Healthcare providers spend nearly 25% to 31% on the staff dealing with medical billing and coding. According to a survey conducted in 2018, insurance claims got the lion’s share of the physician’s revenue. Despite these heavy expenses, the process remains erroneous.
The medical billing and coding process does not remain constant; there are updates in codes and the tenth edition of the international classification of the diseases directory(ICD-10). Not only that, but it also includes many more medications and intrusions with time. Therefore, medical coding is a difficult job, even for experienced coders.
To reduce the burden, artificial intelligence(AI) reduces errors, cuts costs, and delivers quality results faster than manual methods. This software is also helpful for those medical billing companies who want to offer reliable medical billing services to physicians.
Types of AI in the healthcare industry
Artificial intelligence is the broader term. As information has something to do with every field of life, It has also designed some automatic tools for medical billing and coding processes to save human involvement and speed up the process. Three types of AI are used in medical billing.
Machine learning
Before the advancement of Artificial intelligence, staff had to write every rule individually for every operation. Infact, it was challenging to write every direction differently for every procedure, but machine learning transformed the digital system via powerful databases.
Machine learning is a sort of automatic software that is designed to provide coaching to individuals. In modern education, it is considered the best teacher.
Computer Vision
One may have to pen down vital information available in different forms like PDFs, images, or plain text. However, it would take more time to write all those information manually; AI tools can help you to scan and extract the relevant data in no time.
Its powerful coding system can read the text carefully and get the gist of it. Moreover, it can extract information from insurer website portals, Scanned documents, Electronic Medical Records(EMR), and form billing software.
When you have lots of red tape involved in your office, Computer vision can help you provide reliable solutions to speed up the process.
Natural Language Processing
Natural Language Processing is an AI tool that can help you scan human language and transmit it into machine language that software can understand. Later on, this information is then converted into medical codes.
What are the advantages of AI in Medical billing and coding?
AI technology has fastened the process in every field. Its importance in eh healthcare organizations to improve accuracy is undeniable.
- Provide automation in the coding process and offer accurate and effective solutions as humans can.
- Issue the accuracy in patient statements and improve the cash flow
- Lessen the administrative work for physicians if they personally deal with medical billing and coding.
- Eliminate the coding errors which cause a delay in payments.
- Respond to the patient’s queries via automated tools at a lower cost.
- Ensure that accurate patient statements are issued promptly to improve cash flow.
- They are increasing administrative staff’s productivity by reducing their standard work hours.
- Using EHR integration, we will eliminate costly human errors by matching EHR data with appropriate medical codes and integrating so that a minimal amount of information needs to be manually keyed into different software.
- Performing audits in real-time to eliminate the problem of discovering an error too late in the process for it to be rectified without incurring high costs.
- They are streamlining repetitive and recurring steps so professional coders can reserve all their attention to resolving complex problems.
- I am extracting and integrating unstructured data from various EHRs in a healthcare organization to create combined patient statements to simplify the billing process and encourage patients to pay ASAP.
- You are saving time and money by automating repetitive billing and analysis procedures.
- We are reducing the number of customer support queries or disputes related to patient statements to lower operating costs.
- When AI-driven technologies perform more tasks, they are capable of self-improvement. The margins of error will narrow over time as the system becomes more sophisticated.
Scope of AI in medical billing and coding
Besides AI usage in Medical billing, the industry is not using more approaches toward other relevant AI tools that provide more assistance in the automation of any project. What is intelligent automation?
Medical billing is not just a series of tasks but a bit complicated process interlinked with each other.
There are three most common automation tools used:
Robotic Process Automation(RPA) RPA bots draw: RPA bots extract the data from existing digital systems to cover up the engineering and coding knowledge needed.
ML, CV, and NLP. Invidious Smart Bots: these are the tools that provide more functionalities to the user
AI helps you maintain accuracy. It also helps to speed up the whole process. For example, it may take up to 5 mints to manually check the accuracy when writing codes. A bot can do that same job within 30 seconds.
Conclusion
In concluding remarks, it would be suffice to say that medical billing software offers reliable solutions to all your problems. It can help to speed up the whole process. Cut extra costs and generate more revenue.
