There is no doubt that our healthcare industry desperately needs an efficient and intelligent back-end system that can accurately propel medicine forward. There are many errors and miscalculations that have negative consequences for both service providers and patients. Fortunately, AI can address all these issues and reform the medical industry. AI is already transforming the healthcare system in many ways. This blog will focus on why there is a need to benefit from AI in medical billing.
If we look at the statistics, there are more than 70,000+ billable codes. We need so many medical coders to deal with these many codes, and unfortunately, we do not have enough. There are hardly any professionals who can deal with EHR (electronic health records) data with ease. Even the ones we have are not capable of dealing with so many codes. It is time-consuming to match each medical visit and procedure with a corresponding code. And, of course, there is always a high probability of error.
According to the Centers for Medicare & Medicaid Services (CMS) report, the health industry in the U.S suffered from a total loss of at least $36.21 billion in FY2017. Why? Because of billing errors. Usually, you have to wait until the end of the revenue cycle for any audits. By the time we learn about past errors, there is nothing that can be done to rectify them. Even if we attempt to make any changes, it costs more than the initial errors.
Lack of Coders
It is impossible to scale the manual coding process entirely. As mentioned earlier, not only do we have a very limited number of professional coders, we lack time as well to deal with so much.
These problems indicate a strong need to benefit from the AI systems and incorporate them into medical billing. It will help us save time as well as money. If you run a healthcare facility, you can get in touch with us to learn more about this.
At M3-Systems, we provide AI solutions for healthcare organizations in Pittsburgh, PA. We are providing a wide range of healthcare management solutions to reduce costs and improve healthcare services’ efficiency. Besides, we offer high-quality personnel and services such as Amazon Web Services consulting, ERP personnel and AI solutions for Healthcare Providers. We recently introduced ICD-10 Optimization, which takes care of everything from scheduling to receipt of the insurer payment system. Get in touch with us to find out more about the benefits of AI solutions for healthcare industry.