Revenue Cycle Management Meets Artificial Intelligence
Revenue Cycle Management Meets Artificial Intelligence
The revenue cycle refers to the process healthcare providers and payers go through when collecting money from insurance claims and patient payments.
Artificial intelligence has been proven as a viable solution in many different industries, but can it benefit healthcare revenue cycle management as well?
Find out what artificial intelligence has to offer your healthcare organization and why you should consider implementing it into your revenue cycle management strategy.
What is Revenue Cycle Management?
The revenue cycle management process is the process of acquiring, converting, and retaining customers.
Revenue cycle management includes activities from lead generation to customer service.
Achieving customer satisfaction and loyalty while maximizing profitability and minimizing risk requires a coordinated approach that integrates strategies across all these functions.
With an emphasis on analytics, automation, and predictive technology, revenue cycle management solutions today can be designed to meet the needs of any-sized healthcare organization.
In the past few years alone, there has been an explosion in the use of artificial intelligence (AI) in revenue cycle management software to improve patient care by enhancing processes such as decision support, alerts, case management, and data mining.
There are four categories of AI applications: diagnostic, administrative, consultative, and adaptive. Diagnostic tools help analyze data for patterns and anomalies using machine learning algorithms.
Administrative tools automate many routine tasks for example sending notifications about expired claims or denials.
Consultative tools suggest possible treatment plans or clinical options based on the patient’s symptoms.
How Does AI Help with RCM?
AI is capable of performing tasks that are too complex for humans to handle.
AI can identify and predict trends across several factors to generate insights, forecast outcomes, and find solutions to problems.
It can also process vast amounts of data quickly and reliably without the need for human intervention.
This allows RCM professionals to focus on more qualitative aspects of the revenue cycle, helping them make critical decisions about how best to care for patients.
For example, a robot could automatically detect insurance coverage gaps or medical errors by monitoring patient records and their symptoms in real-time.
The primary benefit of AI in RCM is increased efficiency.
With the help of artificial intelligence, organizations can spend less time monitoring and entering data into their systems and instead spend more time looking at the big picture:
developing strategies to increase collection rates and improve clinical outcomes.
The Benefits of Implementing AI in RCM;
Implementing Artificial Intelligence in Revenue Cycle Management has many benefits, including increasing revenue through automation and optimization of the RCM process,
Enabling data-driven decision-making for higher quality outcomes, improving response rates to customer inquiries, and so much more.
AI can take on tasks that humans might not be able to do as well or would require a lot of time.
For example, AI can make real-time decisions based on large amounts of data,
which would be difficult for humans because it requires quick processing speed and high levels of accuracy. We can all agree that there are so many benefits of implementing artificial intelligence into the RCM process,
But there are also some drawbacks to consider. One downside is a lack of flexibility and creativity.
Machines are unable to think creatively like humans can and therefore cannot come up with solutions for complex problems when faced with unforeseen circumstances.
How to Implement AI in RCM;
As AI continues to grow in popularity and the research into its capabilities expands, more industries are starting to take notice. One area that stands out is artificial intelligence in revenue cycle management.
AI-powered RCM technology can make a significant impact on your business processes by automating tasks, which frees up staff for other tasks and provides better customer service. Not only does this help you reduce costs and streamline operations, but it also has the potential to improve patient outcomes by providing faster access to treatment.
The benefits of adopting AI in RCM are clear, so what’s holding you back? While there are different types of AI technologies available today, not all will fit your company’s needs. It might seem like a daunting task, but we’re here to guide you through how to implement the most effective solution for your company: neural networks. Here are some factors that should be considered when choosing an AI solution
We are pleased to be working with Bloom Solutions, a company that is as passionate about healthcare technology innovation as we are, said Dr. Anthony Abdou, Chief Medical Officer of HealthTrust Workforce Solutions. The power of artificial intelligence in revenue cycle management will empower us to more quickly and accurately identify the right patients for our network hospitals and clinicians.
Bloom’s innovative software uses machine learning and predictive analytics to automate tasks across the Revenue Cycle Management process, from risk assessment through billing and collections. This reduces the administrative burden on providers while providing faster treatment and increased revenue for health systems.
Bloom’s solution addresses an important need in healthcare, said Dr. Abdou.