The coronavirus pandemic has brought the healthcare industry to the brink this year, wreaking havoc on operations and revenue. The American Hospital Association estimates a catastrophic financial loss of $323 billion for hospitals and health systems from March 1st through the end of 2020. The key to mitigating these losses and maintaining cash flow lies in improved Revenue Cycle Management (RCM), and the way to do this is with Artificial Intelligence (AI).
AI is the only tool that can foster RCM efficiencies with the speed, flexibility, and scalability to meet the demands of the current environment. AI grapples with the core challenge of RCM by filtering huge quantities of data and automating manual processes. It is most effective in scenarios with significant data, codified rules, and replicable tasks – precisely the scenarios inherently challenging for humans. AI identifies and analyzes information to direct and prioritize subsequent tasks. When paired with the right staffing structure, it generates natural synergies, allowing your personnel to focus on more sophisticated tasks. AI reduces human touches, lowers costs, increases accuracy, and improves account receivable timelines. Healthcare leaders have been quick to recognize the value of these benefits, with 75% of them actively implementing or planning an AI strategy.
In the current environment, providers should focus on frontloaded AI solutions that significantly drive revenue collection, such as predictive analytics. Meduit’s MedProve™ solutions leverage predictive analytics to help providers prioritize work, optimize resources, and quickly move the needle on revenue collection.
- MedProve™ Payer helps providers intervene with a claim before the payer can delay or deny the claim in order to reduce denials.
- MedProve™ Patient predicts a patient’s propensity to pay their claim, allowing staff to prioritize which claims to pursue and in what order.
- MedProve™ Charity identifies patients whose claims may qualify for community or hospital sponsored charity programs.
Each of these solutions relies on AI to analyze critical information and streamline steps in the RCM process. They frontload RCM, offering valuable insight that guides the process and directs efficiencies from beginning to end. These innovative solutions are informed by Meduit’s 60-year track record as an industry leader in healthcare RCM, and exceptional customer service. Our representatives work closely with clients to identify solutions that directly improve specific and clearly defined metrics of success.
A stronger RCM process that leverages AI will transform an organization’s financial infrastructure beyond the current crisis, paving the way for a more resilient future. The COVID pandemic has revealed systemic weaknesses in RCM processes across the industry, which must now be addressed with utmost urgency. Whatever the next crisis may be, we can be certain that there will be one, and providers must be prepared to weather the next storm. Critical innovations and advancements like those offered by AI will make organizations more flexible and resilient, preparing them for future challenges. Organizations that can successfully leverage AI will be positioned for long-term financial stability in any environment.