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03 Oct 2018
Technology is revolutionizing the healthcare industry. From biosensors in wearable technology that help patients monitor their symptoms to 3D technology and scanners that are improving patient care and treatment, technology is changing the healthcare sector for the better. In addition to helping patients and saving lives, technology is also drastically improving the business side of healthcare. Thanks to emerging technology, healthcare organizations can run more efficiently and become more patient-friendly than ever before. Here are a few areas in which technology is improving the business side of healthcare:
Technology is making it easier for companies to receive and manage big data. Doctors are able to gain more information and data from patients than ever before. New technology, like emerging 5G technology, allow healthcare providers to analyze and share the large volume of data that is being made available. This will help these organizations to operate more efficiently and effectively. Patient records can be shared seamlessly among organizations when needed, healthcare professionals can save time and money using quick, online systems to collect, manage, and share data.
While not too long ago, most medical billing and coding was done by hand and submitted through the mail, and healthcare organizations were just beginning to use computers for billing and coding programs, healthcare records today are almost entirely electronic. The use of technology for medical billing and coding is only going to increase in coming years. In 2011, 55% of physicians reported using electronic health records, and Frost & Sullivan estimate that healthcare AI tools will be a $6 billion industry by 2021.
Electronic records means more accurate billing and coding, which means that healthcare providers will not only save money on personnel when they using electronic systems, but they will also avoid costly errors and inaccuracies that might make them lose out on money. Almost 90% of hospital bills contain errors, and these errors cost both patients and healthcare organizations thousands of dollars each year. This system increases accountability and reduces error between documentation and procedure codes, and it will help patients receive their health insurance reimbursements faster.
From storing data to preventing billing errors, technology is helping healthcare organizations save money and increase profitability. Another way technology helps lower costs for healthcare organizations is by offering different methods for healthcare professionals to deliver care. Healthcare organizations can use technology for video consults, virtual visits, and other forms of remote healthcare. These methods of delivering care allow healthcare providers to use less resources while still providing good, accurate care without the need for expensive equipment or complicated steps to create a video connection.
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