Your email address will not be published. DUBLIN, March 15, 2019 /PRNewswire/ -- . Poor communication continues to be the downfall of AI. Solve your employer’s challenges, not just your own. The truth, … Medical coding is an in-demand job The Bureau of Labor Statistics predicts that the job outlook between now to 2024 for health information technician and medical records is 15%. If you want to do the same thing next year as you did this year, you should be scared.”. Medical Coding Market - Growth, Trends, and Forecasts (2020 - 2025), International Classification of Diseases (ICD), Healthcare Common Procedure Code System (HCPCS). Veteran auditor, inpatient coder, and college professor Dorothy D. Steed, CCS, CDIP, COC, CPCO, CPUM, CPUR, CPHM, CPMA, ACS-OP, CCS-P, RCC, RMC, CEMC, CPC-I, CFPC, PCS, FCS, CRCR, CICA, CPAR, is not convinced that AI alone is capable of improving accuracy and efficiency in medical coding. Medical coders are sought after in a variety of healthcare organizations, and those opportunities and avenues continue to grow. In fact, it’s been quite the contrary. With passion comes a love for not only your job, but for your career as well! “My advice to coding professionals is to continue to stay abreast of the changes we are experiencing. Therefore, the high demand for specialist coders and the presence of a favorable healthcare system are the key factors that are anticipated to drive the market growth. The Centers for Medicare & Medicaid Services (CMS) will continue to add and revise these programs, such as the Quality Payment Program, based on usage patterns, according to Aubry. One thing you can bank on is that nothing in healthcare stays the same. 2. How Technology is Shaping the Future of Medical Coding The implementation of electronic health records is reshaping the field of health information management and opening up many new opportunities. Obtaining new certifications shows your dedication to your profession and gives you the edge in securing new and exciting opportunities.”. Medical coders assign codes to clinical diagnoses and procedures. Level up – push your limits, stack skills, evolve. The major factors found propelling the growth of the market include the escalating demand for coding services, rising need for a universal language to reduce frauds and misinterpretations associated with insurance claims, and high demand to streamline hospital billing procedures. Earn CEUs and the respect of your peers. With companies banning together to create end-to-end revenue … The Future for Medical Billing and Coding Jobs With all the wonderful government data saying that medical billing and coding jobs are growing at 15% nationwide, it is easy to just assume that … All Rights Reserved to Mordor Intelligence. We believe the outlook is bright for billers and coders. History tells us that every shift to automation creates new jobs. It is the unrealistic demands placed on many coders that have led industry leaders to look for ways to automate claims processing. After spending time with so many HIM professionals at the AHIMA Annual conference, I’ve come back thinking about the future of medical coders. Medical coders continue to play an important role in accurate documentation, owing to their knowledge of medical procedures and terminology. What does AI mean to medical coders? I have not seen a decrease, but rather an increase in coding opportunities, as we have moved from the paper world to the electronic world.”, As with all new technology, there will be a learning curve. This guide can help answer your questions about how to start a career in medical billing and coding. The current international standard for medical coding is ICD-10 (the tenth version of International Classification of Disease codes), from the World Health Organization (WHO). 6. Nobody can really predict the future, but you can master your own destiny (see sidebar for tips). “Poor coding quality also increased payer denials with additional management time required to onboard, train and audit the outsourced offshore coders,” writes Wagner. Medical coding for social determinants has the benefit of systematically documenting the external factors that may impact a patient’s health and create challenges in their interactions with the health care system or barriers to obtaining recommended treatments. We are looking for thought leaders to contribute content to AAPC’s Knowledge Center. Skilled medical … Medical coding is thus being increasingly used in the present scenario, to create a proper record of patient care, streamline the medical billing process, accelerate payments to physicians, and identify … It’s entropy. Data shows how coding … “As globalization continues to accelerate with technology, I see more opportunity for savvy members to capitalize on outsourcing, whether domestically or overseas,” Erickson says. Make sure to invest in yourself from both a financial and time perspective. As technology continues to disrupt healthcare, there are bound to be changes in the way medical billing and coding … A successful medical coding and billing process will always need meticulous, educated employees to manage the data and apply expertise. And in healthcare, there are multiple descriptions, acronyms, names, and eponyms for each disease, procedure, and tool. Medical billers submit the codes to insurance companies for reimbursement of medical services. We are always looking to hire talented individuals with equal and extraordinary proportions of industry expertise, problem solving ability and inclination. In addition, assigning medical codes creates troves of detail-rich data that can be used for research, analysis, and treatment. “Why the Current Healthcare Industry Outsourced Coding Model Delivers a Suboptimal Result.” Sept. 3, 2019. https://himaginesolutions.com/why-the-current-healthcare-industry-outsourced-coding-model-delivers-a-suboptimal-result, AHRQ newsletter Issue No. 3. Embrace technology; learn to work with it. Future Growth Of Medical Billing And Coding Companies In The USA The ongoing COVID-19 pandemic has created many challenges for healthcare providers in the United States. Only now is ‘surprise billing’ a topic that is recognized, discussed, and hopefully eliminated. This type of AI uses natural language processing (NLP) to recognize and extract data from medical documents for coding and billing purposes. “Coding Accuracy: Study Reveals Differences Between Domestic and Offshore Coding.” 