Dr. Dipak Nandi, MD, is a board-certified surgeon and entrepreneur based in New York. He has been the torch bearer for significant advancements in the field of healthcare outsourcing, including medical billing, insurance claim administration, and telemedicine. Dr. Dipak Nandi, MD is a Psychiatry Specialist in Old Westbury, NY with over 40 years of medical experience. In 1981, he graduated from the All India Institute of Medical Sciences.
During his time with the US-India Business Council, he served as a thought leader, analyzing the primary pain points in revenue cycle management and how a 360-degree effort with seamless procedures can provide end-to-end support.
The healthcare industry has gone through a massive upheaval. Financial consistency is required for technological advancements in care management, as well as rigorous process improvement. The current medical billing landscape necessitates a provider’s commitment to practice management. Better medical claims must be combined with transparency in information-sharing systems.
Artificial intelligence today has ensured higher revenue generation by addressing some of the biggest pain areas in revenue cycle management (RCM). In addition to enhancing human techniques, artificial intelligence speeds up the processes and provides much more precise results. This allows processes to be quicker and efficient increasing production rate as well. Errors in the medical billing procedure are unavoidable. In fact, according to a recent report, the number of billable codes has now surpassed 70,000 mark.
Dr. Dipak Nandi, MD, states that the revenue cycle in health care is commercial. Patients accumulate transaction history from the time they are scheduled to the time they are discharged, and the process continues through final payment and claim reimbursement. It is a sophisticated system that necessitates a significant investment of time and resources. To function correctly, it must be optimized at every level, and health care, like many other industries, has turned to artificial intelligence (AI) to reduce the burden of revenue cycle management (RCM).
Most healthcare providers struggle with not only the documentation required during the medical billing process, but also with codes and coding, which are constantly changing and continue to exist and impact the bottom line. Artificial intelligence comes as a blessing to ensure a better revenue cycle management process.
With rising healthcare and wage costs, artificial intelligence has become a critical component in decreasing not just operational costs but also the time that healthcare practices frequently end up spending on rework of claims, rechecking, discovering codes paperwork, and so on.
In addition to detecting missing charges before claims are filed or submitted, artificial intelligence guarantees that the entire claim is completed and paid in a timely way. In reality, in revenue cycle management, Artificial Intelligence can be employed for the majority of the prior authorization procedure, which is often time-consuming and difficult to keep track of.