How to Automate Revenue Cycle Processes in the Healthcare Industry
Industries across the board are increasingly turning to robotic process automation software in an effort to maximize the efficiency of their operational processes. The healthcare industry is no exception. Although more recently known for using automated and AI technologies to better predict, diagnose and treat disease, the healthcare sector has long been utilizing automation to optimize the repetitive, clerical tasks that often drag providers out of the exam room and away from patients. The healthcare revenue cycle, in particular, lends itself to automation since many of its steps depend on the objective — rather than subjective — analysis and, therefore, can be easily manipulated by machine — rather than human — learning. The benefits aren’t just monetary, either. The revenue cycle in healthcare is as crucial to a patient’s comprehensive plan of care as it is to a healthcare organization’s financial stability. Indeed, being able to properly and quickly manage the collection and distribution of payments means providers have ready access to valuable resources and patients remain available for expeditious, quality care. Take a look at how to automate the revenue cycle in healthcare so that your patients, as well as your practice, have the best chance for success:
Pinpoint Your Problem
The healthcare revenue cycle begins with a doctor or hospital visit and ends with the settlement of the costs for the services received; according to The Healthcare Financial Management Association (HFMA), this includes all “activities that lead to payment… from patient registration to verification of benefits to care delivery, claim submission and reimbursement.” It also includes the communications a provider has with patients, insurers, and other payers. While it’s possible to automate the revenue cycle at any or all points, it makes sense to start with those areas where your own resources are most strained and/or the processes are most predictable. Think about your staff’s assets and strengths and your overall goal in wanting to automate revenue cycle steps; do you want to improve patient satisfaction, for instance, or ease provider burden or something else entirely? Then, choose the parts of the revenue cycle where automation could help you meet that goal.
Clean Up Your Data
Of course, to fully automate revenue cycle processes, you need up-to-date information at hand. Take a look at your records and consolidate the data within them. EHR mandates have made this task easier since they have forced providers to adopt the use of a digital repository that likely provides an adequate range and number of necessary data fields that are both accurate and extensive.
Pick the Right Partner
Finally, pick a reliable partner. The right data, analytics, and automation consulting firm will make automating revenue cycle processes easier to implement at your own practice or organization. It will also save you money in the long run. Not only will an experienced partner have knowledge of the right automation platform to use for your own unique purposes, but the members of its staff will also be able to steer you away from unnecessary features that could escalate your maintenance costs over the life of the automation system and/or necessitate wasteful modification to your existing software and equipment.
The Amitech Advantage
Our team of data experts at Amitech provides our partners with valuable insights regarding revenue cycle automation, including how to put it to use in specific situations. In this way our clients are able to reduce the burden of manual payment collection, saving valuable time and money and improving patients' access to quality service and care. Please contact us to learn how revenue cycle automation helps to remove much of the risk of human errors, allowing providers to more accurately schedule appointments, document charges, verify insurance eligibility, speed claims and payment processing, and more!