Medical Billing Statistics, Trends And Important Facts

Health care facility

National healthcare is an ever-changing field, which requires adaptable processes that reflect the shifting population and economy. Up-to-date and professional medical billing is essential for keeping up with a wide variety of customers, new rules and fluctuating prices. When as many as 250 people can be involved in the generation of a single bill, it’s necessary to smooth out the process as much as possible to maintain accuracy, happy customers and steady transactions. Keep reading to learn more about medical billing in the United States, the average health insurance amongst the population and medical billing resources.

Healthcare Facts

Did you know over 45 million people of all ages were uninsured as of 2012, which is almost 15% of the American population? The U.S. Bureau of Labor Statistics has projected that employment for medical transcriptionists alone will increase anywhere from upward to 11% in the next few years, with medical record technicians hitting 20% by the year 2018. National healthcare has risen greatly in terms of yearly gross, being expected to either hit or surpass $46 billion in 2020. Most office-based physicians are turning to EHR (electronic health record) systems at almost 80% nationwide. With all these growing numbers and shifting demographics, it’s essential to stay ahead of the curve with updated technology and awareness of patient desires. In order for the number of uninsured to decrease, widespread trends can reveal common hurdles possibly contributing.

Important Trends

Methods can vary greatly depending on the population’s background and age. For example, many millennials (as high as 55%) prefer not to receive paper statements or physical bills. This figure isn’t much smaller with Generation X and baby boomers, at 36% and 30% respectively. E-mail and over-the-phone have become increasingly popular methods for efficiency and speed. Approximately 43% of customers in a recent survey admitted that being able to choose multiple methods of paying increases their satisfaction, as well. While it’s important to set up billing transactions that are accurate and timely, it’s just as important to curry customer confidence and satisfaction in a usually stressful and time-consuming process.