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July 7, 2023 in Upgraded Patient Billing System

How Artificial Intelligence Enhances Patient Billing

How Artificial Intelligence Enhances Patient Billing

Recent shifts in patient behaviors and preferences have intensified the demand for technology adoption throughout numerous healthcare processes. Artificial Intelligence is perfectly positioned to aid in many manual healthcare tasks, varying from diagnostics to AI patient billing.

So, what exactly is AI? Artificial Intelligence is the wide-ranging branch of computer science engaged with building software programs that mimic human intelligence to perform tasks and make decisions.

Automating redundant tasks is an effective strategy for reducing human labor and errors, which explains the recent momentum and growth of the AI industry. In fact, AI technology is predicted to reach $62 billion market value in 2022 alone, an increase of 21.3% from 2021.

Because the healthcare industry tends to lag in technology adoption, most patient billing systems still require manual operations which may result in errors and uncollected revenues. Upgrading to a cloud-based billing solution with artificial intelligence technology helps mitigate these common challenges.

Reduce Human Labor

The recent economic climate resulted in severe labor shortages within the medical field. Inversely, the number of patients needing treatment continues to grow, creating an influx of billing data and errors.

Artificial intelligence technology is capable of organizing data and recognizing patterns in a more intelligent manner than humans alone, resulting in accurate work completed quickly. Utilizing secure AI patient billing technology over time improves accuracy and significantly reduces the need for human labor in the billing process.

“By augmenting human performance, AI has the potential to markedly improve productivity, efficiency, workflow, accuracy and speed, both for [physicians] and for patients … What I’m most excited about is using the future to bring back the past: to restore the care in healthcare.”

— Eric Topol, MD, director, and founder of Scripps Research Translational Institute

Collect Additional Revenue

Improving billing accuracy ensures that patients are charged correctly for the rendered service, reducing customer service support needs and delayed payments.

When customer support is needed, secure AI-enabled chatbots within the billing software can apply past interactions and account data to personally assist with any patient questions or concerns.

Some chatbots (like the one in MailMyStatement’s Lifecycle Billing Software), are programmed to ask probing questions in order to encourage the largest payment possible. Through interactions based on machine learning data models or even pre-programmed routines, an AI-enabled chatbot intelligently assists patients and facilitates higher collections.

Improve Accuracy

Did you know that 80% of medical bills contain errors, skewing costs in both directions and resulting in billions of dollars in payment errors?

In fact, the root cause of denials typically stems from human error. These errors not only prolong the patient collection process but also require additional time and money to straighten out.

Artificial Intelligence plays an essential role in identifying these errors, then developing prevention methods for future transactions.

Read More: How AI is Revolutionizing Healthcare Billing and Collections

Final Thoughts

Artificial Intelligence used in patient billing technology serves to simplify the backend process, reducing the need for human and financial resources, while simultaneously improving accuracy and patient support. These system upgrades not only improve patient satisfaction but also helps to increase practice revenues.

MailMyStatements is a technology-driven patient statement and payment vendor that offers managed billing needs varying from payment plan capabilities to statement design. Get in touch with us today to learn more about our various solutions to help increase patient collections.

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