2018. https://www.healthcareittoday.com/2018/03/23/coding-accuracy-study-reveals-differences-between-domestic-and-offshore-coding-him-scene/#google_vignette, Wagner, Bill. According to Imagine Software, “… 65% of patients are open to switching healthcare providers who provide a better payment experience.”. Medical coders used to be afraid that this technology would replace them, but that has not been the case. “Had EHR vendors asked more doctors and nurses how they used charts during the initial software development process, there would be far fewer user complaints and burnout now,” Aubry contends. “Our jobs have continued to evolve even with the increase of electronic medical records [EMRs],” Kirshner says. The reason medical billing exists is so physicians and medical entities can be paid. Thus, leading offshore coding firms are building a secure environment for the coders to work in. Paddle harder toward the wave and ride it out. The North American market is estimated to hold the largest share, in terms of revenue, over the forecast period, owing to technological advancements and improved healthcare infrastructure in various countries in this region. Be prepared to go solo – could you today? While medical billing software is an integral part of any practice, … But change is inevitable. Thus, the market seems to be highly fragmented, due to the presence of many local providers offering a wide array of services. What we learned is encouraging, especially for those of you who are not afraid to tread in uncharted waters. Other factors include onboarding, training, and auditing. Will medical coding be completely outsourced eventually? Everything is in a state of decay unless you’re putting constant energy back into it. Even with AI or with health systems absorbing smaller practices, coders are still needed to help the software developers correctly develop programs, review for glitches, and help with updates as industry requirements change. “Additional complexity associated with ICD-10 implementation, regulation, and the shift to value-based reimbursement models more than offset CAC productivity gains, and coding complexity continues to increase.”, The science will continue to evolve, however, and so too will coders’ job responsibilities. 7. “KIWI-TEK partnered with six hospitals and health systems to answer the coding industry’s toughest question: ‘Who delivers higher coding accuracy, domestic or offshore outsourced coding services?’” The study results showed an accuracy rate of 90.5 percent for outsourced offshore coding compared to 96.5 percent for outsourced domestic coding. The field of medical billing and coding is growing as a result of a number of factors, chief among them being an aging population, an increasing focus on health data and informatics, and the digitization of health records. Some medical coders may even teach a class to show healthcare employees how to avert coding errors in the future… Medical coding is a key component of revenue cycle management. Future-proof your career in the business of healthcare with these tips: 1. The rapidly increasing COVID-19 cases and hospitalizations have put immense pressure on medical … I believe it is going to teach us a lot more about how/where we are deficient, both clinically and operationally.”, For example, Aubry explains, “Healthcare does not prioritize investment in the business-end of the industry whether it is in- or outpatient. This shortfall has created a need for added roles where coding skills are needed — clinical documentation improvement (CDI) and medical scribing, for example. To understand key trends, Download Sample Report. And nearly everyone is held to a 95 percent or higher accuracy rate. Automation and the Future Trends in Healthcare for Medical Billers Medical billing is moving in the direction of absolute automation. Also, most entities are seeing increased denials because the provider has documented conditions that do not appear supported by clinical evidence. The need for ICD is increasing across the world, owing to a growing prevalence of diseases. The Medical Coding Market has been segmented by the Classification System (International Classification of Diseases and Healthcare Common Procedure Code System), Component, End User, and Geography. Overall, medical billers and coders still have a future in continuing to help the US healthcare system save money, improve patient care and lead the world in efficiency. Technological advances are making it easier and faster for medical providers to access a patient’s … If you put stock in statistics, you’ll be reassured by the numbers that indicate medical coders are in high demand and will be increasingly so in the future. CAC software includes 3M’s 360 Encompass™ Professional System, Artificial Medical Intelligence, Inc.’s EMscribe®, and Pulse8’s Popul8. “With increased opportunity to work remotely, U.S. members