Five Reasons Why Medical Billing and Coding is Booming
1. Federal stimulus money is being poured into the cause.
a. As part of President Obama’s “American Recovery and Reinvestment Act of 2009”, $19.2 billion is being invested into America’s transition to digital health records.
b. John Kerry’s recent legislation “The Small Business Health Information Technology Act of 2009” will make family doctors and small medical offices eligible for Small Business Administration loans to cover the costly transition to electronic medical records.
2. Obama has called for mandatory digitization of medical records by 2014.
a. When Obama was elected president, he guaranteed that all health records in America will be digital by 2014.
b. As electronic medical records become standard in medical offices and hospitals, so will medical billing and coding specialists.
3. Major corporations are also helping the cause.
a. General Electric recently launched a program to increase access to technology, and reduce the cost of transitioning to electronic medical records.
b. Microsoft and Kaiser Permanente have partnered in an attempt facilitate an efficient and timely transfer to universal digital health records.
4. Baby boomers are aging.
a. With the largest generation of Americans entering retirement, more Americans will need medical attention than ever before.
b. A White House report projects a 48% growth from 2000-2016 in the demand for “healthcare support” workers, a group that includes medical records and health information technicians. Check out the graph here.
5. Heavier workloads + electronic medical records = physicians need help
a. With more Americans needing medical attention, and the shift to digital health records looming, more and more doctors are in need of medical billing and coding specialists to take care of their insurance claims; and the demand will only increase.
Good post. That’s right Medical Billing and Coding is Booming. Medical billing plays an important role in the success of the medical practice since it is the source of revenue to the business.
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[...] we mentioned in a previous post, Five Reasons Why Medical Billing and Coding is Booming, General Electric is one of several major corporations who have invested in creating the best, and [...]
Hi!
Can anyone tell me how a Medical Billing company can check if the
Physician is reporting his revenue from the insurance companies
correctly to his billing company?
Thanks!!
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Plus, many electronic medical records companies are now hiring and knowing medical billing and coding is a definite plus if you would like to change careers and get into sales or consulting.
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The urgent need of physicians for a medical billing service in time with Obama’s move to digitize medical records, indeed, account for the boom of medical billing companies taking over most of the billing functions like medical insurance billing.
However, in the rise of many billing companies and the immediate demand for them, physicians might get caught with fraud and incompetent billing service providers which might just result to nuisance in work efficiency on the part of the physicians and denied or overcharged claims on the part of the patients. Here’s one of the many companies that offer medical billing service and medical insurance billing that I found helpful.
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