Benefits of RPA in Revenue Cycle Management (RCM) for the Healthcare Industry
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Health care industries around the world are in a state of flux. Changes in health care regulations and an evolving revenue cycle management is a major cause; not to forget, the complexity of the non-medical works including coding and billing, data analytics, staff training, maintaining consistent cash flow and interoperability, which puts an individual at the end of the tether.
So, what does Skcript has to offer, that eases this demanding situation?
RPA and Artificial intelligence is the man of the hour and the technological advancements in this field are must know-how for people for all walks of life!
Did you know?#did-you-know
With the relatively recent advent of robotic process automation (RPA) in health care, healthcare organizations are capturing the same cost savings and quality improvements that manufacturers have achieved in the past 40 years; extracted from Bruno, Jerry, et al., “Robotic disruption and the new revenue cycle,” Healthcare Financial Management, Sept. 2017.
A revenue cycle involves capture charge, claim submission, coding, patient collections, pre-registration, registration, remittance processing, third-party follow-up, and utilization review, and unsurprisingly, all you need for the automation of repetitive mundane tasks is the right processes!
Here are the issues that are of concern in Revenue Cycle Management (RCM) around the world and how RPA helps resolve them.
Billing and collections:#billing-and-collections
The smallest inefficiency in billing and collections process can cost a fortune! The Analytics tool tracks key performance indicators and improvement areas, which in turn helps the management to prioritize resources. RPA also helps automate patient registration by procuring accurate details and validates primary insurances before claims!
Charge capture Management:#charge-capture-management
A healthy billing cycle begins with an accurate charge capture. According to the Healthcare Financial Management Association (HFMA), a large chunk of net charges are lost because of charge capture leakage. RPA offers transaction processing that eliminates manual errors, identifies anomalies in unpaid balances, and aids in error-free collection protocol.
Nearly a third of the providers in the US are using manual denial management processes, according to a recent survey by the Healthcare Information and Management Systems Society (HIMSS). Automation of manual denial management of insurance claims through RPA cuts down a multitude of problems.
A lack of control over patient registration is a huge risk for healthcare industries. Patient access, which marks the foundation of RCM, is streamlined through RPA. Automated leverage tools for estimation, data clean-up, and provision of payment plans ensure customer satisfaction.