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Healthcare systems must constantly improve efficiency and cut costs. Revenue cycle management (RCM) is an area that has been receiving a lot of attention lately.
RCM is the process of managing the financial aspects of patient care, including insurance billing and payments. This practice helps providers achieve timely and accurate reimbursement for their services.
As the healthcare industry continues to evolve, providers are struggling to keep up with new regulations and a growing population of patients. At the same time, they must contend with an aging workforce that is more likely to retire than be replaced by new hires.
To help them succeed in this challenging environment, healthcare organizations are turning to technology that automates billing, payments and other administrative processes.
Revenue cycle management (RCM) software has been around for decades, but many providers still rely on manual, inefficient processes. This is especially true for smaller practices that don't have dedicated RCM managers or staff members trained in coding and documentation.
Healthcare providers once used manual processes to handle billing and payment challenges, but they're now turning to automated tools to save time and money.
The healthcare industry has seen a shift from fee-for-service payments to value-based care arrangements, which means the days of charging for every service and procedure are coming to an end.
Today's healthcare organizations are looking for ways to improve their RCM strategies to ensure that they're bringing in more revenue while simultaneously decreasing expenses.
AI is the Future of RCM
Artificial intelligence (AI) is going to play a major role in the future of healthcare revenue management. According to Accenture's 2018 report on AI, "The Next Wave of AI Innovation: How We'll Work, Live and Play in 2030," by 2030, one-third of all jobs will be replaced by technology like AI and automation as well as human-machine collaboration systems (HMCS).
RCM software solutions are designed to help organizations with their billing processes by automating tasks that can be done manually and improving efficiency overall. One example is using AI to automatically identify errors in claims submissions so they can be fixed before they're processed by payers.
This allows physicians and other staff members to focus on more important work instead of spending time fixing mistakes made by patients who haven't read instructions carefully or clicked the wrong button on an online form.
As the healthcare industry continues to evolve, so does the need for revenue cycle management.
With new regulations and industry changes, it's important to keep up with the latest tools and technologies that can help reduce costs, improve efficiency, and increase revenue.
One way to do this is by implementing AI into your revenue cycle management operations. By automating certain data-driven tasks, administrative waste can be dramatically reduced, and revenue cycle management operations can move more efficiently.
The healthcare industry has long been plagued by administrative waste. By automating certain data-driven tasks, administrative waste can be dramatically reduced, and revenue cycle management operations can move more efficiently.
The key to this is automation. AI has the ability to parse through massive amounts of data and make recommendations based on what it learns from those data sets. This means that instead of having a person make decisions about what needs to be done next in a process, the AI can do it—in a fraction of the time it would take a human being.
With the advent of AI, it has become easier than ever to improve the healthcare revenue cycle management strategy by automating common issues with healthcare revenue cycle management, such as payer-provider communications, ICD-10 coding, monitoring medical billing processes, and scheduling patient appointments.
AI can be used to monitor patient records, identify discrepancies in data, and suggest solutions. It can also be used to schedule appointments based on the population's needs and preferences.
AI technology is starting to be used in healthcare settings to help with RCM.
But what does that mean?
RCM, or revenue cycle management, refers to the processes that take place after a patient is treated and before they are paid—and it's a crucial part of any healthcare organization's business model. The goal is to ensure that the organization gets paid for their work and all of their expenses are covered—but that can be difficult if there are delays or errors in the process.
By using an RCM AI system, you can speed up the flow of money through your healthcare organization by eliminating those delays and errors. The result: You'll spend less time worrying about when you'll get paid and more time focusing on providing care to patients who need it most!
Which AI Cloud Based Automation Company Should I Use?
Jorie Healthcare Partners technology takes their clients to the next level through automation, allowing a reduction of denials by 70%, improving ELG by 100% with a 99% clean claim rate to streamline their revenue.
Jorie Healthcare Partners are committed to being a trusted partner by offering customized solutions that address each client's unique needs. Our healthcare team has more than 30 years experience helping providers improve their operations through a wide range of services.
Jorie Healthcare Partners, a leading, independently owned healthcare practice management and consulting firm, exclusively serves hospitals, health systems, academic medical centers and physician practices.
Jorie helps clients improve their financial, operational and clinical performance across the organization to sustain long-term, measurable results. This system positions providers of all kinds to succeed in today’s challenging and rapidly changing revenue cycle regulations.
Jorie Bots – Jorie Bots are available right now, ready to be customized to your specific needs and revolutionize the way you manage your RCM. Call (888) 522-0022 or schedule a Jorie Bot demo today.
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