Meduit analyzed results driven by self-service-only technologies compared to a blend of self-service and human-based customer service/call center collections. A case study at a multiple-hospital health system revealed that after one year of self-service technology deployment, total patient cash increased by 13%.

High-deductible health plans and the rising cost of care have placed an increased financial burden on patients to pay healthcare providers. Consequently, providers are collecting a decreasing portion of what patients owe. Are self-service patient options the panacea for providers to resolve these cash accounts to ensure their own financial health?

Technology is having a profound impact on the entire healthcare revenue cycles of everything from large health systems and independent hospitals to large physician groups and small practices alike. The types of technologies vary widely, too, from existing tried-and-true technology that is being reapplied in innovative ways to brand new artificial intelligence solutions that are being invented in near-real time today.

When an eight-hospital system required assistance resolving claim denials, health system leaders reached out to Meduit. After analyzing the issues, the Meduit team leveraged its artificial intelligence (AI) solutions to process coordination of benefits denials in less than 60 days.

To resolve one of the hospital system’s largest denial reasons, the MeduitAI^TM team developed and released a second application, a targeted Modifier 25 Appeal Process. This application was released within the first 90 days of the contract. The team is developing two additional applications within the next four weeks. These two applications will handle:

Meduit’s SARA Family of Web Bots launched approximately six months ago to solve a specific task problem within the revenue cycle for a Meduit client. Her initial task was to retrieve granular status of a claim from a payer via their portal and then report that status back to the patient file.

SARA stands for Supervised Autonomous Revenue Associate. She was built as an autonomous web bot that functions with true machine learning skills. Like all “smart” technologies that leverage artificial intelligence (AI), SARA learns over time, and she is doing so at a faster rate than anticipated while handling more complex challenges.

Since her birth in mid-2020, SARA has gone from one to a dozen applications of her problem-solving AI skills. She completes the work of two to four employees for every 10 working today. For example, with 15 employees working a specific process such as preauthorization or A/R claim status, the addition of SARA to the job would be the equivalent of adding three to six employees to the task.

“In one case study, SARA picked up the work of 10 employees for a single organization and created an annualized value of $500,000 for that provider,” said Jason Petrasich, Senior Vice President of Meduit. “She is able to help generate results faster than ever before by functioning in tandem with staff while absorbing additional workload to keep the momentum going.”

SARA is a revenue cycle game-changer that delivers month after month after month. To date, these are the tasks that SARA has mastered:

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 1^st 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).

Artificial Intelligence (AI) is transforming the revenue cycle by reducing costs, accelerating cash and working hand-in-hand with staff to optimize efficiencies.

COVID-19 has impacted nearly every aspect of the revenue cycle and ushered in opportunities for Artificial Intelligence (AI) to transform the way hospitals and health systems resolve accounts.

Artificial Intelligence (AI) is expected to be a game changer for healthcare revenue cycle management, especially as providers grapple with the impact of COVID-19. The right AI technologies can drive revenue by reducing human touches and increasing efficiencies. Unfortunately, many companies attempting to adopt AI fail.

Meduit recently launched MeduitAI™, a one-of-a-kind suite of revenue cycle solutions powered by artificial intelligence. Clearly AI is on the minds of healthcare executives based on this OptumIQ Annual Survey, which matches what we are hearing from hospital executives across the country.