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Managing the healthcare Revenue Cycle is so essential to providing healthcare in this country we often don’t think about it. When you stop to think about it, the complexity is heartburn inducing.
Managing Revenue Cycle complexity, monitoring profitability, payments and billing tracking, are critical business processes that necessitate significant analytics and people process behind the scenes.
Even though managing revenue cycle has been a beast tamed for years by healthcare leaders, recent dynamics have made it increasingly complex, especially in the wake of the pandemic. Managing remote Revenue Cycle teams and changes to revenue streams, payer mix, and payer performance the need for data-driven problem management tools and methodologies has increased.
Given the many human touchpoints in the Revenue Cycle but also data rich inputs and outputs, its the perfect business process for intelligent automation (IA). At its core, IA helps healthcare organizations manage their revenue cycle through a setup of technology solutions that can include machine learning, artificial intelligence, robotic process automation (RPA) and more. Digitizing more complicated steps of RCM, frees up staff resources to focus on business priorities while keeping the organization’s bottom line intact.
However over 30% of hospitals and healthcare organizations1 do not employ revenue cycle automation or IA systems. More than 60% of those not engaging RCM automation state it is a priority for 2021 and future implementation.
One major pitfall can come from not having a large-scale, end-to-end view of one’s revenue cycle. Ensuring IA is both scalable and comprehensive for RCM are key success factors the report found.2 Survey results also show that more than 90 percent of financial leaders want automation solutions that are purpose-built for healthcare revenue cycle management2. Automation tools help organizations elevate the nature of work and given high turnover a RevCycle automation strategy can help improve retention by removing the more mundane and repetitive tasks. The freed-up time allows for more challenging and dynamic positions within their organizations. This allows revenue cycle leaders to invest in developing more specialized and skilled teams such as patient-facing roles, leading automation efforts and taking a hands-on approach to implementing and managing tools and digital transformation.
While companies may be tempted to try and micro-manage their revenue cycle or cobble together a disparate system for IA, more sustainable and scalable results will come from a unified, cohesive IA strategy that lets healthcare organizations:
· Layer different automation technologies
· Increase the number of automated processes
· Implement different automation types for unique processes
An optimal IA system also continues to incorporate the human element seamlessly with the digital workflow. All of this helps healthcare organizations and provides lower their cost to collect while increasing net patient revenue across the board.
Is your business considering an intelligent and automated approach to your revenue cycle management? Contact us to learn more.
Sources: 1. https://revcycleintelligence.com/news/third-of-hospitals-systems-dont-use-revenue-cycle-automation 2. https://www.prnewswire.com/news-releases/akasa-publishes-annual-report-on-revenue-cycle-automation-in-healthcare-301264776.html 3. https://www.r1rcm.com/news/getting-the-greatest-roi-from-revenue-cycle-automation 4. https://revcycleintelligence.com/news/rcm-automation-boosts-practices-accounts-receivable-efficiency