4 Major Developments in Medical Billing Artificial Intelligence
Artificial intelligence used to seem far away or like an unattainable future that we would always be aiming for. The truth is, artificial intelligence (AI) exists everywhere in 2021. In healthcare, AI is now a part of many important processes. It is not as high-tech and “out there” as people think. It exists to make the lives of providers easier in even the smallest ways. Medical billing artificial intelligence now exists throughout the charge capture and claim process. It is helping providers work at their best pace and increase their bottom line. So what is medical billing AI and how can it help providers?
What is Artificial Intelligence (AI)?
AI is technology in which purpose is to complete a variety of tasks without or with little human interaction. How does this work? Expert software developers teach software a myriad of repetitive tasks in a variety of different scenarios. The software is then able to predict what comes next. For example, medical billing artificial intelligence can make accurate predictions for medical billing codes when filing a claim, locate missing charges, stop potential denials, and more.
AI in Healthcare:
When a claim is coded incorrectly, it is likely to be denied. Denials are the main cause of lost revenue throughout your bottom line. Providers can prevent these denials more often with quality AI in their billing process. Artificial intelligence can automatically identify billing and coding errors in your claims to stop them from being submitted. It can then suggest corrections to ensure you have your best chance at a clean claim. Your vendor of AI software will also work diligently to ensure your tech is always up to date with the latest changes in medical billing codes.
Automate Repetitive Tasks
Automation is the key to maximum productivity, accuracy, and quality throughout health systems. Providers already utilize automation in a variety of ways. Artificial intelligence within your health care technology can help improve efficiency and output. By avoiding the time-consuming repetitive tasks that distract us from our patients, we can return our focus to them. Automating repetitive tasks can help reduce the likelihood of physician burnout.
Prior authorization is the process of getting pre-approval for healthcare services from a patient’s insurance provider. Prior authorizations can help secure payment by clearing coverage through the payer before services are provided. This is important as an increase in reliance on patient payments has providers grasping for revenue. Automated prior authorizations are possible with the right AI-enhanced billing solution.
Ease of Use
Having artificial intelligence woven throughout your billing software makes it easier to train new staff. Billing staff has the highest turnaround rate of any department at most healthcare practices. Having AI in your billing software cuts down training time so that your staff can learn the ropes more easily and becomes less frustrated with the technology they use, reducing turnaround rates.
The right combinations of human intervention and artificial intelligence will streamline your billing and payment process. To learn more about an AI-enhanced billing solution that can help your healthcare organization build revenue, click here.