MailMyStatements Blog

  Artificial Intelligence (AI) is the latest technology development gaining significant traction in various areas of the healthcare industry, including diagnostics, patient outreach, and revenue cycle management (RCM) activities. Because revenue cycle management functions require substantial time, financial, and personnel resources, this area is particularly suited to benefit from the adaption of AI. In fact, payers and providers spend  $496 billion  on billing and insurance-related (BIR) costs each year. What Is AI? Manual and redundant tasks like  c oding, billing, collections, and denials become  instantly simplified with appropriate artificial intelligence . AI imitates human intelligence through algorithms that identify patterns and plan for future outcomes, unlike machine learning or other robotic processes that only focus on accuracy. “Whether it’s matching a patient with the right provider, estimating out-of-pocket costs, or coding the claim, those are t...

  Encouraging your customers to pay their bills on time can be difficult. Many barriers stand in the way of prompt and accurate payments, including financial stress, confusion or discrepancies over charges, and forgetfulness — undoubtedly the most common reason for late payments. The human brain is complicated, and each of your patients has a lot on their mind. But even though these human errors are understandable, delayed payments cause a headache for the billing cycle and ultimately affect your business’s bottom line. The good news is t h at late payments are not totally out of your control. You can overcome all of these billing cycle barriers to timely payments with the application of a few simple, ethical, and effective psychology concepts that will help solicit more timely payments by meeting your customers where they’re at. Instead of taking hours of additional work to implement, many of these strategies only require minor tweaks to the way your medical practice runs. Read on...