In 1956, two Scientist’s thirst for knowledge brought in a revolutionary finding that has changed the course of every industry, and still continues to do so. American scientists John McCarthy and Marvin Minsky gave the world an unimaginable perspective that has now become part of our everyday routine. ‘Artificial Intelligence’ (AI) is now at the forefront, wherein humans are trying to make machines a perfect version of themselves.
Almost every industry is smitten with the power of AI, but the healthcare industry tops it being number one, among the industries that use AI the most. From medical imaging to drug discovery, from data management to robotic surgery, every aspect of healthcare is immersed in the quintessence of AI.
The AI has found its way into Revenue Cycle Management as well. It has provided ideas and solutions to solve complexities in process, leading to increased revenue. With almost 80% of medical bills containing errors, AI has been a savior in optimizing the Revenue Cycle management.
There are hundreds of articles, blogs, white papers, case studies that enumerate the advantages of using AI in your medical billing process. We all can hands down agree that AI makes RCM more effective and efficient. But the question is, will investing in AI be feasible for everyone in the RCM industry? Huge healthcare RCM firms have their own R&D team that works on developing AI suitable for their business process, and there are companies that create AI for different scopes of Revenue Cycle management. They sell it by customizing it for their client’s needs, but it is still a very niche market and rather not a pocket friendly option. So, what about the rest of the fraternity? Do they have access to AI? According to Revcycle Intelligence, a recent black book survey of C-suite executives found only 44% of healthcare organizations already using AI in some form. Does this mean that AI is only for the major players in the RCM market?
The answer is no. There are ways even for small scaled medical billing companies to get their hands on AI for their business. Firms developing AI for Revenue Cycle management have started coming up with ‘plug and play’ technology that just needs to be installed in your system. This kind of software automatically integrates with your billing system, and you simply need to understand the working of the technology and its navigation before use. Unlike customizing and buying, this ready-made software is created with ease of access and are also not heavy on your pockets.
Another easy way for you to enjoy the fruit of AI is outsourcing your billing process offshore. According to Zion market research, the global artificial intelligence in the healthcare market was around USD 1.4 billion in 2018 and is expected to reach approximately USD 17.8 billion by 2025, at a CAGR of 43.8% between 2019 and 2025. Adding to this, the current pandemic has only projected to increase this value by at least 20-30%. Off shoring the Revenue Cycle management, already being an efficient and cost-effective investment, can also introduce you to AI in the most affordable way.
An article by Mckinsey states that 15 cents of every US healthcare dollar spent goes towards the management of RCM inefficiencies. The Revenue lost due to these accounts to millions of dollars in the US every year. Like Man, money, material and method being the basic investments to run a business, AI is now slowly becoming a mandatory investment as well, predominantly for the Healthcare industry.
Adapting to new technology is hard as such, but inevitable because businesses need to continuously keep building their credibility to survive in this highly competitive market, and we at Quintessence can help you. Our services are inclusive of our process specific tools that we offer our clients at no extra cost. Click here to know more about Quintessence’s assured ROI solutions & services.