For many, the future of the healthcare industry and medical billing and coding in the age of artificial intelligence (AI) is difficult to imagine. Today, technology is here to assist your healthcare business and improve the revenue cycle and impact the day-to-day working of your healthcare facility.
Influence of Artificial Intelligence on Medical Billing and Coding
Artificial intelligence (AI) has worked its way into various industries around the world, which is aided by machine learning technologies. The ability to analyze or break down large amounts of information and then make predictions or decisions which are accurate is a priceless tool that should influence the medical billing and coding industry.
Specialty medical billing and coding services that we provide requires a great deal of data input and analysis. As medical coders, it’s our commitment to analyze treatments and procedures and then decide what codes to apply to generate patient reimbursement bills. This viability of AI makes it the perfect assistance to automate claims processing.
AI assures Accuracy
Inaccuracy in medical billing and coding is one of the major reason which leads to declined/denied insurance claims. Insurance companies, as well as healthcare units, are vigilant about incorrect billing procedures, as one small error can cause a claim to receive reduced, or no reimbursement at all. But, with AI as an assistant, this problem now is greatly reduced.
As you might be aware by now, improved accuracy is one of the major points for bringing AI into the medical billing and coding industry. But do keep in mind that you will still need the accuracy and expertise of the medical billers and coders working on those claims.
The list of medical codes each year will undergo certain changes, and some require extra attention from the billing staff as they need to reflect in your charges.
While the medical coding and billing services providers can adjust to these changes as it has in the past, it does take time. During these wholesome changes, the in-house staff can lead to more errors as coders become used to the new coding updates.
AI can help better facilitate these adjustments in many ways. For instance, you could be suggesting new codes or preventing entering codes that don’t exist, also reminding users of any changes a code has gone through. Guided solutions can speed up the process of the coders adapting to whatever changes may arise in the future.
Reduced processing times
Improving the processing time is always in the hands of the coders. In such situation medical billing and coding services that train and possess the AI systems, can save coders time in accumulating procedure and billing information. All this time saved with this increase in billing and coding efficiency can then speed up the following process, benefiting you and your facility.