DEMAND FOR MEDICAL CODERS, BILLERS IS PROJECTED TO GROW IN THE NEAR FUTURE

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23

"Employment for medical records and health information technicians (i.e., medical coders) is projected to grow... much faster than average."

                                                              - Bureau of Labor Statistics.

According to the Bureau of Labor Statistics, some jobs have fared much better than others in the wake of the pandemic. Medical coders and billers were in high demand long before the coronavirus outbreak, and demand has only increased dramatically since then. The coding and billing area employed 341,600 people in 2019, the most recent year for which full data is available from The Bureau of Labor Statistics. We expect the number of job openings in the sector to rise at an annual rate of 8% through the end of the decade,  outpacing the overall economy's growth rate.

 

Factors for Future Role of the Medical Coding

Health system mergers - Physicians and hospitals are continuing to combine into health systems for a variety of reasons; however, these mergers do not eliminate the need for medical coders. We don't think the number of visits declines as a result of health system mergers and acquisitions because providers will continue to see patients.

Value-based payment - CCDS seems to be tying increasing healthcare reimbursement costs to performance—that is, a physician's ability to deliver quality treatment at a lower cost. The Centers for Medicare & Medicaid Services (CMS) will continue to add and revise these programs; for example, we do not expect a significant increase in the number of visits or the need for coders to change, but be prepared to learn new codes associated with each new program on a regular basis.

Patient-centered care -because of the rising cost of health insurance Healthcare is becoming more consumer-driven as costs rise and more people opt for high-deductible plans. This emphasizes the importance of the overall patient experience, which is why demand falls on the whole practice from the initial touch to a payment claim.

 

Optum's survey shows that using Al to improve reimbursement coding is the hospital's top priority, But don't be feared about it. This survey also indicates that -56% of health care executives believe Al deployment will create jobs, not destroy them. Not everyone is ready to ride the Al wave though. Medical coding and billing is a broad term for the job of translating patients, medical records into standardized sets of codes. The symptoms a patient has when they arrive, the doctor who treated them, the physician's diagnosis, and any drugs or medical devices prescribed are all part of the patient's record. Billing specialists send coded bills to insurers, answer questions from insurers, and, if necessary, appeal denied claims. Translation of patient records into coded documents, as the large volume of codes indicates, may be sluggish and mind-numbing, but it is essential in the uniquely complex U.S. medical system. The codes are used by insurance providers to pay the different parties involved, including the doctor, the hospital or medical practice where the doctor works, the pharmacy if the medicine is prescribed, and so on.

 

Steps for the Future of Medical Coding

Apart from that, it is undeniable that the healthcare system and sales cycle trend would not be the same as they were before the pandemic. COVID-19 has forever altered the way health-care providers provide care and receive fees. The pandemic, on the other hand, is about to usher in a new age of healthcare, fuelled by a hyper-connected, community-sourced, and digitally powered healthcare system.

Related, engaged, and digital treatment is not a new phenomenon. In comparison to previous years, telemedicine adoption has allowed healthcare organizations to better respond to the pandemic's effects. However, healthcare providers need to shift gears from the crisis mode of adopting telehealth solutions to leverage telemedicine platforms to scale-up digitally-enabled care models.

Simultaneously, in the aftermath of COVID-19, health-care providers must extend their ambulatory and home-care capacities in order to maximize the advantages of hospitals without walls. One of the major factors driving financial stability post-pandemic would be digitally powered next-generation patient involvement.

 

According to the Bureau of Labor Statistics, job prospects for medical coders, medical billers, and other health information technicians should be good through 2020. The Bureau of Labor Statistics estimates that demand for medical billing and coding specialists to rise by 8% from 2019 to 2029 – which is much faster than the average growth. Artificial intelligence isn't meant to replace coders as a medical coding solution; rather, it's meant to help them code more effectively and efficiently. This method provides real-time feedback to coders, helping them to improve their skills more quickly. Medical billing can be difficult to understand at first because it requires you to learn medical coding in order to process insurance claims. Although learning the codes can take some time, you will have access to medical coding reference books and software to assist you with daily tasks.

The business side of healthcare is no exception. Medical coding, for example, was very much different 20 years ago than it is on today, and it will be different in the coming years too. Technology has advanced medical coding and highlighted the importance of medical coders. But to stay relevant, you must keep your eye on industry trends that will affect your role and then educate yourself accordingly — depending on whether you want to ride the wave or create waves. To assist you, we conducted market analysis and talked with many AAPC representatives about their views on the future of medical coding. What we've discovered is inspiring and good for all who are looking for a  career in the medical billing and coding industry.

If you are looking for a secure IT health career, Contact us to discuss upcoming enrolments, and take the first step towards a bright future and a rewarding career