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How to Use Data Analytics to Become an Authority in Medical Billing Industry

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Data analytics creates a possibility to answer complicated questions that remain beyond bounds for more straightforward analysis techniques. Among the many features of data mining, the most significant are as follows:

Automation

Even though simpler data techniques and statistics analysis use data for intelligent segregation, their capabilities don’t even come close to the complex abilities of data mining. This makes the latter far superior to conventions of statistical analysis. Through the automated nature of data mining models, the dependence on manual entries is significantly reduced, and much larger amounts of data can be used.

Data Analytics Meets Medical Billing and Coding Challenges

The healthcare industry is one that deals with data in large volumes. More and more organizations are opting for healthcare analytical tools to gain insights into their workings. Data companies are now more accessible to medical billing and coding companies, with everything from servicing to IT infrastructure being outsourced. From overcoming business challenges to increasing the efficiency of everyday workings, the benefits of data mining in healthcare remain unprecedented. We conducted research on the popular benefits of data mining for the medical billing and coding industry and below are the most prominent advantages:

Controlling Costs and Expenses

Identifying Fraud

Predictive Analysis for Reimbursement Cuts

Prescriptive Analysis for Rectification

Controlling Costs and Expenses

Through healthcare data analytics, an examination of claims is a substantial way to control costs and reduce expenses. Any additional claims expenses can be easily caught through the data analytics intelligent models.

Furthermore, the process is thoroughly beneficial towards the use of identifying associations between diagnosis and treatments and for the identification of inefficiencies within the current system as it seems through the data at an automated pace, with the reduced requirement for manual intervention.

The medical billing and coding industry is one that is faced with massive chunks of data and what better way to intelligently classifying this data but using data mining in healthcare.

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The Process

Costs and expenses are reduced through the following practical methods of using data:

Exploration of data

Preparation of meaningful analysis

Modeling of data

Evaluation through automated systems

Definition of problem areas

Future outcome analysis

Deployment of segregated data

Data mining works toward finally reinventing healthcare through transformed payment schemes that prevent critical occasions of readmissions. With the ability of data mining to predict the likelihood of readmissions with a right amount of accuracy, the health system can cut costs and keep health in check by raising the radar on people who are likely to be readmitted.

Identifying Fraud

With the ongoing instances of fraud in medical billing and coding continually rising, data mining is now being looked at to address and identify frauds and thereby eliminate expensive security blunders.

Whether it is fake claims or inaccurate ones, frauds have cost the healthcare industry dearly over the years. With the intelligent capturing capability of data mining, fraud can not only be identified, but there are provisional ways to eradicate the possibility of them taking place completely.

Through certain predictive analysis, data can be accumulated to prevent fraudsters from accomplishing their goal. Within the analytics system, data mining technology is used to gather the data through expert techniques. This data is then converted into meaningful analogies, and standard measurements, which ultimately culminate into an Enterprise Data Warehouse (EDW). EDW then works as the basis through which further data investigations occur that can identify fraud.

Through this EDW, data mining identifies health care providers whose:

Coding and billing strategies and actions vary from their regular practices

Coding and billing systems that differ significantly from their competitors

The Process

This is done through the analysis of the healthcare providers:

Area of practice

Location

Type of healthcare service offered

Frequency of billing

Size of operations

Through the above healthcare data analytics, fraudsters are identified, and due action is initiated, thereby saving expenses to an important lesson.

“In 2007, the Criminal Division of the Justice Department refocused our approach to investigating and prosecuting health care fraud cases. Our investigative approach is now data driven: put simply, our analysts and agents review Medicare billing data from across the country; identify patterns of unusual billing conduct; and then deploy our “Strike Force” teams of investigators and prosecutors to those hotspots to investigate, make arrests, and prosecute. And as criminals become more creative and sophisticated, we intend to use our most aggressive investigative techniques to be right at their heels.”

-Reported by Robert W. Liles, As Lanny A. Breuer, Assistant Attorney General of the Department of Justice’s (DOJ’s) Criminal Division.

Predictive Analysis for Reimbursement Cuts

Predictive analysis tools can go a long way to manage reimbursement cuts and control patient claims efficiently. These analytical tools will help in predicting patient behaviour and therefore increase the likelihood of efficient functioning while avoiding unnecessary financial costs. These tools also aid in identifying areas of billing errors and substantially reduce the risk of subsequent inefficiencies.

