Revenue Cycle Management (RCM) is an essential, and growing, segment of the healthcare field, offering a standardized format for determining the costs of procedures and treatments. The procedures for billing and coding are necessary, and they’re used to translate patient records into standardized codes that are used for billing third-party payers and patients. Unfortunately, the ongoing challenge is coding accuracy. In the fiscal year of 2017, the Centers for Medicare & Medicaid Services (CMS) reported that errors resulted in over $36 billion in improper payments. Some companies are beginning to develop and test artificial intelligence applications to help improve the efficiency and accuracy of billing and coding processes.
