Cycle Up

The Future of RCM Innovation: Artificial Intelligence (AI)

Posted by Meduit RCM on Aug 31, 2019 11:14:50 AM

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AI is expected to have a big impact on the revenue cycle process by reducing human touches, increasing efficiencies and decreasing costs. At nearly every conference that Meduit representatives have attended this year, attendees wanted to know about Meduit’s AI commitment.

Meduit Relationship Manager Eric Day, who has attended a number of conferences on behalf of Meduit, reports that CFOs and patient account leaders are intrigued with AI. They want to know what Meduit is doing regarding AI and how AI is going to help them reduce costs and become more efficient. One of the conferences he attended hosted a breakout session on how AI and machine learning can facilitate RCM automation.

As a revenue cycle industry leader, Meduit is carving out the path for current and future AI products and services that include:

  • MedAutoCode: Enhances coding through autonomous clinical coding that leverages AI and natural language understanding to eliminate manual processes and increase accuracy. MedAutoCode:
    • Lowers operational costs
    • Improves coding accuracy
    • Reduces A/R time
    • Is HIPAA compliant and all data is transferred via SFTP and securely processed
    • Reduces human downtime (no PTO or sick time)
    • Full narrative for appeals
  • Voice Analytics: An advanced application of natural language that analyzes collections calls to hospital and health system patients to drive better patient experiences on behalf of hospital and health system clients. Meduit’s Voice Analytics:
    • Reviews vastly more calls than humans in a shorter period of time
    • Increases the quality of the call review
    • Results in a better patient experience, which leads to higher cash collections, improved HCAHPS scores and patient loyalty for future healthcare needs
    • Supports compliance with established internal policies and multi-level government regulations 

Meduit has two additional AI products in development for 2020:

  • Automated Preauthorization: This solution will lay advanced automation and AI over the actual authorization process to trigger orders/scheduled visits that require a new authorization to be submitted. Meduit is moving into pilot with a large regional health system to deploy this product and the next.
  • Automated Claims Follow-Up: This solution will lay advanced automation and AI over the actual claim status A/R management process. Once the status is identified, Meduit will take the next step to get that claim resolved.

Through use of its AI technologies, 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