There is a noticeable increase in value that the medical billing and coding companies will notice from mining their data. The future predictions can lend coding companies to adopt strategies that will diminish the likelihood of reduced productivity and increase overall performance through intelligent evaluations. The evidence gained from predictive analysis allows medical coders and billers to incorporate strong and efficient categories into practice at an early stage.

Predictive Data Analysis uses the following information to make intelligent predictions:

A comprehensive record of bills submitted by healthcare providers

A quantum of data related to the billing and coding of each practice

Supporting documents related to a or a group of claims

An analysis of claims submitted

While it is virtually impossible to identify misdoings before they occur definitively, the use of predictive data analytics efficiently points the medical billing and coding industry in the right direction, wherein qualitative investigation can happen to minimize its susceptibility to wrongdoing.

The drastic increase in the diagnosis codes from 13,000 under ICD-9 to 68,000 under ICD-10 has made every kind of analytics and reporting results much more detailed than it used to be. Billing and coding companies that have adopted predictive analysis tools have received a considerably higher value return from mining their data.

Prescriptive Analysis for Rectification

After a predictive analysis is undertaken through data mining, the next order of business is a prescriptive analysis of the data. In layman terms, this literally means an analysis of what needs to be done about the predictions that have been made. This is a useful area and a significant component of the meaningful information that can be extracted through data mining. Considering this is a newer area of data mining, the prescriptive analysis offers actionable suggestions that work as solutions toward the predictions made by the predictive analysis feature of data mining.

Prescriptive analysis is undertaken with the use of the following tools:

Business rules

Algorithms

Machine learning

Computational modeling

data-analysis

An efficiently deployed predictive analytics platform can track the current and upcoming trends, gauge its effect on cash flow, and offer solutions for rectification. For example, if a company is reimbursing claims at a higher or lower level than required, predictive analysis catches the lapse, then displays the inefficacies and offers remedial action through complex algorithms.

The Response of the Medical Billing and Coding Industry to Data Mining

Several data mining techniques are endued with the capability of collating volumes of data to create meaningful analysis and offer predictive outcomes that can assist in increasing efficiency within the medical billing and coding industry by leaps and bounds. While there is no doubt about the advantages of these processes, there is still a wide number of industry professionals who are still to adopt these data analytics techniques. This could be attributed to a certain amount of confusion among industry professionals as to the detailed capabilities of data mining and its subsequent advantages. The hesitancy also comes from the attachment to conventional methods of audit and compliance that are undertaken through mostly manual statistical collection.

The following statistics point to the urgency of data mining adoption:

“Developed and developing economies are expected to see health care spending increase ranging from 2.4 percent to 7.5 percent between the year 2015 and 2020”, according to the report by Deloitte.

According to medicalbillersandcoders.com, “the coding system saw an upgrade in October 2015 through transition to International Classification of Disease (ICD-10). This new ICD-10 has approximately 69,823 codes & 71,924 procedure codes. Additionally, 140,000 new codes have been added to the list.”

It is a question of time before the entire healthcare industry embraces the benefits of data mining and slowly but surely, the trend seems to be setting in.

Challenges toward the Adoption of Data Mining

While the benefits are countless, there are also certain challenges that industry experts are facing when it comes to the adoption of data mining. The reliance on automated systems may subject certain providers to random audits and investigations that may not be necessary or justified. The sole dependence on data analytic techniques to identify providers who are undertaking wrong doing, purely based on exclusive data seems unfair to many professionals.

In a nutshell, the challenges toward the implementation of data mining include:

Uncertainty of data mining results due to their predictive nature

Reliance on technological statistics as opposed to manual operations

The cost involved towards unnecessary audits that may prove unrequired

The job cuts that come along with technology replacing manual statistical assembling

A basic unawareness of the benefits of data mining among professionals

Implementation of Data Mining for Medical Billing and coding

The healthcare industry is experiencing a revolution, one the likes of which have never been witnessed in the past. The crux of this revolution involves the adoption of data mining strategies to systematize the medical coding and billing industry within this panorama. Healthcare professionals no longer need to rely on manual audits and complicated procedures to identify misdoing and malpractices among the healthcare providers.

