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Evolution and Management Services Guide
Introduction
Welcome to our topic today, where we delve into the ins and outs of how artificial intelligence (AI) can significantly improve revenue in the Workers Comp industry. In this blog post, we’ll discuss the challenges of manual coding, missed opportunities in revenue, and how AI can come to your rescue to streamline your processes and boost your returns.
Understanding Workers Comp
In the world of workers’ compensation, coding, and documentation are of paramount importance. However, between managing manual coding and maintaining compliance, many opportunities for enhancing revenue get missed.
For instance, it’s a common scenario in medical settings where procedures carried out to address patient issues are not comprehensively documented. These omitted details can result in loss of revenue. Similarly, misplaced documentation, like wound repair details hidden within an exam’s note, can affect the coding process adversely.
The Challenges of Manual Coding
Traditional coding has several drawbacks. The aspect of human error, varying interpretation of guidelines, and frequently changing codes can result in inaccuracies limiting optimum revenue generation. Training the providers and constant monitoring is exhausting and demanding.
Additionally, the provider’s focus remains on patient care, often pushing administrative tasks, such as keeping up-to-date with the latest guideline changes and coding rules, to the side. Incorrect or inadequate documentation can lead to potential revenue losses, or worse, lawsuits and unanticipated audits.
How AI Comes to the Rescue
With the evolution of technology, today, we have AI that can streamline and optimize coding in unprecedented ways. AI in coding goes through a process of training where it learns from coding professionals’ expertise, integrated industry rules, and client-specific rules. It can increase the practice revenue by 25% or more while maintaining an impressive level of accuracy.
AI can accurately detect codes based on the information fed. This machine learning approach can catch errors, provide comprehensive spell checks, validate references, translate languages, and much more without unnecessary delays. In essence, AI enhances revenue, improves compliance, shortens claim lag time, and cathes missing E&M codes. It effectively eliminates errors, providing a seamless experience and boosting revenue.
Benefits of AI-Enabled Coding
AI in coding allows for:
- Continuous Provider Education: Continual learning from daily incidences, constant reminders, learning from mistakes, which ensures constant improvement in their coding skills.
- Improved Revenue Cycle: The incorporation of AI in coding speeds up the billing process, thereby bringing in revenue faster.
- Comprehensive Analysis: The ability to identify gaps and areas of improvement in documentation, which helps in elevating the documentation standards, ultimately leading to an increase in revenue.
- Standardization of Patient Care: Ensuring that every patient gets uniform treatment and care regardless of the provider or clinic is key.
Conclusion
AI-enabled coding could bring a paradigm shift in how we perceive coding. It’s not a matter of replacing traditional coders; rather, it’s about enhancing their roles with improved efficiency and accuracy.
By harnessing the power of AI in coding, we can overcome the common issues that plague coding in workers’ compensation, such as downcoding, incorrect capturing of patient status, missing procedure codes, and more. Using AI can lead to improved revenue, better compliance, and a more streamlined healthcare service process.
To get an in-depth understanding of how AI might work in your setting or to address any queries about the same, you’re welcome to reach out for a private demo and see the Xeon solution firsthand.
