Artificial Intelligence (AI) in Healthcare Market Trends, Regulations And Competitive Landscape

The Market Research Group Announced The Analysis Report “Artificial Intelligence (AI) in Healthcare Market by Offering (Hardware, Software, and Services), by Technology (Machine Learning, Context-Aware Computing, Natural Language Processing, Computer Vision, Speech Recognition, and Querying Method), by Application (Health Monitoring, Digital Consultation, Virtual Nurses, Precision Medicine, Drug Creation, Healthcare System Analysis, and Others), and by End-User (Clinics, Diagnostic Centers, Pharmaceutical Organizations, Hospitals, and Others): Global industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025.

Spotlight

Simplify Healthcare

Simplify Healthcare is a rapidly growing software company that offers a unique platform that solves a number of pain points within health insurers. Simplify Healthcare is the leading player in the benefit plan management vertical with deep expertise for Large Group, Small Group, and Individual benefit plan management across all lines of business (Commercial, Medicaid, Medicare, and ACA QHPs).

OTHER ARTICLES
Health Technology, Digital Healthcare

Ways to Drive Practice Revenue and Reduce Your Accounts Receivable

Article | September 7, 2023

Managing accounts receivable (A/R) in private practice is a constant battle for physicians. Though most understand that lowering their A/R is critical for improving their practices’ efficiency and profitability, physicians often do not know how to address issues like lengthy collection periods and insurance claim denials. It can be complex to manage A/R, as doing so involves various parties, including insurance carriers, the patient, the front office and billing staff, and the provider. All must work together to achieve a clean claims rate and avoid denials. The best way to improve medical billing A/R is to reduce claim denials and speed up the patient collections process. In addition, you’ll need to ensure that patients and staff are filling out paperwork correctly and submitting claims on time. Other areas to manage are the follow-ups to correct errors and past-due accounts. Accounts receivable is a collaborative effort Each member of the practice staff plays an integral role in reducing claims denial rates. Take an all-hands-on-deck approach in order to identify issues and develop solutions. Start by making every team member privy to the A/R management process. This will ensure everyone is on the same page and involved. It will also help to increase efficiency, avoid redundancies, and eliminate mistakes that could waste time or profitability. The front office staff is the front line of A/R. They are the first to verify and update patients’ insurance and personal details like address and contact information. They must also ensure that patients sign certain documents, like financial policies. Providers are the next line of A/R. Providers select current procedural terminology (CPT) codes, and must be mindful of tedious details such as bundling correctly in order to ensure that claims are approved. A conscientious provider should not only select appropriate billing codes but also double-check the patient information that the front office staff provide. The billing office is a final line of defense and should triple check that the patient’s information and the CPT codes are correct. Billing office staff are also responsible for ensuring the claims are submitted on time and that duplicates are not submitted. Establish financial policies Every practice needs clearly defined financial policies around patients or clients. Having these policies in place helps to clarify financial details and creates workflows and processes for staff to follow. Here are a few elements to consider: State whether the practice will accept personal checks and, if so, what charges or actions are in place for bounced checks. Consider implementing technologies that convert paper checks to electronic transactions and verify them before patients leave the office. Include a financial responsibilities section with information about who is responsible for the claim(s) if a patient’s insurance carrier partially or fully denies their claim. Define the debt collection process. Patients should quickly know how long they have to pay their bills and at what point you may sell their debt to a third-party debt collectors agency. Medical records can be copious, and practices often need to make physical copies of them. Consider implementing a policy that covers a pay-per-page cost associated with medical records. Automate patient statements and payments Offer different payment options for patients by implementing technologies and creative solutions that make it easier for them to pay their bills. Look for solutions that reduce manual work and provide reporting that tracks efficacy across delivery modes. Here are a few approaches to consider: Automate sending statements via text message or email to help improve the rate of online payments. Add QR codes to online and paper statements to help patients quickly access payment portals. Offer payment plans, especially with low to no interest, to make it easier for patients to pay down balances. Establish a written collections process Not collecting patient payments at the time of service is the biggest challenge to patient collections. Establishing a written collections process can help to alleviate that pain point and clarify the practice’s policies and procedures so that patients can understand them more clearly and easily. Here are some guidelines to follow when creating your policies: Include when, how, and how often bills are sent. Provide information on payment plans and assistance programs, if available. Explain the different available payment options and whether patients can pay over the phone, online through a payment portal, etc. Clarify which extraordinary collection actions may be used, including selling the debt or taking legal action. One of the most important processes to develop with collections is to respond to patients’ behavior. Communication should not be a one-size-fits-all approach. Patients expect personalization, and reaching out to them based on their preferred means of communication leads to optimal results. Perseverance is vital when it comes to collections. By establishing clear policies and implementing integrated technology throughout your processes, you can improve the patient experience by eliminating confusion while streamlining workflow to reduce the administrative burden on billing and administrative staff. Although implementing these steps can help your practice lower your accounts receivables, sometimes choosing to outsource to a medical billing company can help you save time, money, and resources. Medical billing companies can provide medical practices with specialized expertise, technology, and infrastructure to efficiently manage the revenue cycle and ensure timely payments. Outsourcing medical billing can also free up staff time and resources, allowing healthcare providers to focus on patient care and other essential aspects of running their practice. Whether you choose to outsource or to keep your medical billing in-house, these tips will help you to reduce your costs and increase your revenue.

