Tuesday, September 17 |
Optimize performance while reducing costs. That’s the financial objective of every provider organization but throwing more human capital at increasingly complex tasks is an expensive proposition. Enter intelligent automation. By transferring repetitive, high-volume tasks to software, intelligent automation helps free up revenue cycle teams to focus on more complex, human-touch-required processes.
What is intelligent automation?
Automation in the revenue cycle is hardly a new concept. For decades, organizations have relied on automation to streamline a complex system of concurrent and connected processes related to billing, coding and collecting, among other tasks. But rapid advancements over the past decade requires a more robust definition. Intelligent automation sits between robotic process automation (RPA) and artificial intelligence (AI), but increasingly closer to the latter, which is why it’s also sometimes known as AI automation.
No matter what you call it, when applied to the revenue cycle, these smart tools can help hospitals accelerate collections, resolve denials faster, increase productivity, enhance office efficiency, improve the quality of their data, and more.
How can intelligent automation be used in the revenue cycle?
Its versatility can be overwhelming—and deciding where to apply intelligent automation in your workflow can be an arduous task. A good starting place is this list of common applications:
Will intelligent automation ever replace rev cycle teams?
There is no credibility to the myth that computers and robots will one day replace humans, especially when it comes to the hospital revenue cycle. There will always be a need for human touch in this increasingly complex industry, and tools like intelligent automation and artificial intelligence will change the way revenue cycle teams work. There will be a lot less focus on high-repetition, error-prone tasks, leaving staff to focus on more complex tasks. That means working claims that fall outside of rule sets, providing stellar, empathetic customer service—and rev cycle staff seeing themselves less as bill collectors and more as patient advocates.