How artificial intelligence can help improve revenue cycle efforts

#artificialintelligence 

The medical billing process is the backbone of healthcare revenue cycle management, but many healthcare providers face challenges in accurately and efficiently billing patients for their services, with an estimated 30 to 40 percent of medical bills containing errors. And those mistakes can be painful--one mistake in medical billing can result in thousands of dollars in mishandled costs for both physicians and patients. The medical billing process requires outstanding communication across departments and payers, as well as ensuring that vital information is correctly captured in each step of the procedure. Efficient medical billing is critical for optimizing healthcare revenue cycle management and driving value-based patient care, but effectively streamlining the process is currently a pain point for the healthcare industry. The Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) is also intensifying the importance of resource effectiveness and quality improvements, and artificial intelligence (AI) can support it in doing so.

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