Robotic Process Automation in Finance for Healthcare
Medical organizations apply Robotic Process Automation (RPA) in a number of ways. Understandably, many organizations value RPA features for their ability to improve patient care and results. And RPA can absolutely be utilized to achieve better patient outcomes and to eliminate potential mistakes in medical diagnoses and treatments. However, RPA also offers medical organizations key financial benefits as well. Here, we’ll discuss the role of Robotic Process Automation in finance for healthcare organizations. Because of innovations in RPA, medical organizations can save money, operate with greater efficiency, enhance patient satisfaction, and allocate resources more effectively.
What is RPA and How Does it Work?
RPA refers to any software “robot” that is capable of performing pre-programmed tasks. As a result, RPA bots are extremely adept at completing simple, repetitive tasks such as data entry. RPA can also be used to follow “if/then” scenarios. So professionals can utilize RPA to log data, to send reminders to patients, and to manage billing/invoicing processes.
While RPA is incredibly useful, it is not a ready-made replacement for human workers. Instead, RPA is limited in its scope and capabilities. RPA bots can’t make subjective decisions and they can’t think critically the way humans can. Alternatively, Artificial Intelligence (AI) tools can help medical professionals in more sophisticated ways. It’s key for medical professionals to understand the difference between RPA and AI –– as well as what RPA can and can’t do.
RPA & Finance
Now that we’ve established how RPA functions, it’s time to review how it can improve a medical organization’s financial strategies. There are several important advantages that RPA implementation affords medical companies. The first is that RPA bots do not make mistakes. Unlike human workers, RPA features follow pre-programmed protocols, and they never commit typos or copy/paste errors. What’s more, RPA features can perform large, repetitive tasks in a fraction of the time it takes medical professionals. This can save staff time and allow them to focus on more pressing, complicated issues.
In terms of applications, RPA features can be tailored to address a number of areas related to healthcare finance. Medical facilities have utilized RPA to improve their general accounting practices, to facilitate their accounts receivable department, to make financial predictions and projections, and to avoid tax and/or compliance penalties. Since RPA features are so beneficial and versatile, different organizations can employ RPA tools to address a wide range of potential issues –– both directly and indirectly related to finance.
Benefits of RPA Implementation
RPA is not a futuristic technology that may or may not have an impact on the medical industry. Rather, many organizations are already using RPA to enhance their day-to-day operations. In fact, some organizations that introduced RPA realized a 200% ROI within a year of implementation. (For more statistics on the cost-effectiveness of RPA, check out the infographic below.) In addition to the financial benefits of RPA, it also acts to make life easier for medical professionals. Plus, it expedites common processes and improves the patient experience as well. Hundreds of medical facilities have used RPA in some capacity, and it will continue to shape the healthcare industry in the years to come.
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Amitech has years of experience working with medical organizations to deliver specific RPA-powered financial solutions. We can help your team optimize RPA performance and discover significant cost-savings opportunities. Contact us here to learn more or to get started with us today.