ROI AI in revenue cycle management

How to Maximize ROI with AI in Revenue Cycle Management

According to reports by KPMG, more than 90% of the healthcare systems believe that switching to AI in revenue cycle management will improve their patient experience. Most importantly, they feel that the financial management systems will significantly improve with the early adoption of automated systems. However, the needs of each hospital or healthcare system are different. Therefore, with the plethora of options in the market, it can get overwhelming to choose the right step forward. Common missteps in accommodating AI in revenue cycle management could even lead to losses rather than reaping benefits.

The correct approach to introducing automation in the RCM process could lead to a great path of stable revenue flow and maximized ROI. But first, you need to evaluate your existing system and define your revenue cycle goals. Before including AI in revenue cycle management, healthcare leaders must understand the foundation of automation to implement it for good benefits.

Common Flaws in Implementing Automation in RCM

If you are thinking about introducing automation in your RCM processes, you must know the common flaws that could hinder your approach.

  • Quick solutions might not be sustainable for your growth:

While evaluating your financial health and the exact pain points that your team faces, it might seem like a logical step to rectify those specific areas with a targeted solution and carry on with the rest of the system as usual. It would be best if you remembered that automation is capable of solving many complex areas of your system. With several isolated islands of automation solutions lacking proper integration, you could find yourself in a worse place in terms of workflow management. Instead of opting for quick fixes, think about the ROI from a long-term perspective.

  • Following the trend will not lead you to your destination:

With the increased adoption of AI in the healthcare back-end services market, several healthcare leaders in the USA are advocating the great benefits that automation could bring to you. While their words could be a great inspiration in your digital transformation journey, you should understand that every healthcare organization operates differently with unique goals in mind. Therefore following every tool and adopting every software solution will not lead you where you want to be. RCM companies and software solutions partners offer tailor-made plans to suit your needs.

  • Automation adoption in RCM could be a lengthy process:

Implementing AI in revenue cycle management could be cumbersome since the step automatically changes your usual workflow. For example, you will need a dedicated team of IT professionals to deploy and manage the solutions in-house. The procedure could be overwhelming. Hence you can also hire an RCM company to do it for you. Staff training is vital to make the most out of your new system and reap maximized ROIs. Ensure that the team taking care of the deployment has sufficient knowledge to integrate critical internal processes like EMR and accounting systems with the new solution. It is advisable not to settle for a partner who uses the same approach for all healthcare systems.

Create an Intelligent Automation Approach

According to a definition put forth by IBM, an intelligent automation approach means integrating artificial intelligence, robotic process automation, and business process management to scale your workflow management. With an intelligent automation approach, you can use a target-oriented task-based workflow to scale your revenue cycle management efforts.

  • Robotic Process Automation:

RPA is more targeted at labor-intensive tasks in the revenue cycle management process. With RPA integrated into your system, you can perform the repetitive work in a much shorter period of time with greater accuracy. For example, RCM processes like payment posting and appeal processing could be done much more accurately without human intervention.

  • Artificial Intelligence and Machine Learning:

Structuring and analyzing data is not only limited to the C-suite executives in the current times. It would help if you equipped executive team members involved in the day-to-day work with the right tools to actualize your ROI maximization goals with AI in revenue cycle management. AI and ML work to analyze data and predict trends and patterns. For example, an ML tool could tell you the chances of retrieving your aged AR or even predict a write-off.

  • Optical Character Recognition:

With so much focus put on the importance of data analysis, it is crucial to remember that among the several data points generated in a typical day in a healthcare organization, many unstructured data points are present. For example, the provider’s scanned medical records and audio recordings could contain valuable information. It should be put in the data ecosystem for a good outcome. Solutions like optical character recognition will help you solve these issues and incorporate these critical data points into the analytical scenario.

Human Intervention: How far is it required?

Human intervention is an integral part of your digital transformation journey. There are several complex decisions that the humans in your team take care of regularly. However, with the help of the right tools of AI in revenue cycle management, they can move ahead with much better outcomes. According to several healthcare leaders, the AI tools enable the human team to perform better and minimize their errors, ultimately leading to maximized ROI. That does not necessarily mean that the automation systems should be used as an alternative to human teams.

Using AI in revenue cycle management will give your team that extra edge to perform better and ensure that your revenue integrity is strong and stable. You should invest in regular staff training programs so that your team remains current with the tools’ latest services. Incorporating AI in revenue cycle management could be an overwhelming journey. Partner with an experienced revenue cycle management company that can show you the right path ahead.

We hope this article helped you understand how you can maximize your ROI with AI in revenue cycle management. Please connect with us in the comment section below in case of any queries. Subscribe to our blog for regular articles on the medical billing industry. Follow us on Facebook, Instagram, Twitter, and LinkedIn for more.

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