Managing a revenue cycle in a healthcare organization with a software system has become only possible due to increased workload, high-efficiency work demand, and human errors. Medical billing is very hectic and log if we use manual methods. It is estimated that it costs 25% to 31% on administrative functions, and medical billing and coding cost two-thirds of this expenditure. Healthcare institutes are evaluated to invest much more in the billing revenue cycle despite denials of many claims and human errors in the system.
In this era of technology, artificial intelligence has become the backbone of every system. Using artificial intelligence in medical billing can bring many positive outcomes. It is estimated to reduce costs by up to 90% and increase collection by up to 15% without significant errors. Medical billing and coding is a complex process as it requires verification of patients’ data and then sending a claim for their treatment to the regulatory department of insurance; in case of any error or denial of the claim, clearing all queries and misinformation is required. So, there can be many challenges and possible errors which can come across the process. Therefore, implementing artificial intelligence in the medical billing system can streamline the whole process in a better way.
Understanding the Current Medical Billing and Coding Process
Medical coding and billing seem to be straightforward, but it is different. It is a challenging method that calls for great accuracy as well as work that is without fault. Medical billers are responsible for confirming the insurance information provided by patients, receiving all relevant information from treating physicians, submitting claims, and addressing any issues that may arise from insurance company inquiries or objections. Coders in the medical industry are tasked with selecting the proper codes for diagnosis, treatments, and other types of medical follow-up procedures from among thousands of possible codes.
The entire procedure is risky and complicated because selecting the codes manually from such an extensive list is tedious and time-consuming, and there is a chance that the codes must be written accurately. As a result, insurance companies may decide to refrain from paying out claims. The cost is also significantly higher, and insurance companies and healthcare providers are frequently frustrated by delays or inaccurate data.
The Role of AI in Medical Billing
Medical billing and coding can benefit greatly from artificial intelligence (AI), as it lowers costs and mistake rates. Additionally, it makes the billing process and job more efficient. Here are several AI components that can help with these goals:
1. Coding and Record-Keeping
Clinical data, patient information, and conventional medical codes can all be used by AI-powered computers to generate medical codes, which can then be used for diagnostic and therapeutic purposes. The utilization of AI makes it possible to finish this process in a shorter amount of time. The application of this technology, which is based on artificial intelligence, has made the process of medical billing more efficient while simultaneously reducing the risk of errors. Artificial intelligence has resolved this issue by lowering the percentage of denied submitted claims. The important thing is to make sure that you supply the correct codes for the medical procedure.
2. Claim Analysis and Processing
When invoicing manually for medical services, it is often necessary to include many pieces of information, each of which has the potential to result in a claim being denied. On the other hand, advances in artificial intelligence have brought it to a point where it is now possible for it to recognize grounds for disagreement even before a claim is made. Artificial intelligence not only recognizes these issues but it also offers a solution to them. After that, the website will provide instructions for the submission of claims. When this occurs, there may be a reduction in the number of claims that insurance companies refuse to pay out or oppose.
3. Chatbots and Personal Assistants with AI
The administration’s demand for more information about patients’ insurance plans, medical bills, and payment options is typically met with dissatisfaction from patients. But AI has solved this problem by replying to all inquiries quickly and minimizing administrative work. This pleases the patients while also speeding up the billing process.
4. Fraud Detection, First
Artificial intelligence (AI) compares all the data to records and matches or confirms the information before starting the medical billing and coding process. AI can detect fraud by examining the patient’s historical data and personal background. Artificial intelligence in medical billing is becoming essential for enhancing revenue cycle collection as a result.
AI can examine and verify all data, system specifics, system functionality, and the reimbursement cycle. AI thus warns consumers of any unusual trends, underlying problems, or inaccurate information. This feature makes the system very efficient and error-free. By recognizing all potential areas for improvement and assisting in the formulation of firm conclusions regarding any issue, artificial intelligence helps the healthcare industry improve its billing process.
The Benefits of AI in Medical Billing
AI has revolutionized the medical billing process for healthcare institutes and insurance companies. Here are few advantages of AI are described;
Improved Efficiency and Accuracy
When done manually, it takes many hours to go through the entire book of codes in order to find the appropriate code for requesting reimbursement from the insurance companies. While with AI, it only takes a few minutes to find the correct code with no chance of error. AI is in charge of accurately determining the patient’s diagnosis and course of treatment and entering the necessary information in medical invoices.
Low Operating Cost
There is no need for many coders and billers while doing the medical billing process. Healthcare organizations need a few coders and billers to supervise AI’s work. It will reduce the cost of hiring many employees for medical billing and coding. The strain on the healthcare organization’s administration will be decreased if you install an AI system in your billing process.
AI enhances the streamlined medical billing process flow by accurately claiming reimbursement with a low chance of mistakes and misinformation. AI also works immediately on objections raised by insurance companies; in this way, the medical billing process becomes smooth, and reimbursements are released on time.
Training of New Staff
This is The best feature of AI that it can train the new staff about the medical coding and billing process. AI can teach them about the codes like which and how to implement the regulations on specific diseases, treatments, and surgical procedures. There is no need to hire experts to provide new staff with training.
Possible Challenges Faced by Artificial Intelligence in Medical Billing
Artificial intelligence will face many challenges while working on the medical billing and coding process. Implementing an AI system needs heavy investment as it is the most updated version of the technology in the present era and is very expensive. Sometimes, the staff is reluctant to manage or cooperate with AI systems, and proper training should be given to the administrative staff.
Patients’ information is susceptible, and giving access to AI of whole information can be risky as it is an online system linked with many operating models. There is always a chance of information leaks. Another challenge can be AI integration with other systems, like the operating systems of insurance companies. Integrating AI with other systems needs high IT sources and cooperation from the operator of that system which can be difficult to get sometimes.
Artificial intelligence in medical billing is the absolute need of every healthcare organization to escape the devil problems that happen during the medical billing revenue cycle. AI is essential these days because AI increases work efficiency and accuracy. AI helps to increase the collection of claims and decrease the financial cost of healthcare organizations’ administration. The AI’s decision-making power also helps reduce the denial rate for claims by insurance companies. Coding is an error-prone process, but AI has made it error-free by assigning accurate codes. Ai-powered assistants and chatbots have bridged the patient-hospital administration and insurance companies-hospital administration communication gap.