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What seems like routine, annual wellness visits can quickly become a burden for many patients. From unmet health insurance deductibles to increasing prescription drug costs, more and more patients are skipping “wellness” appointments to avoid medical bills; which unfortunately contributes to the 131.3 million emergency department visits per year, and possibly an even bigger bill in the end.

Medical Revenue Cycles are responsible for bridging the gap between effectively reimbursing physicians for their care and elevating patients’ experiences from check-in to bill-pay. Medical bills must be accurate, compliant with regulations, and timely to ensure that patients receive proper care and that medical facilities receive adequate reimbursement. Unfortunately, several key issues can arise when it comes to medical billing in revenue cycle management (RCM) processes, negatively impacting efficiency, accuracy, and patient satisfaction. 

The emergence of Artificial Intelligence (AI) technology in healthcare operations has revolutionized experiences for medical practices, physicians, and patients alike. AI can provide medical professionals with unprecedented insight into the data collected during routine appointments, streamline administrative processes, enhance patient care, optimize healthcare revenue, and improve overall bottom lines. In this blog, learn how medical practices are increasing their profits with the help of AI:

Optimizing medical billing processes is key to creating and scaling a successful practice, a challenge that stays top of mind for many billing and revenue cycle leadership teams. To identify areas of improvement, tracking key performance indicators (KPIs) sheds light on performance, areas of improvement, revenue, and more.

Medical billing systems are paramount in ensuring medical providers are correctly reimbursed for services rendered. Billing errors resulted in a staggering $31.6 billion loss to Medicare, according to a report from the Centers for Medicare and Medicaid Services (CMS) looking at 2018 Medicare Fee-for-Service Supplemental Improper Payment Data - a shocking amount of money that could have been used to provide care for countless patients.