Medical Billing and Coding revenue cycle is very important and growing segment. Procedures for billing and coding are necessary and they’ve used to translate patient records into standard codes. These codes are used for billing third party payers and patients. Correct coding is a challenge. Total $36 billion resulted in improper payments in year 2017 (according to Centers for Medicare & Medicaid Services)
What is Artificial Intelligence?
Artificial intelligence (AI) is the ability of software to mimic human cognitive functions, and it has the ability to perform many different jobs traditionally done by professionals. AI is actually far more helpful than robots and machines. Some types of artificial intelligence seem to learn over time, the process is still generally controlled by a human. The ultimate goal of AI is to take specific processes and automate them, something that can prove significantly useful within the medical billing and coding field.
The problem with Errors in Revenue Cycle Management
Wrongly filed code can turn into claim denials. Denial codes will increase costs of insurance and treatment. Incorrect claims, whether done intentionally or by mistake, are a huge problem in the healthcare field. Inaccuracies in billing and coding cost everyone.
Benefits of AI in healthcare
AI already proved its power in multiple industries by showing positive results. AI has ability to analyze large amounts of data and make decisions and predictions that cab be become valuable to medical billing and coding industry. Medical billing and coding involves data inputs, data generation and analysis, there’s incredible potential for AI. Some AI benefits to medical billing and coding are as follows:
Easy to adapt new Changes
Approximately 216 codes will get delete and 392 new codes will get add in 2019. As we have seen change from ICD-9 to ICD-10, complete revision to the coding standards can take place, result into big adjustments. Medical industry can make such adjustment successfully but it takes some time, and learning curve often results in more errors. AI can make such adjustment easily in near future. AI can help preventing coders from entering deleted codes in the system.
Processing time is the challenge in medical billing and coding. It takes significant amount of time for a procedure to bill. Backed up payments can be a problem for providers, insurance companies and patients. Improved processing time must start with medical billing and coding professionals. AI can improve accuracy in procedures. AI will also help in saving professionals time as they compile procedure and billing information.
Medisys a leading medical billing company offers affordable medical billing services. Contact us today to know more about how Medisys can increase collection with error free medical billing and coding.