The Revenue Cycle Management industry is going through a phase of intensive growth, and only teams that can adapt to this momentum can survive. Apart from the challenges that the Covid-19 situation has bought about, the medical billing and coding companies globally have to handle increased client demands, narrowed profit margins, and the pressure to invest in the latest tech upgrades.
Anytime a new compliance requirement is in place in the healthcare industry, the medical billing companies have to gear up for intense learning and unlearning. Such companies play a pivotal role in protecting the legal statuses of their clients. Apart from matching the SLAs for reimbursements, these companies will also have to ensure their processes and strategies comply with the new law changes. The No Surprises Act (NSA) has been implemented from January 2022, and this means the RCM billing companies and service providers have to be prepared to handle the change.
The process of Medical Billing and Coding originated way back in the 17th century in England. It might as well sound astonishing that the ICD-9 codes have been dated back to being used in the 17th century to find out the frequent causes of death. Over the period of years, the process of Medical Billing came into play and now healthcare systems across the world are following their own billing processes.