How will Blockchain affect Medical Billing and Coding?

FREMONT, CA: Blockchain has steadily worked its way into modern lexicon and thanks to the growing popularity of cryptocurrencies. But managing digital money is not the only thing blockchain is capable of. Businesses of every size and shape have started implementing this technology. The medical billing industry is no exception, and there are some intriguing applications of blockchain to the process of medical billing and coding. The nature of data matters not for blockchain can offer a way of decentralized recordkeeping and managing. It provides both transparency and security of transactions.

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Medical billing facilities face many challenges, and one of them is the complex levels of medical coding that leads to unintentional billing inaccuracies, such as process duplication or incorrect information filings. Blockchain can lower the errors by showing proof of transaction completion, thereby reducing the risk of a second billing for the same service. In addition to unintentional billing errors, there are cases of fraud too. Patients, providers, and insurance companies are all capable of conducting billing fraud. Blockchain’s decentralized record-holding structure helps with proper payment processing.