Because of data mining implementation, medical billing and coding companies will benefit in the following ways:

Cleaner systems of operation with data segregated systematically

Greater transparency from healthcare providers

Reduced costs of manual audits

Reduced expenses that result from wrongdoing investigation

Mitigation of risks of malpractice

Prediction of patterns and outcomes that increase efficiency

Prevention of waste, fraud, and abuse

While the benefits of adopting data mining techniques outweigh the challenges entirely and there is no doubt that the healthcare industry will witness an increasing reliance on data mining for its medical billing and coding purposes, it is important to remember that these techniques keep evolving. Therefore, medical experts need to make an added effort to keep up to date with the ever-changing technologies to obtain the maximum gain from them.

Source:- https://www.osplabs.com/insights/data-mining-in-medical-coding-and-billing/

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Bitget KCGI 2022 Officially Begins alongside Extended Registration

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Singapore, 19 May, 2022 –  Leading global derivatives exchange, Bitget, today announced its bi-annual trading competition – King’s Cup Global Invitational (KCGI), has officially begun. Due to overwhelming response since its launch, the deadline for registration has been extended. While the actual competition will still commence on May 20, 10:00 (UTC +8), participants can continue to register for the competition from May 20, 10 :00 (UTC +8) to May 24, 10:00 (UTC+8). KCGI 2022 will officially conclude by June 10, 10:00 (UTC+8). 

When registration for KCGI 2022 officially opened on May 9, a record number of 500 registrants were recorded, signifying a positive response for the long-awaited return of the trading competition for the Bitget community. As details of the competition continued to emerge, including the doubled prize pool as well as a variety of gifts offered as prizes, the number of users continued to increase. To date, more than 3,000 registrants have been recorded, representing a 500% increase since launch day. In light of such an overwhelming response from the community, and following the momentum of last year’s popularity, the registration window has now been extended by four days to May 24. Users with at least 300 USDT in their futures account at the time of application will be eligible to participate in this year’s KCGI.

During KCGI’s initial debut in 2021, more than 10,000 users participated. Responses from the community were largely positive, with more than 88% of users indicating that they would participate in the next edition of KCGI, and more than 79% of users stating they would share this initiative with other fellow traders. Trading competitions have proved to be innovative and interactive avenues to build and expand existing communities within the crypto space. By offering a separate opportunity and environment for users to engage in, alongside the possibility of earning fruitful returns, also reiterates the flexibility and endless possibilities available to traders within the space. 

Commenting on the official commencement of the competition, Bitget’s CEO, Sandra Lou said, “Leveraging on the growing influence of trading competitions, as well as the successful run of KCGI, we will continue our efforts in introducing more rewarding and enticing initiatives for our users to participate in. Most importantly, we look forward to giving our users more options when looking to diversify their investment portfolio. 

Sandra continued to add, “We are extremely heartened to see the overwhelming response from users during the initial round of registration. With this unprecedented move of extending the deadline, we are looking forward to seeing the competition unfold. Let the games begin!”

For more information on KCGI, please visit https://www.bitget.com/en/kcgi/spring/2022 

About Bitget

Established in 2018, Bitget is one of the world’s leading cryptocurrency exchanges. Currently serving over two million users in more than 50 countries around the world, Bitget accelerated its mission to promote decentralised finance in 2021 with a 500-strong workforce spanning over 20 countries. 

Since Bitget’s official launch in the crypto derivatives market in June 2019, the platform has now become one of the world’s largest crypto copy trading and derivatives exchanges, and is ranked in the top five globally by CoinMarketCap and CoinGecko for derivatives trading by volume. Bitget’s flagship product, One-Click Copy Trade, has attracted more than 20,000 copy traders, innovating the experience for crypto derivatives traders worldwide.

Adhering closely to its philosophy of ‘Better Trading, Better Life’, Bitget is committed to providing comprehensive and secure trading solutions to users globally, aiming to be the portal that transcends Web2 and Web3, that connects CeFi and DeFi, resulting in an expansive bridge to the vast web of crypto. In September 2021, Bitget announced its sponsorship of world-renowned football team Juventus as its first-ever sleeve partner and PGL Major’s official esport crypto partner soon after. Partnerships with the leading esports organisation, Team Spirit, and Turkey’s leading and long-standing football club, Galatasaray, were also announced in early 2022.

For more information, please visit:

Official website: https://www.bitget.com/en/

Telegram: https://t.me/bitgetEN

Twitter: https://twitter.com/bitgetglobal

LinkedIn: https://www.linkedin.com/company/bitget-global/

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Famous Futuristic George Gilder Weighs BSV Over BTC at Summit

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Bitcoin (Btc) Prices Hold Steady After A Severe Turmoil
  • The Summit is held annually to help investors discover new market trends.
  • Gilder highlighted the advantages of BSV over BTC to the current issues.

