In the healthcare industry, artificial intelligence is the latest technology development that is gaining significant traction. Catering to the areas like diagnostics, patient outreach, and revenue cycle management ( RCM ) activities, AI today has captured a vast area in the healthcare domain. In fact, AI is particularly suited for revenue cycle management functions as the process requires extensive time, financial, and personnel resources where benefit from the adaption of AI can help. Furthermore, all the tasks related to manual and redundant like coding, billing, collections, and denials become steadily simplified when artificial intelligence is used properly and efficiently.
Reducing the error rate because AI imitates human intelligence with the assistance of algorithms and identifying a pattern to plan the outcomes; it directs more on accuracy rate. Reducing staff burnout and saving a lot of resources and money, artificial intelligence not only identify all your errors related to the billing and coding process but also prevent mistake during future transactions.
Being a time-saving solution in today’s fast pace generation, it takes lesser time for AI to stay updated with new regulations. Staying with the changes in real-time, further assists practices to provide the best quality experience for the patient as well as treatment facilities. In fact, the ability of AI to deliver information in real-time further reduces the chance of errors while improving revenue. According to a recent survey, AI has not only improved patient outcomes but also increases the gross revenue by 18% and is further is expected to improve with years to come.
Dipak Nandi a pioneer in the healthcare industry who has been working on improving medical billing RCM for many leading names in the industry in fact stated that saving your extensive resources like time, knowledge, and money that many healthcare systems struggle with due to lack of proper resources and knowledge, artificial intelligence here can make thing easy and help with better billing management.
Artificial intelligence is the future helping medical practices in reducing errors, improving outcomes, and increase revenues.