Medical Accounting has changed. And certainly for the better. The healthcare industry has always been fuelled forward by technology. Be it medicine, surgery or even day-to-day healthcare, technology and medical services have always acted as two sides of the proverbial coin.
So it’s no wonder that accounting in healthcare services, which once used to be a largely manual process has now moved on to the software domain. More and more medical practitioners and healthcare providers are opting for the accounting software route. As a result, the future of medical accounting is inextricably tied with accounting software.
We are already inching towards the final days of 2019. Now it is time to take a look at the top five medical accounting software trends that are all set to rule the centre-stage in 2020 and beyond.
Incorporation Of Data Analytics
Accounting software is no longer limited to the realm of spreadsheet packages and electronic invoices. Record-keeping and accounting software is becoming more advanced day by day. As a result, the amount of data being harvested regularly by these software packages has already reached epic proportions.
And medical service providers are taking advantage of this huge amount of data to glean greater insights. This can help to improve their financial health as well as the quality of service they provide to their patrons. This trend is expected to continue in the near future. Big data and advanced analytics have become common bywords in the medical accounting industry. In 2020, data analytics will certainly play a greater role in medical accounting software uses.
The Rise Of Automation
Automation is already playing an integral part in the realm of medical accounting software, and 2020 is expected to see this trend rise to a whole new level. Automated software systems are expected to take over 80-90% of the routine tasks that accountants had to previously slog over. This can free them up to work on developing KPIs (Key Performance Indicators) for the business, together with devising strategies to improve financial flow.
A Shift To The Cloud
It is already estimated that 78% or more small businesses are going to take the cloud route when it comes to accounting software. And the medical industry in Australia is expected to follow. The advent of cloud technology has enabled data sharing and streamlining of accounting services on an unprecedented level. Therefore, if you are not using the cloud for your medical accounting software yet, it’s time to shift to the higher levels of service.
Hiring External Experts
There was a time when medical accounting was considered an in-house function. With the introduction of software services in medical accounting, the trend is slowly shifting. Hiring external experts to take care of your accounting requirements has now become the norm.
The hiring of third-party professionals has the effect of offloading the burden of accounting services from the shoulders of the medical service provider. This allows them to focus more on their core functions of patient care and comfort.
AI Has Arrived
Artificial Intelligence (AI) has proven to be one of the greatest tools available to mankind. And the medical industry is not lacking in reaping its benefits. AI can perform routine accounting tasks with surprising ease and near human competency.
As AI becomes more advanced, it is expected that medical accounting software will have the chance to be more reliant on AI technology. With faster processing times, better accuracy and greater insights, AI is all set to be the future of medical accounting software.
MLPC- Your Partner For Today And Tomorrow
The medical accounting software industry is already undergoing tremendous changes that are expected to improve services in all respects. At MLPC, we understand your aspirations and provide the required services that boost your business.
Whether you need help with insurance, advisory services or financial brokerage, we are there to serve your needs. Our unique offerings such as Virtual CFO, KPeyes and the MLPC partner network work together to take your accounting services to the next level.
MLPC also provides complete digitisation assistance to medical service providers. Our services are geared to convert medical businesses of today into holistic health providers of tomorrow.