Revolutionizing Revenue Cycle Management: How Technology is Transforming Medical Billing

Explore how digital tools are reshaping healthcare RCM and improving efficiency

As new technologies come onto the scene and old tools evolve, industries and companies have a major job to do: improve and innovate without negative disruption.

First introduced in 1997 by Clayton M. Christensen in his book The Innovator’s Dilemma, companies face a conflict between maintaining the status quo in their current culture and innovating at the risk of reducing quality and customer loyalty. We’ve seen this play out in the technology space over the last 50 years, but one industry that has quietly been innovating without causing much of a splash is the medical billing industry.

In this article, we’ll outline the main technology use cases in medical billing and how SVS Services capitalizes on new innovations to improve processes and quality.

Technology’s Impact on Healthcare

Medical practitioners rely on apps and tools to schedule and remind patients of upcoming appointments and keep track of patients’ health records. Some platforms have even incorporated artificial intelligence (AI) to improve the practitioner’s efficiency. 

“For example, AI is used to analyze the daily schedule across a number of historical factors such as patient history, time of the appointment, failure to confirm the appointment and travel distance. The results identify potential no shows and initiate a reminder call out,” says David Souza, co-owner and in-house technology director. “This gives the office an opportunity to fill the slot and maximize revenue generation.”

After a patient is examined, the provider records visit notes and assigns codes to specify the diagnosis and the procedure that was performed. Medical billing coding expertise and technology intersect to increase claim approval rates and deliver appropriate compensation for the provider.

How SVS Services Maintains a Competitive Edge with Technology

“Technology is really important to us,” says Adrienne Souza co-owner and in-house coding director. “We are constantly keeping up with software upgrades, training our staff on the latest technology and using these innovations to improve not only our efficiency but our clients’ and their patients’ experience.”

If you’re interested in learning more about how SVS Services uses technology or how we can help your medical practice innovate its revenue cycle management, reach out to Adrienne today. SVS Services is a medical billing provider in Massachusetts that supports your practice through the entire claims lifecycle.