2020 has been a year of unprecedented disruption. As we emerge and settle into a new normal, businesses across the globe will need to adapt for survival.
The same can be said for the medical accounting industry, which is one of the most technologically advanced sectors in the world. In keeping with the rapid advancements taking place across industries, medical accounting trends are also changing rapidly.
That’s why it’s important for medical accountants to always keep abreast of the latest accounting trends. With that in mind, today we are going to take a look at the top accounting trends of 2020. These are likely to leave a lasting impact on the medical accounting industry.
Let’s take a look.
The Adoption Of Blockchain
One of the major trends that have already been making waves in the accounting industry is Blockchain. This distributed public ledger system came to the limelight with the widespread adoption of cryptocurrencies.
However, since then, it has become one of the major technologies that are expected to revolutionise accounting. Blockchain is an incorruptible ledger system that records transactions without the need for a financial mediator. This allows accountants to automate advanced accounting processes.
Using Blockchain, medical accounting transactions can be made safer, faster, and more reliable. It can also cut down the costs of managing accounts, by automating processes such as auditing using smart contracts.
Cloud-Based Accounting Packages Are On The Rise
There was a time accounting was manual; then came desktop software that simplified the accounting process. Today, even that has been relegated to the annals of cyber-history.
In 2020, most accounting software has taken the cloud route. This has several advantages, such as device-independent accounting operation, ease of use, and smooth scalability. What’s more, cloud software makes the accounting process much simpler and cost-effective.
But perhaps the most important benefit of cloud-based accounting in healthcare is the ubiquitousness it offers. Cloud software can be accessed from anywhere, thus giving all stakeholders a clear view of the business. This is something that is expected to increase in 2020 and beyond.
Wide Adoption Of AI And RPA
Artificial intelligence has arrived and in a big way. There isn’t an area of business that AI-based automation hasn’t touched. Naturally, medical accounting processes have also come under its all-encompassing ambit.
Medical accounting, in fact, accounting in general, has a large number of routine processes that can easily be automated. Using AI-based Robotic Process Automation (RPA), medical accountants can delegate these tasks to intelligent computer systems.
This has a twofold advantage. First, the accounting process will become more streamlined, and free of human errors. Second, human talent will be free to work on problems that require human intelligence.
Employment Of A Remote Accounting Workforce
Even before the Covid-19 pandemic shook humanity to its core, remote work was catching on in the accounting industry. In a post-COVID world, this is expected to become the norm rather than the exception.
Medical facilities across Australia are expected to outsource their accounting and billing processes to third-party players. This will certainly result in a reduction in accounting costs and time. Also, due to the adoption of cloud accounting, businesses can get a clear snapshot of their financial health anytime they need.
As medical businesses no longer have to shoulder the burden of billing and accounting, they are left with additional resources. These can then be diverted to provide better patient care.
Predictive Analytics Is The Way To The Future
Accounting is no longer merely a monetary function that seeks to balance a medical business’s books. Instead, it has grown to become a key decision-making function in the growth of any business.
2020 is expected to see growth in the number of medical accounting firms that use predictive analytics. Analytics functions using Big Data Software can allow businesses to analyse hidden data patterns. These can then be used to formulate business strategies.
Using well-crafted predictive analytics functions, medical businesses can become strategic decision-makers. This will not only help the present of the industry but also the future.
Keeping in touch with the above trends can allow your medical business to flourish in 2020, and beyond. And in that journey, KPeyes can be your beneficial partner.
With our proven expertise in medical industry performance analysis, we can help your business take the lead and reach the heights it deserves.