blockchain’s decentralized record-holding structure helps with proper payment processing.
It provides visibility into all actions and transactions performed. With all billing data recorded inside the blockchain, there is a reliable source of data for claims adjudication. When there is less billing fraud, care costs can stay reduced.
Blockchain systems can also serve to streamline the process of billing itself. When combined with computer-assisted coding methods, the billing process will be optimized. Automation of billing process keeps all accounts up-to-date, working faster than non-automated methods. The reduced level of labor can lower billing costs, and faster processing allows care providers to reduce delays in collecting payments. Data breaches within medical billing lead to millions of lost money for care providers. With improved security through blockchain, providers will lose less money, allowing for better allocation of funds. Blockchain allows for a level of security that meets all compliance standards.
As blockchain technology works its way into the norm, the medical sector will likely start to see more ripples through the billing and coding realm. The exact future of blockchain in medical billing still uncertain, but it is sure to make significant impacts on medical billing and coding procedures.