have opportunity to secure work and help countries with developing (or evolving) healthcare systems. Required fields are marked *. Although the healthcare sector was affected by the COVID-19 pandemic in 2020, we believe the industry will recover and then rebound in the next year or two. The number of professional coders is expected to rise significantly over the forecast period, thus boosting the number of companies providing platforms for medical coding professionals. Using a wave analogy, certain trends in healthcare have been swelling for some time now and will peak soon, while others are still stirring underwater, waiting for the right time to surface. “The experts in coding are needed to ensure these solutions are accurate and up to date with the most recent guidance,” Gianatasio continues. “In facilities using AI,” Aubry says, “I see the coder’s role becoming more of an auditor responsible for reviewing cases to be sure the software performs accurately.”, Physician coding auditor, educator, and consultant Angela Clements CPC, CEMC, CGSC, COSC, CCS, AAPC Fellow, is also optimistic. Aubry tells us, “Even with health system mergers and acquisitions, there are still going to be providers seeing patients, so I do not believe the volume of visits decreases, but we have learned to expect the unexpected. This survey also indicates that “56% of health care executives believe AI deployment will create jobs, not destroy them ….”. Click here. The international classification of diseases (ICD) segment is expected to register a significant share, in terms of revenue, over the forecast period, owing to the increasing demand for trained medical coders. “Open and receptive communication from clinicians, HIM/coding/billing front-line professionals, back to the vendor is essential for improvement in accuracy and functionality of software. Therefore, medical providers have started … Accept change and overcome adversity – it’s coming whether you want it or not. The "Medical Coding Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.. According to BLS, employment for medical records and health information technicians (i.e., medical coders) is projected to grow 8 percent from 2019 to 2029, which is “much faster than average.”. “Is Offshore Coding Really Saving You Money?” White Paper.https://kiwi-tek.com/whats-trending/domestic-vs-offshore, https://www.imagineteam.com/blog/the-future-of-medical-billing-in-2019-5-trends-you-should-consider-now, https://www.hfma.org/content/dam/hfma/document/article/PDF/54648.pdf, https://www.healthleadersmedia.com/revenue-cycle/3-elements-needed-revenue-cycle-future, Healthcare Tech Outlook, “Artificial Intelligence Meets Medical Coding,” Aug. 10, 2020, https://www.healthcaretechoutlook.com/news/artificial-intelligence-meets-medical-coding-nid-1895.html, https://www.healthleadersmedia.com/revenue-cycle/how-covid-19-kicked-open-digital-front-door-memorial-health-system, BLS, Employment Projections 2019-2029,https://www.bls.gov/news.release/pdf/ecopro.pdf, BLS, Economic News Release Employment Situation Summary Nov. 6, 2020,https://www.bls.gov/news.release/empsit.nr0.htm, BLS, Occupational Outlook Handbook, https://www.bls.gov/ooh/healthcare/medical-records-and-health-information-technicians.htm, https://www.optum.com/content/dam/optum3/optum/en/resources/ebooks/3rd-annual-ai-survey.pdf, DiMarco, Michael. In short, coding creates good and valuable data. Ever-evolving medical billing and coding services, complicated healthcare RCM and stressful account receivables have become more complex. MARKET OPPORTUNITIES AND FUTURE TRENDS, **Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments, Nanakramguda Rd, Financial District, Gachibowli. I see continued growth opportunities for coders in the future! “EMR systems will never be able to intricately think through all of the documentation requirements and nuances for surgical services. But fear not. The largest gains occurred in hospitals (+16,000), physicians’ offices (+14,000), dentists’ offices (+11,000), and outpatient care centers (+10,000). The future is getting brighter for the field of medical coding with the use of electronic medical records. The push for quality data is placing an emphasis on the role of medical coders to serve as a go-between with CDI specialists and clinicians. Hence, the escalating demand for coding jobs is likely to drive the market studied across the world. At the conclusion of the study, each participating organization realized a 1 to 3 percent loss in revenue while using offshore coders. “AI is important,” she says, “but I do not think it has reached the level of accuracy required to code neurosurgery, for example.”, Optum’s survey may be a bit overzealous. Medical coding is the step in the medical billing process that assigns codes to insurance claims so that a patient’s insurance can be correctly billed. ICD-10 means more accurate medical billing and coding, which could translate to more jobs and higher medical billing salaries. So, what does that mean for medical coders? Report scope can be customized per your requirements. “However, as any computerized program, it can only process what is entered. When you see that next wave swelling, don’t panic and paddle in the opposite direction. The trend with the most potential to change the healthcare industry is artificial intelligence (AI). That wouldn’t be advisable, writes KIWI-TEK Chief Operating Officer Bill Wagner in a 2018 blog for Healthcare IT Today. 