As per renowned futuristic George Gilder, a “dynamic Bitcoin” that has “really created a miracle in recent months,” BSV is on the verge of becoming the de facto standard for all global currency in the next five to ten years. The Famous futurist gave an online “Six Predictions Summit” presentation to a group of financial experts, highlighting the advantages of BSV over BTC as the answer to the current economic and technical issues.

Framework for New World Order Required

According to Gilder, “immutable, unhackable” Bitcoin and the blockchain have produced freedom from political control currency. “Dual hacking crises” (technology hacking and economic hacking) affect today’s globe. Still, they may be addressed by establishing a new global economy and laying a framework for new world order.

The Six Predictions Summit is held annually to help investors discover new market trends. Due to current travel and other constraints, this year’s event was hosted online instead of in person. Renowned investing trend spotters Jim Rickards, James Altucher, Ray Blanco, Zach Scheidt, and Alan Knuckman joined hosts Doug Hill and Matt Insley on the show.

George Gilder has referenced Bitcoin’s “digital gold” myth at several points. Aside from noting that “the original Bitcoin, BTC” and Bitcoin Satoshi’s Vision or BSV are distinct, he reaffirmed gold’s usefulness as a long-term store of wealth.

Gilder said:

“Bitcoin Satoshi Vision has really created a miracle in recent months, rather than the static Bitcoin, which people hold on for dear life. It’s a dynamic Bitcoin that moves with the advance of technology.”

Despite the fact he called BTC “Bitcoin”, “the original Bitcoin” was not the answer he was talking about. The asset was regarded by him as being of no use to anybody except speculators, terming it as static.

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Is the Future of Real Estate in the Metaverse?

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Is The Future Of Real Estate In The Metaverse?

Although the metaverse is not a new concept, it has recently gained much more attention. Many are now becoming familiar with the idea, and are looking into what its future offers and how they can be a part of it. The metaverse will completely transform the current way of life for the average individual, affecting work, trade, entertainment, leisure, exercise, social interactions, and everything in between.

Apart from the retail players, big tech companies are also getting into the space. Facebook, the world’s most popular social media platform as of 2021, has recently rebranded to “Meta”, showing its commitment to this new space. According to an official announcement, rebranding was necessary because the company is shifting its focus to bring the metaverse to life. Footwear and apparel giant Nike is also preparing for the metaverse and has signified interest in creating its own space, as well as Adidas, another powerhouse brand.

The metaverse will transform many aspects of life by improving interpersonal interactions, establishing communities, and helping businesses grow. The climate required to create and operate a successful business will also change considerably. Firstly, the metaverse will allow businesses, regardless of size, to establish digital stores for their goods and services. A significant advantage of these capabilities for the average company is that opening a physical store is no longer necessary. This could significantly reduce overhead costs without having to sacrifice customer reach. In a virtual world, a company can tap into wider audiences beyond the physical boundaries imposed in a real-life setting.

There are also multiple metaverse use cases for the entertainment sector. For example, entertainment brands could use metaverse locations to preview music to excite virtual fans, holding mega concerts to listeners around the world. Furthermore, fans may also get the chance to meet and interact with their favorite celebrities, an opportunity rarely possible in the real world.

Additionally, people can gather for leisure activities in virtual parks to play or bond over shared interests and ideas. These locations could replicate attractions available in the real world, engaging all different types of users in the process. For instance, people can build teams based on varying activities, including everything from traveling, virtual combat, or playing chess. The metaverse will offer a slew of new opportunities for individuals and brands alike.

One of the less obvious but very promising advantages of the metaverse is the opportunity to capitalize on virtual real estate. Regardless of sector or industry, the shift to the metaverse still requires individuals and businesses to establish a presence on the metaverse; this is where virtual real estate comes in and plays its part.

All metaverse offerings, including commerce, healthcare, entertainment, and other sectors, must set up shop somewhere in the metaverse to reach their desired base. Individuals can also invest in virtual properties for various reasons, In parallel to the traditional real estate market, Investors can earn profit by purchasing properties and leasing them to businesses and other franchises. Investors can also simply buy virtual properties, hold them into the future, and later flip them for a potential profit. With 500 million dollars sold just in real estate in the metaverse, last year projections state that it will double this year!

