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The wave of impact that Artificial Intelligence (AI) will have in the future is unimaginable, as the capabilities are endless, with benefits beyond borders. Every Industry has a challenge solved with AI, and Healthcare Tech is no exception. Google’s recent AI breakthrough in predicting heart disease through eye scans highlights the current paradigm shift in the importance of AI in the healthcare industry.
The cost of Healthcare in the United States is often regarded as excessive relative to the quality of care delivered. Businesses seek ways to manage their costs, and healthcare expenditure is a significant and ever-increasing expense. As healthcare spending expands in the public sector, it may compete with other governmental budget priorities. AI could resolve this burden.
“AI adoption within the next five years could result in savings of $360 billion annually.”
According to a new report from McKinsey and Harvard researchers, wider adoption of AI could lead to savings of 5 to 10 percent in US healthcare spending—roughly $200 billion to $360 billion annually in 2019 dollars, without compromising on quality or access. These estimates encourage the Healthcare Industry to essentially adopt and test the potential impact of AI in their sector and experiment with the decrease in cost and increase of capability.
From the practice and patient perspective, patient billing management is a hectic process, sometimes with terms unknown to either party. The Patient Payment sector is one of the major sectors which require in-hand solutions to ease the complex process and address several challenges of essential healthcare services.
AI-based technology and applications can raise a physician’s productivity by being an assistive tool to increase the time for personal patient priorities and provide clinical benefits. Today’s online patient payment solutions are rapidly attempting to integrate data analytics technology and various AI-driven automation solutions that can both automate and make the payment process visible to patients.
In recent years, clinicians and academics have used AI to achieve astounding medical achievements. AI-enabled technological advancements:
Advanced Diagnosis and Workflow- Most AI devices improve diagnostic or workflow efficiency, striving to complete activities that physicians previously performed. Physicians interpret medical images traditionally and must endure years of specialized training and countless hours of practice. In contrast, AI devices can be programmed to act as autonomous, independent pathology screeners, with a radiologist or ophthalmologist providing oversight. An AI application’s efficiency benefits significantly reduce the number of clinician hours spent on diagnosis, prognosis, and information synthesis.
Google AI on Cardiovascular Health- Machine learning, a subset of AI employed by Google and Verily scientists, analyzed a medical dataset of over 300,000 patients. This information contained eye scans as well as general medical information. This data was mined for patterns using neural networks, which learned to correlate warning indicators in the eye scans with the parameters needed to predict cardiovascular risks, such as age and blood pressure. When evaluated, Google’s AI was 70% of the time able to identify between the retinal scans of two patients, one who had a cardiovascular incident in the next five years and one who did not.
These two examples are just a glimpse into the vast number of breakthroughs that happen in the Medical tech field. However, the patient payment sector does not provide much insight into the development. 70% of consumers receive medical bills via mail, but only 9% want to pay that bill with a paper check. However, some aspects where AI can play a bigger role and solve the administrative crisis can be through these situations-
Chatbots for Patient Engagement- Chatbots are automated systems that can communicate with patients and answer their queries about patient billing solutions. They can provide personalized payment plans and assist patients with navigating complex billing procedures. This feature enhances patient satisfaction and helps reduce the healthcare staff’s workload. These chatbots can even send personalized text reminders, which remind patients of their payments and increase revenue flow.
Predictive Analytics- AI-powered analytics can scrutinize patient data to predict which patients will most likely experience payment difficulties. This information is used to provide personalized patient payment plans or offer financial assistance before payment issues arise proactively. This method helps patients avoid unnecessary stress and provides the necessary support to manage their medical bills more effectively.
Payment Automation- AI can automate payment processes, reducing the need for manual intervention. For instance, AI-powered patient payment solutions can automatically verify insurance information and process claims, reducing errors and improving efficiency. This saves healthcare organizations time and money and reduces patients’ need to follow up on payment issues.
Data Security- AI can also help to keep patient data secure. AI-powered systems can detect and prevent fraudulent activities such as identity theft by analyzing patterns in patient data. This protects patients’ personal and financial information, giving them greater peace of mind and confidence in the healthcare system.
Medical Billing- Medical billing specialists process bills through several codes and provide accurate numbers. However, there is always that 1% error due to the ever-changing CPT codes, and much time gets wasted while processing these bills. With AI’s help, specialists can correct their errors in real-time and even feed their codes into the patient payment solution for a consistent algorithm to help them process bills quickly and accurately.
Contact Cadence Models- With AI analytics, you can receive recommendations on the best approach to your patients regarding their payments. These AI analytics will analyze all your interactions with the patients and their payment patterns and balance cheques and recommend the best patient collection strategies for approaching an individual patient through a one-on-one or direct patient billing solution.
Denial Analysis- Artificial intelligence will surely boost productivity and profitability. However, an even stronger income growth possibility lies in AI’s ability to judge based on data analysis. AI can analyze denials to determine the root issue, create prompts to address these issues, gather information for proper coding, and make the provider’s notes comprehensive to avoid coding errors and decrease the denial rate.
In conclusion, AI holds immense potential in patient payment solutions. Using chatbots, predictive analytics, and automation of payment processes can streamline the payment experience for patients while reducing the workload of healthcare staff. AI-powered systems can also enhance patient data security by detecting and preventing fraudulent activities. As technology evolves, we expect to see even more innovative patient payment solutions that will transform how patients pay for healthcare services.
With AnodynePay, Healthcare organizations can process patient payments and collection faster than ever with Automated E-statements. With manual intervention bound to take time and process payments over more than 30days, AnodynePay’s automated solutions provide patients with numerous online options reminding them to pay their bills on time. With AnodynePay, practices can benefit from the following:
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AnodynePay is a product of Plutus Health Inc. Plutus Health Inc is a 18-year-old full cycle technology driven RCM firm specializing in medical coding, medical billing, payment posting, denial management, credentialing, prior authorizations, AR follow-up & out of network negotiations.
