The Role of AI in the Future of Patient Payment Solutions

Jim Vrtis
July 4, 2023
Role of AI in Patient Payment Solutions

The wave of impact that Artificial Intelligence (AI) will have in the future is unimaginable, as the capabilities are endless, with benefits beyond borders. Every Industry has a challenge solved with AI, and Healthcare Tech is no exception. Google’s recent AI breakthrough in predicting heart disease through eye scans highlights the current paradigm shift in the importance of AI in the healthcare industry.

In this blog:
  1. Introduction of AI in Healthcare
  2. Challenges Practices Face with Patient Payment Solutions
  3. Leverage AI for your Patient Payment Advancements
  4. AnodynePay for Patient Payment Solutions

The cost of Healthcare in the United States is often regarded as excessive relative to the quality of care delivered. Businesses seek ways to manage their costs, and healthcare expenditure is a significant and ever-increasing expense. As healthcare spending expands in the public sector, it may compete with other governmental budget priorities. AI could resolve this burden.

“AI adoption within the next five years could result in savings of $360 billion annually.”

According to a new report from McKinsey and Harvard researchers, wider adoption of AI could lead to savings of 5 to 10 percent in US healthcare spending—roughly $200 billion to $360 billion annually in 2019 dollars, without compromising on quality or access. These estimates encourage the Healthcare Industry to essentially adopt and test the potential impact of AI in their sector and experiment with the decrease in cost and increase of capability.

Challenges Practices Face with Patient Payment Solutions.

From the practice and patient perspective, patient billing management is a hectic process, sometimes with terms unknown to either party. The Patient Payment sector is one of the major sectors which require in-hand solutions to ease the complex process and address several challenges of essential healthcare services.

  • Lack of transparency - 44% of patients in 2022 have avoided getting Healthcare as they did not have any visibility of their coverage. Patients are liable for their cost coverage as the online payment process is complicated and overwhelming. Due to non-transparency, bills can go unpaid and get delayed, adding a financial burden to the practice.
  • Administrative burden - Manual processes such as paper statements, phone calls, and mailed invoices are time-consuming and costly. Managing patient payments can take away from the time and resources that practices could spend better on patient care with online patient payments.
  • Lack of patient payment options - People may prefer online patient payments to pay their bills online or by phone, but many practices do not offer these options. This can result in delayed or missed payments, leading to financial losses for the practice. Practices can adopt many online gateways for their payments to assure the patients of their payment security.  
  • High Fraud Risk - The National Health Care Anti-Fraud Association (NHCAA) estimates that the financial losses due to healthcare fraud are tens of billions annually. For a long time, healthcare fraud has been a persistent issue in the sector. Healthcare fraud has increased due to rising healthcare expenses, technical advancements, and a greater reliance on electronic data.
  • Poor HIPAA Compliance- Medical practices must remain on top of ever-changing HIPAA standards or risk large fines and a loss of patient trust. Practices use this PHI information to identify an individual. Protecting this information is vital, and using a manual approach prone to human error might jeopardize your medical practice’s image.

Leverage AI for your Patient Payment Advancements

AI-based technology and applications can raise a physician’s productivity by being an assistive tool to increase the time for personal patient priorities and provide clinical benefits. Today’s online patient payment solutions are rapidly attempting to integrate data analytics technology and various AI-driven automation solutions that can both automate and make the payment process visible to patients.

Benefits of AI

In recent years, clinicians and academics have used AI to achieve astounding medical achievements. AI-enabled technological advancements:

Advanced Diagnosis and Workflow- Most AI devices improve diagnostic or workflow efficiency, striving to complete activities that physicians previously performed. Physicians interpret medical images traditionally and must endure years of specialized training and countless hours of practice. In contrast, AI devices can be programmed to act as autonomous, independent pathology screeners, with a radiologist or ophthalmologist providing oversight.  An AI application’s efficiency benefits significantly reduce the number of clinician hours spent on diagnosis, prognosis, and information synthesis.

