A new study by the Advisory Board Co. recently published by Modern Healthcare reported that hospital and health system CEOs are prioritizing revenue growth over cost control. While administrators still aim to develop nuanced strategies to cut costs, the focus is now on finding ways to increase revenue. As Artificial Intelligence (AI) and Robotic Process Automation (RPA) continue to impact the way companies do business across the global economy, the healthcare industry can benefit from utilizing AI and RPA as a win-win strategy that both drives revenue and reduces costs.
AI and RPA allow organizations to automate repetitive tasks, reduce labor costs, improve efficiency and increase revenue cost-effectively. By automating the routine work and reducing human touches, providers can shift their employees into the work that requires personal interaction and critical thinking skills. The machines do what they do best while the people do what they do best. An industry leader in technology innovation, Meduit is using both AI and RPA to drive revenue and accelerate cash flow.
Meduit’s AI Voice Analytics Technology
The vast majority of hospitals and health systems do not have a method to analyze the quality of their patient outreach other than patient surveys. Meduit’s AI voice analytics tool is quality assurance technology that is an advanced application of natural language. The AI tool analyzes collections calls to hospital and health system patients to drive better patient experiences on behalf of hospital and health system clients.
Here’s how it works. Every collection call is recorded and stored in Meduit’s secure, HIPAA-compliant cloud-based storage system. The AI voice analytics technology is programmed to monitor for specific language, words and phrases in collections calls to ensure that the calls achieve the provider’s goals for:
- Patient engagement
- Policy and procedure
The technology can review vastly more calls than humans in a shorter period of time and increases the quality of the call review. The Meduit AI voice analytics solution has been proven to result in a better patient experience, which leads to higher cash collections, improved HCAHPS scores and patient loyalty for future healthcare needs, as well as compliance with established internal policies and multi-level government regulations.
Meduit utilizes RPA to resolve claim denials and drive cash. By using web bots to scrape information from payor websites, Meduit can determine why a particular claim has not been paid. The web bots are able to identify:
- Amount of payment
- Status of payment
- Cause of denial if claim is denied
Once this information is gathered, the web bots bring the data back into the Meduit system and identify next steps to getting the claim paid, triggering automated workflow and eliminating human touches. An estimated 70% to 80% of work once done by people is now automated. Information is gathered faster, cheaper, and more efficiently, eliminating manual steps in the process.
Let’s look at an example of how this works. If the payor denies a claim because of a medical records issue, the web bot identifies that reason, routing the claim directly to someone in medical records who pulls the records and sends them to the payor, saving time and improving efficiency. Meduit is able to:
- Do the work cheaper than clients can do it themselves
- Accelerate cash flow by ensuring payor deadlines are met
- Collect cash faster thanks to a more efficient process
Meduit is a pioneer in the use of AI and RCM to accelerate cash for clients across the healthcare industry. For more information about how Meduit’s revenue cycle solutions can help you increase cash to your bottom line, visit: meduitrcm.com.