Healthcare data comprises both structured and unstructured data. The latter mostly comprises progress notes that contain healthcare information vital for patient care and billing for revenue management. However, extracting medical and billing information is both labor$-$intensive and time$-$consuming. Recently, Natural Language Processing $($NLP$)$ has been used for this purpose. Provide a written response to the following:

Describe what is NLP and how it works in deciphering the required medical and billing information from the unstructured data. What are the pros and cons of this tool? Assess the tool applicability to current and future healthcare management needs. Offer an example of current application.