Artificial Intelligence is recently becoming a trending topic of discussion in the ranks of almost all the major sectors around the world, including the healthcare sector. This discussion is particularly important for the United States because it is known to be the epicenter for the creation and establishment of AI technologies that have revolutionized the world.
In terms of the healthcare sector, this artificial intelligence tech is highly relevant as it can facilitate medical providers with their revenue cycle management. Yes, this is something that Artificial Intelligence can reshape in the upcoming few years, with the process of medical billing and coding transforming into an automated system that can ensure prompt claim reimbursement. However, there still exists a vacuum in which these changes are being made, and many consider the role of medical billing companies to be vital in facilitating AI in the revenue cycle management of medical practices across the United States.
The Need for Artificial Intelligence in Medical Billing and Coding
The U.S. Healthcare Sector rests upon the insurance-based system of claims which have to be reimbursed through proper medical billing and coding. This coding is updated frequently, and medical billers have to be highly vigilant and focused while using these codes for claim reimbursements. In case of errors in the coding process, the claims can be denied and account receivables start to creep up with time. As the result, the entire revenue collection cycle comes into jeopardy.
With a system based on modern Artificial Intelligence, the process can be improved drastically to make the entire system more user-friendly and efficient as well. The idea here is to somehow automate some efforts of the front desk, allowing them to do an accurate breakdown of benefits and contribute to a healthy eligibility verification paradigm. Hence, there is a need for AI to play its role and improve the medical billing and coding process for medical practices.
The Hype of Chat GPT and Jasper: How Does It Impact the Healthcare Sector?
Recently, massive hype has been witnessed around the use of Chat GPT all over the world. Big companies had invested in this new technology that is now proving to be a revolutionary tool for not just content creators, but also people in numerous other fields such as Healthcare as well. This news made headlines that Chat GPT even managed to pass the U.S. licensing examination as well, and this is why education institutions around the world are now trying to find a solution that can detect content produced through this tool.
But let’s leave that for a minute, and discuss how such Artificial Intelligence can reshape the U.S. healthcare sector. Now, the healthcare sector owes its financial prowess to the insurance-backed system that is in place. Without this system, U.S. healthcare could eventually collapse, and lose its operational efficacy. However, with a tool such as Chat GPT, and other similar AI tools, the overall effectiveness of the system can be improved.
For instance, doctors and physicians in the United States face a shortage of time due to their commitments to patient care. While focusing on their bottom line, they are never in a position to focus on getting their claims reimbursed, and increasing their revenue collection. For this purpose, they then have to either outsource their medical billing or hire an in-house revenue cycle management resource. In the case of Chat GPT, and similar tools, Artificial Intelligence can easily help providers improve their revenue collections by getting all updated coding done instantly and being paid for their services.
The Vacuum that Needs to be Addressed
As discussed earlier, artificial intelligence can truly reshape the healthcare sector of the United States in terms of its revenue cycle management. However, there is still a vacuum that needs to be addressed, and providers have to be aware of it.
The fact of the matter is that such AI tools are highly useful, but it is important for someone to navigate them properly. This means that such tools are not perfect and they have to be used in the right manner in order to produce the best results. For instance, Chat GPT can only provide data up to 2021, while ICD coding is updated after regular intervals based on different billing and coding needs. This is where a medical billing professional might be able to assist providers with their work and contribute to an effective medical billing and coding regime.
Summing Up the Question!
To sum it up, one can claim that AI tools such as Chat GPT and others do have the potential to reshape the healthcare landscape in the United States. However, this doesn’t mean that they will completely take away the revenue cycle management jobs from the RCM professionals. This is primarily because no machine can ever replace a human being in terms of their subjective and contextual effectiveness. Hence, the change would be witnessed in different patterns that could be made possible and result in high revenue collections for providers and lesser claim denials.