How AI Can Improve Revenue Cycle Management

Revenue Cycle Management is changing for the better as more and more providers implement quality AI-assisted solutions. Artificial intelligence is making its way into nearly every healthcare process now and will continue to do so as we move into the future. It has made its way into the scheduling processes as patients utilize things like Amazon Alexa to schedule visits with their physicians. Now, it is entering the revenue cycle management process, helping providers increase productivity and accuracy throughout the charge capture and claims process. How secure is Artificial Intelligence and how exactly is it helping providers increase productivity and revenue?

AI and Revenue Cycle Management:

Productivity

Billing teams are working faster than ever with AI woven into their revenue cycle management processes. RCM is riddled with medical billing codes, a need for accurate charge capture, and claims submission that requires intense attention to detail. Nailing down the perfect combination of each detail to maximize revenue takes time when it relies on pure human efficiency. AI in revenue cycle management enables providers to accomplish perfection at a much faster rate. Working essentially as a billing assistant, this tool fills in the blanks so your team can do more in less time.

Accuracy

The most common reason for a denied claim is an inaccurately coded claim. If your practice wishes to increase revenue through clean claims, AI in revenue cycle management is a key part of the process. Artificial intelligence makes accurate predictions for medical billing codes so you do not have to chase down the right one. This tool also pinpoints possible errors in claims and stops them from being submitted so your team can review them. Providers also gain access to tools that help improve denial management.

Features of a Quality AI solution:

Accurate Predictions

While an AI-solution will not do 100% of the work, accurate predictions make it easier for you to move through each process. An AI-enhanced revenue cycle management process helps your team fill in the blanks so all they need to do is review and submit. This is key to increasing productivity, but also increasing clean claims.

Cloud-Based Tech

Cloud-based software is essential. This helps your team complete charges on the go, from a secure and approved mobile device. The ability to fill out a claim immediately means more accurate charges. Cloud-based tech also protects your software from technological failures like a crash. Your data will be right where you left it when your system gets back online.

Specialty-Aligned

Nothing is more frustrating than software that is not made for your specialty. Your revenue cycle management suffers when you are forced to search and sift through irrelevant data. AI-assisted revenue cycle management encourages specialty-aligned use that ensures accurate coding and charges every step of the way.

If your practice is considering whether or not to implement an AI-assisted solution, now is the time. To learn more about a quality revenue cycle management partner that can help your organization grow, click here.