8. COVID-19 has certainly fast-tracked healthcare into the “digital age,” but it also has required us to regroup and reassess our priorities. The current international standard for medical coding is ICD-10 (the tenth version of International Classification of Disease codes), from the World Health Organization (WHO). Medical coder is a highly paid job profile as far as US healthcare industry is concerned, and this practice is now spreading across the world in a fast pace, creating millions of new job opportunities. This group convened as part of AHIMA’s transformation, a process that involves the creation of the “Coding Change Story,” a task force designed to envision the future of co… They’re responsible for conducting audits and reviews to ensure accurate coding and prevent rejected claims due to coding errors. According to the American College of Cardiology (2017), cardiovascular disease accounts for 800,000 deaths in the United States. “We realized you cannot ensure 100% compliance with all of the HIPAA requirements of a security risk assessment … if you’re using offshore,” according to Wagner. The pandemic required the industry to backpedal on some initiatives, such as the Merit-Based Incentive Payment System (MIPS), and accelerate others, such as telehealth. Ann Barnaby, CPC, CPCO, CRC, CASCC, managing director, Project Resume, leaves us with these words of wisdom and inspiration: I see continued growth opportunities for coders in the future! And then there’s the compliance factor. This is just one study, however, and there are others that tout offshore outsourcing. What do you think lies in store … Growth for medical … Reserve a block of time each week to read up on changes and updates in your field. Medical coding … To that end, some of the more influential health systems have implemented, or are considering implementing, computer-assisted coding (CAC). Medical coding classifies these for easier reporting and tracking. ICD‑10 has over 14,000 codes for diagnoses. See what actually is going on in the healthcare business job market. There are many other factors influencing the future role of the medical coder in the United States, probably more so than AI. Technology has advanced medical coding and highlighted the importance of medical coders. 5. Be an expert in your business and industry, not just your role. 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. Medical bills are sent to some kind of insurance company or health program for processing, and then payment is made … This system of medical coding ensures that healthcare … As evidence, BLS reports in a Nov. 6, 2020, Economic News Release that healthcare employment increased by 58,000 in October 2020. Payers are increasingly challenging and down-coding these claims. 4.2.1 Escalating Demand for Coding Services, 4.2.2 Rising Need for a Universal Language to Reduce Frauds and Misinterpretations Associated with Insurance Claims, 4.2.3 High Demand to Streamline Hospital Billing Procedures, 4.3.1 Changing Regulations Related to Medical Coding, 4.3.3 Lack of Adequately Equipped IT Professionals, 4.4.2 Bargaining Power of Buyers/Consumers, 5.1.1 International Classification of Diseases (ICD), 5.1.2 Healthcare Common Procedure Code System (HCPCS), 7. Moreover, the population is aging … “As our insurance reimbursement methodologies continue to shift toward quality over quantity, we need people who are trained in documentation improvement and are able to not only abstract information from a record but also go back to the providers to teach them when there are documentation shortfalls that will become costly in the future,” says Kirshner. “I believe more coders will be needed, but they will need to be highly trained to work in the areas that are most complex.”. The best place for medical coders to place their attention is an area of coding that they are passionate about. “I do not see volume of visits or need for coders to change that much but be prepared for constantly learning new codes attached to new programs,” she advises. Documentation is still challenging as coders and clinical documentation integrity (CDI) staff attempt to obtain accuracy in reporting. “The key is to be a coder who is flexible and can change with the times. Many coders are being held to extremely high standards that are hard to fathom. I presume more care will transition to outpatient and telehealth, which is not a bad thing for many patients, but new codes and rules will develop to accommodate those POS.”. Audits still need to happen to ensure accuracy of information. Gaze into our crystal ball …. “The final results showed that, despite what seems to be a much lower hourly rate for offshore coders, the total cost is much higher when all factors are taken into consideration.”. Individuals in the medical field may be well aware of the fact that there have been a number of coding changes in the recent years. Coders will need to code, work coding edits, work coding denials, and appeal denials. To understand geography trends, Download Sample Report. ICD‑10 has … Because of this, there are many Physicians in US that have started to wonder what the future of medical … Medical coders play a vital role in these companies. I believe coders will need to be more informed about these areas and query for clarification to protect revenue.”, Barbara Aubry, RN, CPC, CPMA, CHCQM, FABQAURP, AAPC Fellow, a senior regulatory analyst for 3M Health Information Systems, agrees that AI has some growing up to do. Many U.S. coders fear they will lose their jobs to offshore coders. Hence, this segment is expected to grow in the future, due to the rising growth of medical coding across the world. The U.S. Bureau of Labor Statistics (BLS) reported in its Occupational Outlook Handbook, updated Sept. 1, 2020, that the healthcare and social assistance sector is leading the pack in job growth, and the demand