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What is the Role of Artificial Intelligence in Charge Capture in 2020?

Artificial intelligence (AI) is changing charge capture processes for providers in 2020. Now used across multiple healthcare technology platforms, AI is making it easy for providers to complete administrative and billing tasks. Built with the intention to help your team work more efficiently and effectively, artificial intelligence is bringing healthcare organizations into the future. Its role in charge capture involves streamlining the claims process; boosting your data, insights, and revenue, providers need a quality charge capture solution with AI.

Charge Capture and AI

Filled with Relevant Data
In order for AI to be effective in the charge capture setting, it needs to have the right data. With a quality solution, providers will find a complete and relevant set of data that is frequently updated. With medical billing codes and billing requirements frequently changing, your technology needs to be able to keep up. Should you fall behind on industry changes, your practice will see an increase in denials, which is why it’s important to have a software that adapts.

Insight into Practice Billing

Providers can now gain insight into their practice billing using AI. By quickly pinpointing and highlighting common mistakes and areas that need improvement, your practice can improve its billing process. This could include common mistakes in the charge capture or coding process that is being frequently overlooked by your team. By identifying these areas, your practice can make the appropriate adjustments to avoid future mistakes. This insight is essential to the growth and improvement of your revenue cycle. AI helps collect this data automatically, so you do not have to.

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Charge Capture Simplified

Eliminate Missing Charges
Thousands of dollars every year are lost due to late or missing charges. Artificial intelligence can help prevent this throughout the entire charge capture process. If a charge is going to be submitted late or go missing, the software automatically alerts your team. This ensures that to charge slips through the cracks and your team is able to optimize revenue. Only the use of AI can help eliminate the occurrence of missing or late charges in your revenue cycle.

Improved Charge Predictions
With rich data built into its process, AI can improve charge capture predictions. Up to this point, providers have relied on the rules-based method to identify missing charges or errors in coding. The problem with this approach is that rules are constantly changing, and this method cannot be heavily relied upon. The difference that AI makes is that providers can trust that it is accurate and updated at all times. An AI solution learns and picks up data over-time rather than relying on the input of information from your team. This is incredible for streamlining your charge capture process and improving predictions. Providers can trust that when they go to complete a charge that the information automatically generated is accurate and requires little verification.

A quality AI solution can help your organization improve its charge capture process. To learn more about relevant tools that could help your practice improve revenue cycle management, click here.

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