Intelligent Automation in Revenue Cycle Management
FTI Consulting Health Solutions
June 11, 2020
Intelligent Automation in Revenue Cycle ManagementDownload Service Sheet
Intelligent automation is helping healthcare organizations improve patient care and resolve common revenue cycle management challenges.
Changing healthcare regulations and complex medical coding are just two of the many factors that create collection challenges for healthcare organizations that are dependent on efficient revenue cycles. In response, healthcare leaders are adopting intelligent automation solutions such as Robotic Process Automation (RPA) and advanced analytics to optimize revenue cycle processes and demonstrate a tangible return on investment for their existing technologies.
Intelligent Automation – A Solution That Delivers Process Efficiency And Accuracy
Intelligent Automation refers to an array of emerging technologies (e.g., RPA, OCR, machine learning, etc.) that can be combined to digitize and automate even the most complex end-to-end processes, enabling organizations to improve the bottom line while freeing up resources to focus on more complex, value-added activities. The following case studies illustrate how intelligent automation can be deployed to optimize aspects of revenue cycle management.
Use Case One
Intelligent Automation in Action
Patient Financial Services Claim Status Lookup
The daily activities of A/R staff included spending significant time performing manual claim status lookups. This daily task required an A/R professional to open a work queue with assigned open balance claims. Then, the professional spent considerable time navigating to a payor website and searching for a patient claim status. The process typically accounted for 25% of each working day per professional and was identified to be repetitive, structured and standardized.