Artificial intelligence (AI) is now a driving force for the healthcare industry. From identifying gene mutations to diagnosing lung cancer, AI has been revolutionizing the sector.
The technology is also playing an essential role in automating as well as optimizing clinical workflows. This aids in reducing costs, improving outcomes and hence boosting provider and patient satisfaction.
There has been a lot of debate on whether AI can further benefit the healthcare industry by optimizing the revenue cycle management process. There is a lot of information that needs to be accumulated, structured and analyzed when data is processed for medical account receivables. This is too much of a chore for human resource. But, with the rise of AI, this process can easily be conducted.
The previously inefficient process can be streamlined and automated through AI to reduce cost and improve outcomes. With the help of AI, the healthcare sector can use the available account receivable data to reduce FTEs. The data can help ensure that representatives don’t follow up on claims that are not fruitful, thereby saving resources.
One of the most significant issues in revenue cycle management is the claims. Tackling unpaid claims effectively is quite laborious and time-consuming. With the help of AI, an algorithm can be made which can automate the entire process.
While previously, the human factor meant that different representatives processed the list in different ways, with the help of AI, you can streamline the entire process and ensure consistency as well as reduce variations. By making a criteria based algorithm, this process can also ensure that claims that are not worth working upon are ignored from the get-go.
The fact that the AI based revenue cycle management system takes away the decision-making responsibility from the representative further boosts the efficiency of the entire process.
Using an algorithm to process and work on claims doesn’t just have short-term advantages.
Instead, there are various long-term benefits of using AI in the front and center of the revenue cycle management process. Since AI allows you to analyze the Account Receivable data consistently, you can use it to create better and smarter workflows in the future. This means that the process acts as a feedback loop, always learning from the data it accumulates.
In the long-run, AI further helps in ensuring transparency regarding the human element of the process. It lets you see precisely how your human resource is being used and how effective each representative is at following up on claims. This helps in better reviewing and monitoring the performance of your human capital.
Artificial Intelligence is undoubtedly changing the healthcare sector for the better. But, there is a lot more that can be achieved.
Moving away from the functional aspect of the industry, AI can be used to improve the financial side as well. Automating the revenue cycle management system using AI has the potential, and it is a change worth implementing.