The healthcare sector is in urgent requirement of an AI solution that can process a massive amount of data without compromising the speed and accuracy of billing.
Medical billing and coding is a critical component of healthcare. The medical billing outsourcing market alone is estimated to reach $16.9 billion by 2021. The coding and billing process translates patient record data into standard codes, leveraged for billing patients and third-party payers like Medicare and insurance firms. To improve billing and coding accuracy and efficiency, healthcare companies are testing the possibilities of AI applications. Here is more about the benefits of using AI in medical billing and coding.
The use of AI in medical billing and coding can help healthcare organizations facilitate their billing processes while reducing costly errors. Like machine learning and natural language processing, AI-based technologies have the potential to interpret and manage a vast amount of data rapidly and accurately. As such, they’re perfect remedies for identifying and extracting data from EHR, then matching the data with relevant medical codes. An AI program can arrange data from several records into a logical timeline to make sense of disparate events, diagnoses, and processes, minimizing coding and reporting mistakes.
AI Driven technologies will become extensively used by healthcare firms to enhance their billing and coding operations’ cost-efficiency, thanks to their many advantages. Automating the coding process offers a scalable solution that is less reliant upon skilled billing professionals’ availability. It also improves cash flow by ensuring that accurate patient statements are issued properly. AI reduces the standard work hours of administrative staff, which can assist enhance the quality of their work in other areas.
The technology in AI is powered on Computer-Assisted Coding (CAC), which functions on Machine Learning and Natural Language Processing (NLP). AI automatically identifies and extracts data from documents and inserts it into the system. The need of the hour is an automated web-based system that analyzes documentation for the text and automatically finds needed medical codes. Beyond processing codes and high volumes of information, AI can significantly mitigate the standard work hours and human error.