The emergence of Artificial Intelligence (AI) technology in healthcare operations has revolutionized experiences for medical practices, physicians, and patients alike. AI can provide medical professionals with unprecedented insight into the data collected during routine appointments, streamline administrative processes, enhance patient care, optimize healthcare revenue, and improve overall bottom lines. In this blog, learn how medical practices are increasing their profits with the help of AI:
Artificial Intelligence vs. Natural Intelligence
As the utilization of AI becomes more accessible, medical billing and administrative teams are left questioning their jobs’ longevity. The truth of the matter is artificial intelligence-fueled billing systems rely on, and perform best, with human interaction, also known as “Natural Intelligence”. Natural Intelligence or Human Intelligence “refers to humans’ intellectual capability that allows us to think, learn from different experiences, understand complex concepts, apply logic and reason, solve mathematical problems, recognize patterns, make inferences and decisions, retain information, and communicate with fellow human beings... Human intelligence is not just constricted to a particular pattern but can be changed depending upon the problems that arise with it. It can change substantially with the crux of the situation.”
The ability to change thought patterns based on a situation, especially with complicated billing tasks, is paramount. Accompanied by AI, human teams’ performances increase in efficiency, speed, productivity, and accuracy – delivering more time to decipher unique challenges.
Articulating Artificial Intelligence
Join ImagineSoftware’s Rob Gontarek, in our on-demand webinar, to discover how AI delivers unprecedented backend automation and streamlined workflows, driving employees’ time to focus on problem-solving and business decisions.
1. AI Impacting Accuracy
AI-driven billing software can help automate traditional, manual billing procedures such as invoicing, eligibility checks, claims adjudication, and remittance advice. These automated functions can save time for billing team members while drastically reducing errors due to human oversight or negligence.
ImagineSoftware’s automated revenue cycle software simplifies the billing process by automating prior authorization, eligibility, claims/denial management, payment posting, and more - further increasing accuracy and decreasing costly issues that would otherwise lead to delayed payments or denials from insurance companies.
2. AI Impacting Patients
Increasing patient engagement and communication is easier than ever with AI-powered billing technology. For example, chatbots powered by natural language processing algorithms allow patients to receive answers quickly about diagnosis codes/procedure details whereas an automated payment portal enables them to pay bills more conveniently without having to mail physical checks or process credit card payments online every time out-of-pocket expenses come up at the doctor's office visit itself. Additionally, these advances have enabled physicians to instantly find out if a certain treatment is covered by insurance programs through direct integration with insurer networks; saving both patients' time and money when it comes to crunching numbers or determining estimated costs for treatments upfront before services are rendered.
3. AI Impacting Analytics
By leveraging AI algorithms and predictive analytics within billing platforms, medical practices are able to track accounts receivable and payment trends over time as well as use this data to predict future fluctuations in cash flow and manage resources accordingly. This information can be used by office staff to optimize budgets and financial plans based on real-time data points derived from millions of patient records across multiple locations—a task that would be nearly impossible without the assistance of AI-driven automation tools. Additionally, these systems can detect potential fraud or errors that could lead to delayed payments which helps safeguard against costly losses in revenue each year due to incorrect or fraudulent charges made against a practice's accounts receivable system.
Gain a bird’s eye view of your practice’s whole operation with medical billing reports, analytics and healthcare business intelligence tools to help you make data-driven decisions.
4. AI Impacting Teams
Empowering billing and administrative teams with AI technology can help combat common staffing challenges seen in today’s healthcare industry. Between retiring employees, with unprecedented tribal knowledge, and hard-to-fill positions, organizations are seeking automated, easy-to-learn systems. ImagineSoftware offers robust training opportunities, for both full teams and individual employees, creating a seamless onboarding process and getting team members up-to-speed fast!
By implementing AI technology, healthcare organizations are positively impacting their accuracy, patient experiences, analytics, and teams – all working together to reduce administrative costs and increase revenue for higher net returns!
Learn more about ImagineSoftware’s AI-driven billing solutions during a quick demo. Our RCM experts are here to help answer all your questions!