The key to making the best out of a real estate investment is getting in early. As with everything else, early buyers catch on quicker and are in a better position to make a profit if and when the value increases. Investors are able to pick their property at floor price in a strategic approach that will allow the potential for a larger profit as well as an easier sale just as investors do in the traditional real estate setting. Users looking to get into digital real estate in the metaverse can start their virtual portfolio and begin with Ethereum Towers.

Ethereum Towers

Ethereum Towers is a community-centric vertical megastructure set in the Ethereum Worlds metaverse. Consisting of 4,388 separate apartments, Ethereum Worlds is a major player in the space available to investors interested in taking an early chunk of the metaverse real estate market as it grows. The apartments in the structure are in two identical towers, each with 101 stories. Each apartment is an NFT on the Ethereum network and is available as an ERC-721 token.

All owners in the Ethereum Towers can use their apartments however they please. Each owner can personalize their space how they wish, giving them full autonomy over their digital real estate asset. For this, the Ethereum Towers offers a marketplace with a wide range of accessories, furnishings, and ornaments that owners can purchase and set as preferred. Since each apartment is available on the Ethereum blockchain as an NFT, ownership is guaranteed and easily verifiable.

Due to the deliberate design, Ethereum Towers apartment owners and guests can explore the social benefits of a large community with similar interests. All residents partake in a virtual social experience supported by meaningful interpersonal interactions. Each tower possesses communal areas where owners can meet and interact, regardless of any preconceived boundaries that would limit interaction in the physical world. Through these interactions, users can build a strong sense of belonging and establish friendships along the way.

Perhaps the most significant advantage to Ethereum Towers is the investment opportunity it offers. In the metaverse, unlike in the real world, digital property assets usually have a much lower entry barrier, making it much easier for interested investors to get involved before the masses. The value of the apartments are projected to increase over time as meta living becomes more popular, providing early adopters a chance to capitalize on being first movers.

Getting In Early

Investors that have been able to identify ideas that dramatically impact the functionality of the future have always prospered. Those who understand the impact and utility around the metaverse too will have a major headstart within the benefits that this realm will offer. With Facebook being one of the largest and most successful companies taking action to rebrand itself as “Meta,” this should give investors a clear idea that a new significant era is on the horizon.

 

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Popular Analyst Predicts Major Breakout for Ethereum (ETH) on the Cards

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Ethereum To Reach $20 Trillion By 2030 As Per Ark Invest Ceo Cathie Wood
  • Ethereum’s price has rebounded from a two-month decline in the last week.
  • Partisans are bullish on ETH 2.0 and are targeting a price of $8,000 shortly.

Since its January lows, the price of Ethereum has risen almost 50%. The Ethereum blockchains native token, Ether, has recently shown indications of resurgence. The altcoin is benefiting from several fundamental factors.

ETH/USDT: Source: TradingVIew

Ethereum’s price has rebounded from a two-month decline in the last week and has already reached the $3,000 mark. Cryptocurrency analyst Benjamin Cowen predicted a significant breakout for Ethereum (ETH) this week. According to him, the ETH price range between $2,000 and $4,000 represents a major re-accumulation zone for a medium-term runway of higher prices.

Upcoming ETH 2.0 Crucial

It’s also predicted that the network’s different offerings would show greener candles. Additionally, Partisans are bullish on ETH 2.0 and are targeting a price of $8,000 shortly. As the price of ETH continues to rise steadily, the fear and greed index for Ethereum weighs more heavily on the greed side of things.

Every obstacle on its path to the $3,200 mark on the daily chart has been overcome by Ethereum. Bulls are fully expecting the next price drop to be taken out by them. Aiming for the $3,600 level, investors have successfully crossed the 50 SMA and the bearish sloping line.

More than 45 percent of Ethereum’s value has been wiped off since its all-time high on November 10. Since its November high, Bitcoin, the world’s most valuable digital currency, has fallen by more than half. However, prices reversed their downward trend in February.

However, if pricing fails to hold above $2,800 in the next few trading days, we might witness a further decline below $2,400. According to CoinMarketCap, the Ethereum price today is $3,195.23 USD with a 24-hour trading volume of $13,485,593,739 USD. Ethereum has been up 3.84% in the last 24 hours.

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THORChain (RUNE) Price Surges Around 40% in Last 7 Days

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Thorchain (Rune) Price Surges Around 40% In Last 7 Days