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Updated: Apr 14
Artificial intelligence (AI) is the current talk of the hour, with several other technological innovations, and it has become inevitable for industries to embrace AI. The adaptation of AI is now seen almost everywhere, and it is most prevalent in healthcare. Artificial intelligence is helping to address some of the biggest pain points in revenue cycle management, leading to increased revenue capture and integrity for early adopters.
The implementation of AI has changed the way many healthcare processes work, starting with primary care and continuing through EHRs and telemedicine. Automating the revenue cycle management process can lead to more stable revenue flow and maximized return on investment. But before you include artificial intelligence in revenue cycle management, healthcare leaders must understand the foundation of automation to implement it for good benefits.
What Is AI?
Artificial intelligence is a branch of computer science that deals with the design of intelligent agents: systems that perceive their environment and take actions that maximize their chances of success at some goal. An intelligent agent is a system that perceives its environment and takes actions that maximize its chance of success at some goal. The simplest agents are reactive systems that perform a single task based on the current situation; an agent might react to a sensor reading by printing a message or by moving towards another location. An intelligent agent is capable of observing its surroundings, learning from past experiences, planning future actions based on current situation, making decisions based on knowledge, communicating with other agents, protecting itself from harm
The future of healthcare is artificial intelligence (AI), which has the potential to improve patient outcomes, increase practice revenue and elevate your practice.
The AI revolution is upon us and it's time for all healthcare providers to consider how it could impact their practices. According to a recent survey from Accenture, 84% of consumers believe AI will have a major impact on their lives by 2023. As a result, 73% of consumers said they would be more likely to trust their personal health data with an organization that uses AI technology.
So what does this mean for your practice? It means that now is the time to start thinking about how you can use AI or machine learning to improve revenue cycle management for your practice.
Here are some tactics you can implement today
Use predictive analytics tools that help identify patients at risk for nonpayment before they become delinquent. This will give you more time to reach out to them before they become delinquent so they don't get lost in collections or leave your practice altogether. -Use natural language processing (NLP) tools that analyze unstructured data such as patient notes and claims files and make them available in structured formats such as XML or JSON, making them easier for systems like EHRs and billing software
Prior Authorization using AI to make it faster for healthcare providers
The first step toward an improved patient experience is streamlining doctors' and specialists' workflows so they can spend more time with patients instead of in front of a computer filling out paperwork or waiting on hold with an insurance company or pharmacy chain.
When dealing with insurance companies, for example, doctors often have to submit paperwork for each procedure or prescription they want their patients to receive — even if it's something that should be covered by their plan automatically based on policy guidelines set by their employer or insurer. This process can take weeks or months.
The healthcare industry is one of the largest and most important in the world, but it's also one of the slowest. The United States spends roughly $4 trillion on healthcare each year, but according to a recent report from McKinsey & Company, it's estimated that this could increase to $4.7 trillion by 2025. (Source: https://www.mckinsey.com/industries/healthcare/our-insights/administrative-simplification-how-to-save-a-quarter-trillion-dollars-in-us-healthcare)
One of the biggest reasons for this increase is the outdated technology that healthcare providers have been forced to use over the years. However, artificial intelligence (AI) has now made its way into the healthcare industry and is helping make things more efficient than ever before.
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