Overstating the importance of Artificial Intelligence is difficult. When implemented efficiently, AI holds the capacity to boost your billing business tenfold. In many cases, AI is the thing that is scaling the business rather than the physical workforce. The question on many business minds is how does AI change the way business is done?
To help answer this question we analyzed many billing and coding companies สร้าง qr code. Below is a summarized version of our findings from the research:
Coding and billing is a method through which standard codes are established that categorize patient information records and thus dictate the billing towards insurance companies.
The aim is to create a standard billing cost that is determined by the code of the patient record. Unfortunately, this process is facing substantial accuracy challenges.
This could be attributed to insufficient documentation, inefficient execution of procedures.
As stated in tech emergence, according to the Centers for Medicare & Medicaid Services (CMS), errors resulted in $36.21 billion in improper payments in FY2017. (1)
The coding industry suffers a huge setback due to the nature of their audits, which take place towards the end of the revenue cycle. Therefore, even if errors are recognized, it is too late to rectify them since the cost of rectification is usually higher than the initial damage.
Within the medical coding and billing industry, it was recently reported that billable codes have now crossed a total number of 70,000+ which subsequently increases the need for medical coders at a significant rate.
The medical coding job, when done manually, is complicated and requires a higher amount of workforce since there are only so many accounts every individual can handle efficiently. This is part of the reason that the industry has witnessed several instances of inaccuracies, owed to costly mistakes made while trying to keep up with the ever-increasing new codes that are being established.
The need of the hour is to create an agile process that allows the medical coding and billing process to flow seamlessly.
How a Traditional Medical Billing & Coding Process Flows?
The traditional billing system involves a lot of manual documentation and paperwork. The paper claim is a time-taking process where coders entered each code individually in the printed forms. All the paper forms are then passed to the medical billing organization and later to the payers.