Read More
Health Technology

Telehealth’s Benefits for Patient-Centered Care — and Where It’s Going

Article | September 12, 2023

As the COVID-19 pandemic upended the healthcare system, hospitals and doctor’s offices doubled down on technology and implemented a host oftelemedicine services, from virtual visits to remote patient monitoring and customized treatment plans. The results were unexpected. Not only did telemedicine help bridge the gap between physicians and patients during the health crisis, but arecent J.D. Power studyfound that telemedicine also delivered increased customer satisfaction, outpacing other healthcare services. Patient-centered care played the largest role in this shift. Technologies that let staff reach patients anytime, anywhere enabled providers to shift their functional focus away from simply treating issues to building better relationships.

Read More
Healthtech Security

Importance of Mental Health for Sustainable Development

Article | August 31, 2023

Mental illness is a fatal illness. Surprisingly, mental health is grossly underfunded all over the world. Despite countries' economic strength, there are still no long-term and solution-driven results for addressing mental health. According to WHO reports, only one in every fifty people receives medical treatment for severe mental illnesses. The Sustainable Development Goals (SDGs) are a global initiative to create a more equitable and sustainable world. According to the World Health Organization, "there can be no health or sustainable development without proper mental health." As a result, mental health is one of the most critical pillars in creating a sustainable world in the future. In short, if mental health is good, sustainability will follow naturally. Positive Mental Health = Thriving Sustainability According to the WHO’s decision-making body, ‘The World Health Assembly (WHA),’ mental health deserves to be at the top of the sustainability agenda because it affects people of all ages. It means anybody can be diagnosed with a mental illness, which is directly proportionate to sustainable development. So, a similar amount of treatments, diagnoses, and awareness should help people overcome mental illness. However, on the other hand, according to the WHO's 2020 Mental Health Atlas, only 23% of patients with mental illnesses have been integrated into healthcare systems in developing countries. This highlights the undeniable fact that the world's 280 million people suffering from depression have been kept away from receiving a proper diagnosis, treatment, and care. Moreover, up to 85% of people with mental illnesses are untreated. The numbers are shocking! Such statistics are enough evidence to create a supportive culture free of the stigma that mental illness is incurable and encourage patients to seek help when they need it. It includes geography-specific mental health resources, proper diagnosis, care, medication, availability, accessibility, other requirements, and adequate support systems. Global Action is Key to Both Providers of mental health services cannot do it alone. Instead, it requires a strong global response. In this case, leading companies and legislative bodies should exert influence to promote cost-effective, widely accessible, and evidence-based treatments for mental health disorders. Some low-cost solutions to this global problem will eradicate it and bring about long-term development to support this point. As a result, the solutions are as follows Improving social and economic environments as part of sustainable development Integrating mental health into general primary health care Providing appropriate care and treatment through trained and supervised community members Using technology to introduce the most up-to-date solutions for mental health disorders Wrapping Up Transformation is essential today, both technically and in terms of humanizing. Otherwise, sustainable development will be impossible to achieve unless the enormous challenge of mental health is addressed. Therefore, healthcare leaders will need to develop transitional plans to increase coverage in real-time to accomplish this. This should include proper diagnosis and progressive tracking of mental health treatments.

