There are countless margins for error in healthcare payment processing. Sometimes, patients fail to properly understand their medical coverage. Sometimes, demographic details on the provider’s files are incorrect. However, almost three-quarters of providers are now reporting that it is taking more than a month to receive patient payments. So, what can a provider do to overcome payment challenges? How can he or she receive a larger proportion of the money his or her patients owe? One new and unique approach that the healthcare sector is taking is to use artificial intelligence. AI is the latest buzzword across many industries. However, within the healthcare sector, it is proving to be useful in increasing patient collections. Here are just some of the ways that AI has shown to be useful in patient billing.
Before the Patient Even Arrives at the Practice
The very first step for any patient’s appointment will start before he or she even arrives to see the doctor. Staff members must validate every visit. They must determine insurance eligibility and demographic details of the patient upfront. Poorly managed claims lead to problems with the sustainability and well-being of the practice. Therefore, it is vital to eliminate the possibility of errors in information. For that reason, AI for healthcare billing is extremely useful. Artificial intelligence can validate if the patient is eligible for the insurance listed when he or she visits the practice. Once the provider’s office receives a positive response, the AI tool can add notes to the patient’s file. Should the tool determine the patient isn’t eligible, it can run an ID verification check on the patient. This will return current insurance or demographic data for the patient in question.
Artificial Intelligence for Billing
Practices currently spend a lot on sending out paper statements to patients. Paper, postage, printing, and man-hours are all costly. Is your practice sending several statements to a single patient? If so, the costs could be as high as $5 to every $15 collected. Artificial intelligence can cut collection costs effectively and efficiently and easily streamline statements. AI is able to calculate and then assign a patient grade. This is dependent on his or her past and present financial status. This will guard against having to send out several statements to a patient who cannot make payments. Instead, the tool is able to carry out historical and current financial checks on the patient. The tool will then assign the patient a grade based on whether he or she is able to pay.
Following Up on Patients
When a patient receives a low grade by the AI tool, the system will carry out a financial aid check. This will help to determine whether it’s worthwhile to spend resources on patient follow-ups. When patients score low grades, the AI tool can update the system automatically. Then, it’ll alert the healthcare payment processing system and tell it to stop sending out more statements to that patient. The system will write off any outstanding charges where necessary and put new charges on hold. As a result, practices can focus their attention on patients who can make their regular payments.
How Can BillingTree Help?
It’s clear that artificial intelligence has a role to play in the future of medical care and in healthcare billing. However, having efficient payment processing systems in place is also vital for successful revenue collection. With systems, such as BillingTree’s solutions, in operation, practices can streamline their collections and boost their revenue. Patients have access to more convenient payment options and, thus, have a better experience. Meanwhile, practices benefit from higher revenue collections and reduced expenditure of money and effort when it comes to patient payments.