TAMPA, Fla., Nov. 4, 2020 /PRNewswire/ — Black Book Research surveyed 540 health information management executives and revealed that 47% of healthcare organizations are using AI in one form or another, and 90% of them expect widespread implementation in the next five years, despite the operational constraints and financial priorities caused by the COVID-19 pandemic.
In a 2020 survey conducted through Q4 by Black Book, 95% of hospital respondents are optimistic that AI technology can streamline document creation and enable clinicians to capture a holistic patient history to boost outcomes but also improve revenue integrity.
An additional 391 provider respondents that have not yet fully implemented or optimally using AI-enhanced coding, CDI, speech recognition or transcription technology provided insight on budgeting, adoption plans, factors driving coding and transcription decisions and vendor awareness.
The collective results were culled from the current healthcare industry users of artificial intelligence tools and future AI users that participated in Black Book coding and HIM surveys in the current year:
“AI-enhanced CDI allows providers to explore new opportunities with payers because hospitals have the data to show where quality outcomes are performing best,” said Doug Brown, President of Black Book.
The average case mix overall improvement in 145 hospitals surveyed between 150-450 beds accomplished an average $2.3 million in financial improvements from AI-enhanced CDI initiatives from Q3 2019 to Q3 2020 as reported by the survey respondents, an increase of 27% from the same period the previous year.
“Improvement of clinical documentation provides the opportunity to maximize reimbursement and CDI is the process of enhancing medical data collection, improving quality of care while maximizing payer reimbursement income. It definitely maximized the revenue cycle efficiency,” said Brown.
An impressive 97% of hospitals confirm documented quality improvements and increases in case mix index within six months of AI-enhanced CDI implementation.
Eighty-six percent of health systems’ chief financial officers claim that the biggest motivator for adopting artificial intelligence coding support tools is to provide improvements in case mix index, resulting in increased revenues and the best possible utilization of high-value specialists in 2021 and beyond.
About Black Book
Black Book™, its founders, management and staff do not own or hold any financial interest in any of the vendors covered and encompassed in the surveys it conducts. Black Book reports the results of the collected satisfaction and client experience rankings in publication and to media prior to vendor notification of rating results and does not solicit vendor participation fees, review fees, inclusion or briefing charges and/or vendor collaboration as Black Book polls vendors’ clients.
Black Book conducts polls and surveys with healthcare executives and technology users about their current software and services partners and awards top-performing vendors based on performance on 18 static indicators specific to innovation in solutions and services and product performance as well as client experience, loyalty and customer satisfaction.
For methodology, auditing, resources, comprehensive research and ranking data, contact research@blackbookmarketresearch.com or see www.blackbookmarketresearch.com.
Related Images
Regulators authorized AstraZeneca’s coronavirus vaccine for use in adults throughout the European Union on Friday, amid criticism the bloc is not moving fast enough to vaccinate its population.
WASHINGTON (AP) — A former FBI lawyer was sentenced to probation for altering an email that the Justice Department relied on during its surveillance of an aide to President Donald Trump during the Russia investigation.
MADISON, Wis. (AP) — Democratic Gov. Tony Evers lashed out Friday at rival Republicans who tried to repeal his statewide mask mandate, saying killing the order would be a ridiculous move comparable to abolishing speed limits.
COLUMBIA, S.C. (AP) — As some conservatives in South Carolina celebrated getting a bill that would ban almost all abortions in the state past a legislative barrier and likely becoming law, they said they are not finished trying to end all abortions.
A Moscow court on Friday put the brother and several allies of Russian opposition leader Alexei Navalny under house arrest for two months as authorities sought to stymie more protests over the jailing of the top Kremlin foe.