Efficient revenue cycle management (RCM) processes are critical in keeping operations running smoothly for any healthcare practice. But this tall task involves managing everything from patient registration to claim submission and payment processing. With this complexity comes the potential for human error, which is an all-too-common cause of waste, inefficiency, and (ultimately) lost revenue. By automating certain aspects of RCM, providers can absolve themselves of some of these errors and their repercussions.
The age of automation
RCM hinges on meticulously managed data, from patient and insurance information to billing codes to payment records. Human error — even if inadvertent — introduces inaccuracies leading to costly repercussions such as claim denials, delayed reimbursements, compliance issues, and more.
Today’s robust AI systems have the power to bridge the gap between human fallibility and flawless data management. By leveraging advanced algorithms and machine learning capabilities, these technologies eliminate the risk of human error by creating consistency and accuracy across the scope of RCM.
Wastes you can automate away
From automated data entry and validation to intelligent claims processing and payment reconciliation, AI-driven automation ensures RCM processes are executed with precision. They leave little room for errors hindering revenue generation and draining resources.
Below are five of the biggest wastes AI and automation can solve for providers who need to tighten up their RCM approach:
- Denial management waste. AI-powered systems can analyze denial patterns, identify root causes, and proactively address issues, leading to faster claim resolution, increased reimbursement rates, and reduced revenue loss.
- Manual data entry waste. Through intelligent optical character recognition (OCR) and data extraction algorithms, providers can achieve swift, accurate input of patient information, billing codes, and insurance details to minimize errors and labor hours.
- Claim rejections waste. AI-based systems can automatically verify coding accuracy, validate insurance eligibility, and flag potential issues before submission, decreasing rejections and streamlining reimbursement.
- Accounts receivable waste. Intelligent systems can generate automated reminders, track payment statuses, and initiate collections workflows, ensuring prompt payment. They can also reduce the likelihood of revenue leakage due to overlooked accounts.
- Late payments waste. Late payments can strain cash flow and hinder financial stability. Automation can mitigate this waste by implementing electronic payment processing and intelligent payment reminders.
Can’t automate? Outsource!
While automation is generally accessible and affordable, it requires expertise and time to set up effectively. Not every practice possesses the necessary skills or resources to deploy automation independently. Partnering with an RCM specialist can offer a solution.
By collaborating with an experienced RCM partner, providers gain access to not only a wealth of RCM knowledge but also robust automation tools specific to the challenges they face. This strategic alliance allows them to leverage the benefits of automation without the need for extensive in-house expertise. Best of all, they get the efficient RCM processes they need to maximize revenue.
Automation is the key to better RCM
Automation has the power to transform RCM for any practice. By eliminating manual processes and the errors associated with them, healthcare providers can turn their attention to improving areas of operations directly relating to the patient experience. This technology is also attainable and deployable at scale in almost any setting. For those who don’t have the time or know-how to configure automations for their practice, outsourcing ensures access to the same benefits at a low cost.
Learn more about RCM automation at trubridge.com.