FREMONT, California: Blockchain has steadily made its way into the modern lexicon and thanks to the growing popularity of cryptocurrencies. But managing digital money isn’t the only thing blockchain is capable of. Companies of all sizes and shapes have started to implement this technology. The medical billing industry is no exception and there are some intriguing applications of blockchain to the medical billing and coding process. The nature of the data is not important for the blockchain can offer a way of management and management of decentralized archives. It ensures both transparency and security of transactions.
Medical billing institutions face many challenges, and one of them is the complexity of medical coding levels which leads to unintentional billing inaccuracies, such as duplication of processes or incorrect information filings. Blockchain can reduce errors by showing proof of transaction completion, reducing the risk of a second billing for the same service. Besides unintentional billing errors, there are also cases of fraud. Patients, providers and insurance companies are all capable of billing fraud. Blockchain’s decentralized archiving structure helps 
appropriate processing of payments. It provides visibility into all actions and transactions carried out. With all billing data stored in the blockchain, there is a reliable data source for settling complaints. When there is less bill fraud, the cost of care can stay low.
Blockchain systems can also be used to streamline the billing process itself. When combined with computer aided coding methods, the invoicing process will be optimized. Automating the billing process keeps all accounts up to date, running faster than non-automated methods. The reduced labor level can reduce billing costs, and faster processing allows healthcare providers to reduce payment collection times. Data breaches in medical billing result in millions of lost money for healthcare providers. With improved security through blockchain, providers will lose less money, which will allow better allocation of funds. The blockchain allows a level of security that meets all compliance standards.
As blockchain technology enters the norm, the medical industry will likely start to see more ripples in the billing and coding arena. The exact future of blockchain in medical billing is still uncertain, but it is certain that it will have significant impacts on medical billing and coding procedures.
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