Can AI Be the Answer to Outdated Medical Billing Practices?
4 months ago
Imagine piles of forms, confusing codes, and the constant worry of denial notices.
This is the world of medical billing, a bureaucratic maze that drains your sanity.
For healthcare professionals, this documentation wastes valuable time and resources.
But don't worry, there's a new age helper for you on the way: Artificial Intelligence.
In this blog, we will explore whether AI is the answer to outdated medical billing practices and handle medical billing coding accurately.
Traditional Medical Billing Coding
Until recently, medical billing coding was done manually.
Human coders carefully reviewed patient records and assigned precise codes for various medical procedures and diagnoses.
Although this manual method worked to some extent, it had limitations, including human errors and difficulties in being efficient.
Denial Management
Time is money, particularly when it comes to handling denials.
While the average cost of reworking a claim is $25, additional fees significantly raise that amount.
According to a research conducted by the American Academy of Family Physicians, the cost of correcting just 15 denied claims each month can total $4,500 annually.
With denial rates of 5-15% or higher, it's evident that this issue can significantly damage a practice's profitability.
How AI is Helping Medical Billing
1. Streamline Medical Billing Workflows
Deep learning about how users engage with EHR and billing software may have the most impact on a medical biller's day-to-day work.
Almost every major health IT provider prioritizes the use of artificial intelligence to learn a user's habits, predict their needs, and display the relevant data at the right time.
Automatically accessing and manipulating information has the potential to significantly minimize labor spent on manual billing chores.
It allows staff to make more informed decisions about the next stages in denial management.
2. Improved Medical Coding Accuracy
The ability of AI to analyze text and speech will be an important feature.
Systems will be able to learn the language used in procedures and diagnoses and assign accurate codes.
This capability could have a significant impact after code set upgrades by ensuring that the right codes are utilized and documentation is compatible.
Hence, decreasing the transition time associated with code modifications.
3. Improved Patient Customer Service
Customer service advancements, such as bots used for appointment booking and payment collection, could have a significant impact on how patient communications are handled.
A significant benefit for doctors and billers is that the process can be standardized, lowering the frequency of problematic billing contacts.
This can potentially strengthen patients' relationships with billing personnel.
4. Optimize Claim Submissions and Prevent Denials
Error-free claims on the front end result in fewer denials in the back end.
And fewer denials can result in faster payments, more cash flow, greater income, and fewer patient billing problems, not to mention more efficient use of staff time.
Types of AI in Medical Billing
1. Machine learning
A strategy for teaching software to make data-driven judgments in the same way that humans do.
To create ML medical apps, you will need to hire data scientists, machine learning engineers, and software developers.
They would then develop the ML algorithms, collect the necessary datasets, train the model, and fine-tune it for practical application.
2. Natural Language Processing
Natural language processing (NLP) is a subfield of machine learning.
It enables computers to understand and respond in conversational languages in the same way that humans do.
NLP can be used in a variety of medical billing applications, including as transcription of patient talks, detection of medical terminology, and patient record processing.
3. Computer vision
Computer vision is an artificial intelligence field that focuses on extracting, analyzing, and comprehending geographical characteristics from visual input.
Medical billers are sometimes swamped with paperwork, and computer vision software can help.
For example, you can utilize computer vision to create software that can recognize scanned photos, text, or reports and automatically enter them into EHR systems.
Upgrade Your Medical Billing Practice with SyS Creations
We are an Ontario-based healthcare IT company.
We have 10+ years of experience building healthcare-IT solutions and AI software which can easily integrate with your existing system.
With our smart AI solutions, you can
- Streamline claim processing.
- Improve quality control and denial prevention.
- Improve data analysis for decision-making.
- Streamline processes and shorten submission delays.
- Automate workflows and bulk chores.
We're improving practice performance with data-driven solutions.
Leverage Our Technology to Advance Your Practice
1. Custom Billing Modules
Electronic AI in medical billing employs automated methods that are free of errors caused by human input.
2. Advanced Reporting
Our AI billing solutions use machine learning to generate insights into billing trends, weaknesses, areas for improvement, and hidden prospects for financial growth.
3. Billing CRM Management
It streamlines the medical business process by automating the process of generating invoices on time.
4. Payment Processing
Physical operations like manually matching payments to charges and other complex systems are eliminated by easy-to-use and fast payment processing technologies.
5. Claim Review System
An end-to-end solution that manages the claims process throughout its lifecycle, eliminating the need for human data entry and enhancing the speed of processed claims.
7. Clinical Documentation
We've included provisions for MRI scans, X-rays, ECGs, and monitoring recordings.
How to Get Started
- Just send a message, we will contact you within 2-3 hours.
- Through a small discussion, we understand your needs and goals,
- We derive the most appropriate and customized solution to meet your needs.
- Building and testing actual technology stack.
- We mold a prototype to simulate how it works in real-time
- We implement the technology suite, orient the team, and offer 24/7 support.
See Us In Action
SyS Creations utilizes artificial intelligence to streamline daily workflows, boost revenue, and save time on administrative tasks.
Our AI solutions offer faster problem resolution, coding assistance, claim scrubbing, and ongoing performance improvement to enable faster payouts.
We're a team of 50+ app developers, UI/UX designers, business analysts, compliance specialists, and QA engineers who excel in technology optimization, empowering physicians daily.
Our dynamic team of professionals guarantees 24-hour access and coverage whenever you need it.
With Our AI solutions in medical billing, you can focus more on patient care and medicine rather than paperwork.