9 benefits of using AI in Medical Billing and Coding

By: exdionrcm

Medical billing and coding have been undergoing many crucial changes in recent years as the healthcare industry increases in complexity, and the variety of treatments and procedures grows constantly. 

Due to this, healthcare industries have been facing many technical challenges when it comes to ensuring accuracy in billing and coding. Some of the reasons for this are the following:

  • There are over 70,000 billable codes and the complexity of these codes increases the demand for medical coders. The demand for skilled coders who can translate Electronic Health Records (EHRs) in Urgent Care Centres isn’t quite keeping up with the supply.
  • Coders have to manually match each medical visit and diagnostic procedure with a corresponding code from over 70,000 billable codes. This can be extremely labor-intensive and error prone.
  • This information then has to be further keyed into various systems for different purposes, such as accounting and generating patient statements, which is another time-consuming, error-prone process.
  • This complicated manual and time-consuming coding process isn’t scalable in the long run. With a limited supply of skilled coders and an ever-increasing workload, many organizations are plagued by costly inaccuracies.

The healthcare industry is in urgent need of a scalable solution that can process the vast amount of patient data without compromising on the speed and accuracy of the billing and coding procedure.

Use of AI in Medical Billing and Coding

The use of artificial intelligence in the medical billing and coding industry can help Urgent Care centres and healthcare organizations facilitate their billing procedures while minimizing several costly errors.

AI-driven technologies such as machine learning and natural language processing (NLP) can interpret and organize a large amount of data quickly and accurately. As it stands, ML and NLP are perfect solutions for identifying and extracting data from EHRs, and matching this information with the relevant medical codes.

These technologies can also contextualize unstructured data by analyzing information from various sources and putting it all together by connecting the dots. For example, an AI program can arrange data from different records into a logical timeline and make sense of various events, diagnoses and procedures, while minimizing coding and reporting errors.

Benefits of using AI in Medical Billing and Coding

AI-driven automation technologies will be widely used by many healthcare organizations to improve the cost-efficiency of their billing and coding processes in the years to come, due to their many benefits.

Here are nine key benefits:

  • Automation of the coding process, which will deliver a scalable solution that is less dependent on the availability of skilled billing professionals
  • Improving the cash flow by ensuring that accurate patient statements are issued at the right time
  • Reducing standard work hours of the administrative staff, which will allow them to focus on other key areas of operation and improve their quality of work
  • Eliminating costly human errors, not only by matching EHR and Urgent Care data with the right medical codes but also through system integration 
  • Performing audits in real-time to eliminate the problem of discovering an error too late
  • Automating menial and repetitive tasks so professional coders can focus on resolving more complex issues which require their expertise
  • Connecting unstructured data and extracting relevant information from various EHRs and Urgent Care Centers within a healthcare organization so that integrated patient statements can be generated to streamline the payment process
  • Reducing operating costs associated with conducting repetitive manual analyses and billing procedures
  • Reducing the number of customer support queries or disputes related to patient statements

AI-driven technologies also have the capability to keep improving their accuracy as they start performing more tasks and understanding the processes better. The system will constantly adapt and narrow the margins of error, eventually nullifying errors in billing and coding.

This is the kind of enhanced accuracy that every healthcare organization will be looking for. ExdionCA is built on a rule-based engine that will automatically flag gaps in billing and coding. Contact our experts to automate your billing and coding process through AI, and provide a superior customer experience.

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