The Impact of AI in Healthcare

Last edited
May 19, 2022

While the consumption of healthcare services will likely continue to grow, it is unclear that industry profit pools will expand over the next three years given the impact of the COVID-19 pandemic. Healthcare players who develop new and innovative business models will create disproportionate value in this environment, even as they face long-term challenges.

Key Takeaways

  • AI is an umbrella term that covers a range of different technologies, each with different types of capabilities and levels of complexity
  • AI can enhance a wide range of objectives in health care by improving the cost, speed, accuracy, and consistency of various processes
  • AI in health care is not intended to replace human workers and will not always be perfect. Rather, having good data and appropriate human input can bring better results than humans working alone

Let’s be honest: artificial intelligence is the pb-0 future, especially when it comes to healthcare. As we journey deeper into the digitally-driven world before us, we can’t help but reflect on how far we’ve come and how the usage of automation has grown in a way to help companies succeed. This change can be directly attributed to the complex technology behind artificial intelligence and natural language processing creation and implementation. At GaleAI, we believe that the future of healthcare is in our hands

We are currently standing at a crossroads where technology meets comprehensive care, and we are loving every minute of it. As we venture off into the sunset together, with all the extra time we have thanks to automation, we have to take a minute to understand exactly how artificial intelligence is impacting the way we operate (literally!) and perform daily tasks as healthcare professionals, both in the operating room and when handling mundane, but necessary tasks like medical coding and billing. It’s all important and can all be transformed through state-of-the-art AI automation.

Let’s dive deeper into the impact of AI in healthcare.

What is artificial intelligence?

There seem to be numerous definitions of precisely what artificial intelligence is and how it works. Still, the best definition we could find was pulled from a Stanford University research paper by John McCarthy.He describes artificial intelligence as “...the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to methods that are biologically observable.”

Another way to look at artificial intelligence is simply by understanding that it is a way that humans can mimic specific processes and procedures through complex computer programming and coding.

Because of the limitless possibilities available in the digital realm, artificial intelligence can manipulate both simple and intricate human tasks allowing real humans to save time and money while prioritizing higher-level tasks for themselves.

Although gaining traction in all things healthcare, artificial intelligence is used in every business sector imaginable. Some of the most common, everyday examples of AI usage include Siri or Alexa, self-driving cars, email spam filters, robo-chats on websites, and, even, Netflix recommendations.

So, what is natural language processing?

Natural language processing, or NLP, is the manipulation of text or speech by advanced computer software. Natural language, in and of itself, refers to the way we, as humans, communicate with one another. Natural language can be found in direct speech, phone calls, text messages, emails, and any other form of standard communication that can be rendered from speech or text.

Natural language processing is a form of artificial intelligence. It works to help computers understand, communicate and manipulate language based on a scope of requirements set forth by the organization or direct operator. Many believe that NLP is the gap needed between computer processing and human language.

At GaleAI, we use natural language processing to assist our computer-aided systems with correctly interpreting codes to properly process medical coding and billing for each patient visit. In addition, because NLP and AI are constantly working to better understand and respond to human-led functions and processes, the features and system provided under the GaleAI-led umbrella reduce human error, making the medical coding and billing process more seamless over time.

Combining AI and NLP at GaleAI allows us to:

  • Increase revenue capture
  • Decrease AR time
  • Improve physicians’ lives by limiting administration burdens
  • Improve efficiency, consistency, and lack of variability

How is artificial intelligence helping with the advancement of healthcare?

Although we are big on changing the way medical coding and billing are handled in the digital world, there are various other ways that AI and NLP are changing the game when it comes to all things healthcare.

Some of the biggest advancements on the rise for AI collaboration include:

  • Early detection and diagnosis of various medical conditions and diseases
  • AI-assisted robotic surgery
  • Medical imaging analysis
  • Improve efficiency, consistency, and lack of variability
  • Virtual visits and testing
  • Medical data security, fraud detection, and alerts
  • Medical risk predictors
  • Clinical trials
  • Automated workflow assistance

How is GaleAI making a difference in the healthcare sector through artificial intelligence?

Let’s face it: The current medical coding and billing system no longer fits our schedules, lifestyle, or technological advancements.

Did you realize that more than 40% of physicians reported feeling burnt out over the last year? This is mainly due to the demanding requirements placed on physicians to spend as much time rifling through paperwork as they do with patients. It’s just not plausible at this point. Medical coding and billing can be taken off our plates and can, actually, be processed more efficiently when we are hands-off with the right technology in place.

Whether you find yourself knees deep in processing medical codes or are just curious about the adverse effects of human-led coding in the medical world, let’s dive deeper into some of the key factors that turned GaleAI from a simple idea to a full-blown advanced system in healthcare.

There are various detrimental results that cost us time and money when it comes to standard medical coding and billing. Most notably, we are seeing:

  • Upwards of 150 billion lost revenue from coding mishaps
  • A 2-3 month delay in accounts receivable
  • Millions in lost revenue in poor RCM
  • A high staff turnover rate leading to inconsistency on the job
  • Inaccurate, inefficient, and variable coding

With artificial intelligence, we no longer have to feel stuck within unreasonable expectations that cost us time and money. Instead, focus on the future of healthcare and tap into the resources that meet your needs. Contact us today to learn more about how GaleAI can help elevate your healthcare business.

Sponsored by

This report is sponsored by lodine Software, an
Advisory Board member organization. Representatives of lodine Software helped select the topics and issues addressed. Advisory
Board experts wrote the report, maintained final
editorial approval, and conducted the underlying research independently and objectively. Advisory Board does not endorse any company, organization, product or brand mentioned herein.

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