In today's world, artificial intelligence (AI) no longer seems like a distant science fiction fantasy. Companies of all sizes are already beginning to integrate AI into their everyday operations and with the rise of machine learning technology, it is clear that this trend will continue in the future. Although some fear that AI will lead to job displacement, savvy businesses can leverage these technologies to boost productivity and create more meaningful work for human employees - boosting overall efficiency and performance. We'll explore how leveraging AI tools and capabilities can help create meaningful work, allowing organizations to reduce costs while elevating the quality of service and customer satisfaction levels, specifically in the healthcare industry.
When AI is used correctly within businesses it unlocks employee potential by optimizing routine tasks with automation - freeing their talents to benefit both the company and customer experience. Automation provides an efficient, cost-effective, and reliable way to manage processes that would otherwise require manual intervention. AI can also provide valuable insights into customer behavior patterns and preferences which can be used to generate more personalized services and result in higher satisfaction rates.
Automation is reshaping the business landscape, introducing companies to a world of opportunities filled with life-altering potential. AI tools are driving powerful efficiency gains by tackling tedious chores while allowing teams to devote their energies and talents toward high-impact tasks that bring more value to an organization's bottom line. Ultimately, innovation through technology allows businesses to create more meaningful work as they open themselves up to an array of untapped potentials never before achievable until now.
There has been much conversation about the role of AI in healthcare and what this looks like for medical coders. Some believe that medical coders will be phased out due to the increased adoption of AI in healthcare, but the opposite is true. A market analysis conducted by Mordor Intelligence demonstrates that the need for specialized medical coders is growing in order to fill the gaps between automation and traditional coding. Instead of knowing bits and pieces of each language, coders will have more detailed roles focused on quality control and improving systems. Upskilling the workforce will create more meaningful roles and keep humans at the center of AI implementation and maintenance.
The future of the workforce is an ongoing discussion, with many speculating that AI will become central to the way work is undertaken. As we have discussed, AI is rapidly reshaping the workforce, as automation and machine learning technology takes on more and more tasks that used to require human labor. By removing the need for manual data entry and analysis, AI can provide companies with greater accuracy and efficiency, while also granting employees more time and energy to focus on other projects. In many industries, AI has already had a tremendous impact. Companies are leveraging its capabilities to improve efficiency and accuracy in tasks such as customer service and data analysis. This shift is expected to continue and deepen over the coming years, with AI becoming increasingly adept at taking on complex roles.
The shift from the manual lab has been prominent in the healthcare industry with the adoption of medical coding AI growing each year. Without the implementation of AI, teams who only solely utilized manual coding can't keep up due to the increasing coding demands and complexity. The U.S. medical coding market is expected to reach $32.6 billion by 2030 and is anticipated to register a CAGR of 8.0% from 2022 to 2030. This increase in implementation will alleviate the burden medical coders face.
McKinsey's 2020 Global Survey on AI shows that the adoption of AI in at least one area of business is 2.5x higher compared to 2017. The most commonly adopted uses of AI were in service operations optimization and the creation of new AI-based products. Optimization of services improves customer experience and facilitates employee and customer interactions with business applications. While the creation of new AI-based products increases a business's utilization and comfort with AI capabilities leading to a more AI-centered approach to business. AI can also be used as an educational tool, helping to bridge the gap between existing skills and future job requirements. By providing access to up-to-date training and education, AI can help ensure workers are prepared for the jobs of tomorrow. Continuing on the topic of medical coding, this means that coders will not have to memorize the new coding requirements that take a substantial time commitment to learn. Instead, AI will automatically consider new coding requirements without the added headache for the medical coder. The coder's role here would stay the same while the machine learning aspect of AI helps produce better outcomes.
The potential of AI is immense, with implications that extend far beyond creating jobs. Though there may be some initial job changes as a result of automation, its potential to develop new and more meaningful roles should not be underestimated. In the Future of Jobs report, the World Economic Forum estimates that 85 million jobs will be lost by 2025, while 97 million will be created over the same period. Resulting in a net increase of 12 million jobs!
AI technology is expected to create new opportunities for workers by creating jobs that require specific skill sets. We can expect to see companies restructuring their workforce in response to the adoption of new technologies, with AI - including machine learning (ML) and natural language processing (NLP) - being one of the top technologies. The top five roles increasing in demand due to the widespread adoption are Data Analysts and Scientists, AI and Machine Learning Specialists, Big Data Specialists, Digital Marketing and Strategy Specialists, and Process Automation Specialists. With that being said, many new jobs will also continue to be created. For example, machine learning engineers will be in high demand as the use of AI technology rises, as will data scientists and software developers. Similarly, AI can be used to create more personalized customer experiences, providing a competitive edge for businesses.
AI has been playing an increasingly important role in medical coding automation. AI-powered systems are able to automate the tedious manual process of assigning codes to medical documents, making it much faster and more accurate than traditional methods. This helps to ensure that all relevant information is accurately captured and facilitates better decision-making for healthcare providers. Additionally, AI can help to reduce errors in coding, which can result in significant cost savings for healthcare organizations. AI also has the potential to help improve compliance with coding regulations, as well as aiding in detecting fraud and abuse. In summary, AI is a powerful tool for improving medical coding accuracy and efficiency, helping to drive better patient outcomes. By leveraging the capabilities of AI, medical coding can be automated and streamlined, leading to improved patient care and a well-equipt workforce.
Ultimately, the future of the workforce is likely to be heavily shaped by the influence of AI technology. While specific roles may become obsolete due to automation, other new opportunities will emerge in their place. As businesses adapt to this new reality and invest in AI technology, the workforce of the future will be better prepared for the challenges ahead. With the right strategies and investments, businesses can benefit from AI and create a more secure and prosperous future for their employees. From the perspective of a medical coder, the work environment becomes more enjoyable when the simplest claims and tedious tasks are removed from their scope of responsibility. They are able to focus on more significant tasks that further their work.
As we move forward into an increasingly automated world, it is essential that businesses embrace new technologies to ensure they remain competitive and take advantage of the opportunities available. AI will continue to be a driving force in this transformation, reshaping existing roles and creating new ones in its wake. By integrating AI into their operations, businesses can not only stay ahead of the competition but also create a unique work environment that embraces the future of work.
CodaMetrix unlocks knowledge from the EHR and uses it to add value to healthcare providers. Our cutting-edge platform leverages artificial intelligence in the form of machine learning, deep learning, and natural language processing to continuously learn from and act upon the clinical evidence in the EHR. We automatically and autonomously translate clinical notes into billing codes that satisfy coding requirements, ensuring claims consistently represent the unique and complete episode of care while reducing the human coding workload. The CodaMetrix CMX platform provides medical coders with more intuitive and integrated decision support, and will later eliminate the administrative burden of HCC coding and prior authorization requirements. Born out of MassGeneral Brigham and designed by revenue cycle experts, CodaMetrix is dedicated to eliminating administrative burden that hinders physicians and the financial management of high-quality care.
