The U.S. medical coding market size was valued at USD 16.4B in 2020; it is expected to grow at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028. Discover how AI Coding Assistant can improve coding accuracy, expedite reimbursement, and ensure compliance.
Despite promising growth, multiple issues envelop the medical coding sector. Some of the pressing problems include:
- Management, training, and retention of a skilled workforce
- A large number of codes leads to frequent inaccuracy
- High costs to run a robust coding unit
These problems together or independently become the reason for rising denials by payers.
According to a recent study, the average rate of denials increased by 23 percent in 2020 compared to 2016.
However, this does not make the coding departments powerless.
With smart planning and adopting an AI coding assistant like MediCodio, coding departments can be:
- 85% more accurate
- 45% faster than the complete manual department
- Highly efficient medical coding
Further, Ross Moore, MBA, general manager of revenue cycle at Olive states that “AI coding assistant can revolutionize revenue cycle departments by automating labor-intensive and repetitive tasks involved in patient access, coding, billing, collections, and denials. This transformative technology has the potential to streamline operations and reduce manual efforts, freeing up valuable resources for more critical and complex healthcare activities."
How does MediCodio help with reducing human resource management issues?
MediCodio serves as an AI coding assistant to your coding team. Once integrated into the system, the tool will read charts, clinical documentation, and notes to suggest codes. This helps with:
Dealing with a shortage of skilled resources: When MediCodio assesses and suggests codes, you do not need to maintain a large coding team that reviews each chart and suggests codes. One simple click and your codes are ready to be reviewed and finalized for further processing.
Save time in training new hires: You do not need to train your team frequently as the coding policies and regulations change. MediCodio is updated with the latest changes or updates to code.
How is MediCodio more accurate than your coding department?
The current International Standard for Medical Coding, ICD-11 has almost 55,000 diagnostic codes. It is four times higher than ICD-10 (active until Dec. 2021) which has 14,000 codes.
With ever-increasing codes, inaccuracy has become a very common problem and a difficult one to deal with
Resolving accuracy challenges: With codes input into MediCodio for more than 15 specialties, your team does not need to scan a big database to find the right code. MediCodio scans the charts and suggests the right code.
MediCodio doesn’t replace your medical coding team but augments their ability to code accurately and efficiently.
With these features in place, AI in general, and MediCodio, in particular, help reduce the risk for medical institutions and allow medical personnel to spend more time focusing on patient care and complex coding scenarios.
More about MediCodio
Medicodio is an AI coding assistant that reduces medical coding costs and improves efficiency by up to 45%. A great fit for RCM companies and hospital billing departments, Codio suggests medical codes (CPT, ICD10, HCPCS, modifiers) by reading patient demographic info from EHR systems and Physician Notes/charts. After the medical coder makes a selection from the list of suggested codes, CODIO sends your codes to the billing system.
FAQs
1. What is an AI coding assistant for medical coding? An AI coding assistant is a tool that uses artificial intelligence to analyze clinical documentation and suggest accurate medical codes.
2. How does an AI coding assistant improve coding accuracy? It reduces errors by identifying precise codes based on documentation and ensuring compliance with coding standards.
3. Can AI coding assistants replace human coders? No, they complement human coders by automating repetitive tasks, while coders handle complex cases and ensure compliance.
4. What are the benefits of using an AI coding assistant? Benefits include faster coding, improved productivity, reduced claim denials, and streamlined revenue cycle management.
5. Are AI coding assistants customizable for different healthcare organizations? Yes, most AI tools can be tailored to fit the unique workflows and needs of various healthcare providers.