for medical coders is growing at more than double the average rate across all industries. Wagner, Bill. Stay in growth sectors – healthcare is the best place to be right now. Examples include acute blood loss anemia with no evidence of transfusion of blood products or iron supplements; and acute respiratory failure with no evidence of vent, BIPAP, CPAP. Medical coding, for example, was very different 20 years ago than it is today, and it will be different still 20 years from now. The technological advancements in the healthcare industry and constantly changing classification systems are expected to create potential revenue opportunities for players operating in the target market over the forecast period. “CAC does provide streamlining to coding,” Steed says. According to the British Heart Foundation (BHF), 17,06,213 cases of cardiovascular diseases are diagnosed in the United Kingdom alone. Your career is just one example. The business side of healthcare is no exception. As the health care system turns increasingly to electronic health records, billing and coding … Good companies should welcome that communication and be willing to work to meet that challenge.”, Melissa Kirshner, MPH, CPC, CDEO, CRC, CPC-I, Approved Instructor, AAPC Fellow, sees EHRs limitations daily. Many organizations want someone who knows what their medical billing and coding staff go through. Here’s what surfaces to the top of our list: These mergers do not consolidate the need for medical coders, however. “How We Can Expect the Healthcare Industry to Change in the Future.” 2020. https://healthcaremba.gwu.edu/blog/how-we-can-expect-the-healthcare-industry-to-change-in-the-future. I see problems with current versus history of conditions based on provider statements. She holds a Bachelor of Science degree in Media Communications - Journalism. EHR Integration/Interoperability. Thus, coding-related jobs are expanding, due to the growing landscape of the business side of healthcare, along with their efficiency to automate large amounts of work. “With the increased focus on value-based and patient-centered care, I see the career of coding expanding at an exciting rate,” she says. In addition, data security is a major concern for healthcare organizations, and offshore coding companies are also becoming aware of these data security concerns while understanding that breach in a client's data is likely to result in the loss of business. And that’s a good thing! Grow your network – you’ll absolutely need it. In the future… “Coding is contextual (not consistent) and utilizes non-text inputs pulled from various sources, all of which encumber NLP efforts,” Erickson says. Aug. 4, 2020. https://www.ahrq.gov/news/newsletters/e-newsletter/724.html, The George Washington University School of Business. AAPC National Advisory Board President-elect Colleen Gianatasio, CPC, CPC-P, CPMA, CPC-I, CRC, CCS, CCDS-O, sees these trends as opportunities. Wagner says he learned the hard way that offshore outsourcing is not cost-effective. To help you with this, we did some research on industry trends and spoke to several long-time AAPC members to get their perspectives on the future for medical coders. Although the technology is relevant, it has a long way to go and is not presently capable of improving data accuracy without coders. Not everyone is ready to ride the AI wave, though. © 2020. A successful medical coding … 9. There is a high demand for medical billers and coders in the current job market. Aubry believes “the pandemic has only begun to teach us important lessons. AAPC's annual salary survey gives a good understanding of the earning potential within the medical coding profession. Nobody can truly predict the future, though, and COVID-19 proved that. In the near future an entry-level associate degree or coding certificate likely won't be enough education to land a job. When done efficiently and accurately, it helps ensure hospitals are properly reimbursed for the services they provide. But, once again, Erickson sees opportunity. Renee has more than 20 years experience in print production and content management. Employment of medical secretaries, including medical billing and coding specialists, is projected to increase 22% from 2016 to 2026, according to the U.S. Bureau of Labor Statistics (BLS). There’s an increased demand for managers in the billing and coding field who can offer first-hand experience. “CAC penetration is over-stated by inclusion of software in broader bundles sold to systems,” AAPC CEO Bevan Erickson says. Medical coders are sought after in a variety of healthcare organizations, and those opportunities and avenues continue to grow. As a contributor you will produce quality content for the business of healthcare, taking the Knowledge Center forward with your knowhow and expertise. Annual salary survey gives a good understanding of the study, each participating organization realized a 1 to 3 loss... Is increasing, which is directly proportional to the market studied across the world, owing to their of... Increase of electronic medical records [ EMRs ], ” Kirshner says jobs is likely to drive market... Teach us important lessons “ the key is to continue to stay abreast of the changes we are what is the future of medical coding. For conducting audits and reviews to ensure accurate coding and billing purposes to extremely high standards that are to... Offshore coding firms are building a secure environment for the business what is the future of medical coding healthcare with tips!, discussed, and eponyms for each disease, procedure, and those opportunities and avenues continue play. 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