Google AI on Cardiovascular Health- Machine learning, a subset of AI employed by Google and Verily scientists, analyzed a medical dataset of over 300,000 patients. This information contained eye scans as well as general medical information. This data was mined for patterns using neural networks, which learned to correlate warning indicators in the eye scans with the parameters needed to predict cardiovascular risks, such as age and blood pressure. When evaluated, Google’s AI was 70% of the time able to identify between the retinal scans of two patients, one who had a cardiovascular incident in the next five years and one who did not.

These two examples are just a glimpse into the vast number of breakthroughs that happen in the Medical tech field. However, the patient payment sector does not provide much insight into the development. 70% of consumers receive medical bills via mail, but only 9% want to pay that bill with a paper check. However, some aspects where AI can play a bigger role and solve the administrative crisis can be through these situations-

Chatbots for Patient Engagement- Chatbots are automated systems that can communicate with patients and answer their queries about patient billing solutions. They can provide personalized payment plans and assist patients with navigating complex billing procedures. This feature enhances patient satisfaction and helps reduce the healthcare staff’s workload. These chatbots can even send personalized text reminders, which remind patients of their payments and increase revenue flow.

Predictive Analytics- AI-powered analytics can scrutinize patient data to predict which patients will most likely experience payment difficulties. This information is used to provide personalized patient payment plans or offer financial assistance before payment issues arise proactively. This method helps patients avoid unnecessary stress and provides the necessary support to manage their medical bills more effectively.

Payment Automation- AI can automate payment processes, reducing the need for manual intervention. For instance, AI-powered patient payment solutions can automatically verify insurance information and process claims, reducing errors and improving efficiency. This saves healthcare organizations time and money and reduces patients’ need to follow up on payment issues.

Data Security- AI can also help to keep patient data secure. AI-powered systems can detect and prevent fraudulent activities such as identity theft by analyzing patterns in patient data. This protects patients’ personal and financial information, giving them greater peace of mind and confidence in the healthcare system.

Medical Billing- Medical billing specialists process bills through several codes and provide accurate numbers. However, there is always that 1% error due to the ever-changing CPT codes, and much time gets wasted while processing these bills. With AI’s help, specialists can correct their errors in real-time and even feed their codes into the patient payment solution for a consistent algorithm to help them process bills quickly and accurately.

Contact Cadence Models- With AI analytics, you can receive recommendations on the best approach to your patients regarding their payments. These AI analytics will analyze all your interactions with the patients and their payment patterns and balance cheques and recommend the best patient collection strategies for approaching an individual patient through a one-on-one or direct patient billing solution.

Denial Analysis- Artificial intelligence will surely boost productivity and profitability. However, an even stronger income growth possibility lies in AI’s ability to judge based on data analysis. AI can analyze denials to determine the root issue, create prompts to address these issues, gather information for proper coding, and make the provider’s notes comprehensive to avoid coding errors and decrease the denial rate.

In conclusion, AI holds immense potential in patient payment solutions. Using chatbots, predictive analytics, and automation of payment processes can streamline the payment experience for patients while reducing the workload of healthcare staff. AI-powered systems can also enhance patient data security by detecting and preventing fraudulent activities. As technology evolves, we expect to see even more innovative patient payment solutions that will transform how patients pay for healthcare services.

AnodynePay for Patient Payment Solutions

With AnodynePay, Healthcare organizations can process patient payments and collection faster than ever with Automated E-statements. With manual intervention bound to take time and process payments over more than 30days, AnodynePay’s automated solutions provide patients with numerous online options reminding them to pay their bills on time. With AnodynePay, practices can benefit from the following:

  • Improving the patient experience with AI technology that will synthesize all of your practice’s patient AR balance data.
  • Automate Your Patient Balance Communication with patient engagement software that will help you drive key performance indicators with optimized processes and robotic automation.
  • Digitize your Patient Payment process with numerous online payment options: QuickPay, card on file, credit, debit, and more.

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