Read More
Health Technology, Medical Devices

Can Medical Providers Recommend E-cigarettes for Smoking Cessation?

Article | November 2, 2022

Smoking has a lot of consequences to one’s health. It can lead to cancer, heart disease, and chronic obstructive pulmonary disease—all of which are chronic diseases. This is part of the reason why the Health and Human Services agency reports that 70% of adult smokers want to quit. As a medical provider, adults looking to stop smoking will come to you for advice and treatment. One alternative smoking product you might want to recommend is an e-cigarette, given their prevalence in recent years. In this article, let’s take a deeper look at whether e-cigarettes’ should be recommended for smoking cessation and what other treatment options to endorse to patients. Are e-cigarettes approved for smoking cessation? Electronic cigarettes, more commonly known as e-cigarettes, are devices that vaporize nicotine-based liquid to be inhaled by its user. It almost replicates the experience of smoking a cigarette due to the device’s shape and the vapor it produces. However, the FDA has yet to approve e-cigarettes for smoking cessation because there is currently limited research on their effectiveness, benefits, and risks for the human body. Additionally, scientists at the University of California found harmful metals in the vapor from tank-style e-cigarettes. These e-cigarettes are equipped with high-power batteries and atomizers to store more liquid. These result in high concentrations of metals like iron, lead, and nickel in the vapor. Exposure to and inhaling metallic particles may impair lung function and cause chronic respiratory diseases. As such, medical providers should not recommend e-cigarettes for smoking cessation. What can medical providers recommend for smoking cessation? Smoking cessation medication Presently, two FDA-approved prescription medicines for smoking cessation are Bupropion and Varenicline. Bupropion is an antidepressant that decreases tobacco cravings and withdrawal symptoms. It does this by increasing the brain chemicals dopamine and noradrenaline. This comes in a pill and can be used alongside other smoking cessation aids. Varenicline also reduces cravings and nicotine withdrawal symptoms. It blocks nicotine receptors in the brain, decreasing the amount of enjoyment one gets from smoking. One thing to note about this is that it will take several days for Varenicline's effects to take place. Therefore, it's best to prescribe these pills 1-2 weeks before the patient quits smoking. Like Bupropion, Varenicline may be used simultaneously with other quit-smoking products. Nicotine Replacement Therapy Nicotine replacement therapy (NRT) is a treatment involving nicotine consumption at gradually decreasing levels. This reduces the patient’s desire to smoke without them having to quit cold turkey. NRT involves using nicotine alternatives that don’t produce smoke, such as nicotine pouches and nicotine gum. Nicotine pouches are oral products containing ingredients like nicotine, flavoring, and plant-based fibers. These are placed between the lip and gum, where nicotine is absorbed into the bloodstream. Different variations have different strengths. On! pouches come in different strengths: 2mg, 4mg, and 8mg. Patients may start from 8mg variants and gradually decrease this dosage as their NRT progresses. Pouches also come in a wide range of flavors—including citrus, mint, and berry—to entice users. Meanwhile, nicotine gum is chewing gum that contains nicotine. It is chewed a few times before being parked between the gums and cheek for nicotine absorption. The nicotine gums by Lucy are a significantly better alternative for tobacco users. Like pouches, this gum comes in several flavors, such as cinnamon, mango, and wintergreen, and different strengths ranging from 2mg to 6mg. Counseling The recommendations mentioned above—medication and NRT—are more effective when coupled with counseling. A Primary Care Respiratory Medicine study revealed that successful smoking cessation is best attained through pharmacological treatment and counseling. Sessions typically involve a patient meeting with a counselor and they discuss their smoking habits, possible causes, and how to mitigate them. Medical providers should include counseling in addition to medication and NRT. E-cigarettes have yet to be approved by the FDA as smoking cessation aids. For now, medical providers should provide medication, NRT, and counseling to patients who want to quit smoking.

Read More

Spotlight

Simplify Healthcare

Simplify Healthcare is a rapidly growing software company that offers a unique platform that solves a number of pain points within health insurers. Simplify Healthcare is the leading player in the benefit plan management vertical with deep expertise for Large Group, Small Group, and Individual benefit plan management across all lines of business (Commercial, Medicaid, Medicare, and ACA QHPs).

Related News

Events