Leaning into Automation and Analytics to Create Value during COVID-19
It is no surprise that healthcare executives need automation tools to improve their revenue cycle management. COVID-19 has forced hospital and health system financial leaders to become creative with their workforce since volume has been skewed toward pandemic procedures over patients seeking elective surgeries. Becker’s published a look forward at revenue cycle trends last year that focused on price transparency, RCM outsourcing and M&A activity – none of which could have predicted a global pandemic pushing the healthcare industry in America to heavily lean on automation and analytics to improve overall revenue cycle performance.
According to a CFO Dive interview with Alexander Bant, Chief of Research at Gartner Finance, “Next year will be about accelerating digital investment timelines from the pace of a multi-year marathon to a 12-month sprint.”
In recent research shared by HealthManagement.org, according to healthcare leaders, artificial intelligence is the most exciting emerging technology in the next few years. The annual “Top of Mind for Top Health Systems” study published by KLAS Research and UPMC’s Center for Connected Medicine reviewed COVID-19’s impact on healthcare leadership innovation priorities. Polled executives reported they were most interested in uncovering value associated with front-end processes – specifically revenue cycle solutions associated with AI, bots and predictive analytics.
Cue in Amitech Solutions, an IT-focused healthcare consulting firm, that has created and implemented value-based solutions for healthcare providers for over two decades. Amitech’s automated remittance posting solution, FlintRP™, brings a new level of efficiency to revenue cycle management by deploying RPA, backed by UiPath, to address some of the core, universal processes and challenges in healthcare revenue cycle management.
Amitech has generated over $3 billion in value for healthcare organizations by implementing RPA in key business processes, such as remittance posting, where humans are doing mundane tasks, such as posting financial transactions. Unlike a human workforce, FlintRP dynamically scales to process thousands of transactions per day, continually looking for new transactions and never letting a backlog build up. At the same time, it eliminates processing errors that ultimately could impact the revenue cycle.
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