While blockchain is mostly mentioned in the context of bitcoin and other forms of cryptocurrency, this type of tech also has major implications for medical billing. Blockchain refers to a decentralized database managed by an independent third party. In the bitcoin blockchain, all transactions take place in unique “blocks,” which prevents the reuse of cryptocurrency.
In healthcare billing, these attributes of the blockchain structure enhance data security and transparency, which can, in turn, improve management of your revenue cycle, increase profits, and encourage patient retention.
The advantages of blockchain for electronic health records
Electronic health records (EHR) allow providers to share patient information across practices and medical settings. Primary and specialty physicians can see a 360-degree view of each person’s health status, treatments, prescriptions, medical history, and other pertinent details. However, this level of transparency also creates concerns about data access and security.
With a blockchain-based EHR, your practice can reduce the expense created by duplicated and erroneous data, thus improving the efficiency of care coordination. Healthcare providers add records to a decentralized database that patients and other providers can access, potentially improving the quality of care your clients receive while reducing the cost of treatment.
Because everything entered in the blockchain is permanently recorded, this tech adds a layer of protection from fraudulent transactions. You can encrypt the blockchain and allow access only to authorized users, so your practice can maintain compliance with HIPAA regulations without compromising data transparency among your patients and their healthcare providers.
Benefits of blockchain for medical billing management
Blockchain’s ability to eliminate errors can help prevent billing inaccuracies, which can be quite costly for medical practices. For example, you can receive a report with proof of completed transactions, which generates an error message if someone on your staff accidentally submits the same service for reimbursement twice. Catching this issue before submission to the insurance company speeds up the time it takes for payment and eliminates expensive delays.
Blockchain also provides a detailed, transparent record of each and every patient billing transaction. If you need to address a payment issue with a patient or an insurance provider, you’ll have all the information you need to get to the bottom of the problem within your billing system. Everything can be automated, accelerating your revenue cycle and fine-tuning its efficiency.
If you’re interested in exploring how blockchain can benefit your billing process, connect with the team at MailMyStatements today. Our experienced professionals can help you implement the right tech solutions for your practice.