COVID-19 has had an unprecedented impact on every aspect of healthcare, including the revenue cycle. It has also inadvertently set the stage for solutions that leverage artificial intelligence (AI) and robotic process automation (RPA) to save the revenue cycle.
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).
Artificial Intelligence (AI) is transforming the revenue cycle by reducing costs, accelerating cash and working hand-in-hand with staff to optimize efficiencies.
Meduit Introduces SARA
Continuing to manage the revenue cycle now and in the future will be even more vital as hospitals, health systems and physician groups deal with the impact of the COVID-19 crisis. One thing is clear – hospitals cannot go back to business as usual, and that includes revenue cycle management (RCM).
COVID-19 has inadvertently set the table for AI to transform the revenue cycle. It’s a game-changing tool for hospital RCM, and CEOs are asking for AI solutions and the benefits they bring to the RCM process. These include generating more cash faster, reducing human touches, increasing efficiencies and lowering costs.
The COVID-19 pandemic has dramatically impacted healthcare and the revenue cycle. Now more than ever, providers are in need of innovative strategies, like artificial intelligence, to accelerate cash in order to provide patient care.
Topics: Press Release
Every month that accounts age, the probability of collecting declines. Does your organization have a strategy for working accounts regularly so they do not fall into bad debt? Join Meduit in partnership with the Florida Hospital Association on August 26 at 12pm for Resolving Aged Accounts: A Meduit Webinar.
Charlotte, NC - Meduit, one of the country's top ten healthcare revenue cycle management (RCM) solutions companies, announced today that Sean Escobar will join the team on August 3, 2020 as Sales Advisor for the West Coast. The addition of Mr. Escobar to Meduit's slate of sales executives is indicative of Meduit's commitment to delivering excellence in RCM solutions for hospitals, health systems and large physician groups.
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.
Our goal at Meduit is to deliver innovative revenue cycle solutions that help hospitals, health systems and physician groups accelerate revenue and deliver excellence in patient care. To that end, Meduit is pleased to present the June edition of our news magazine: Cycle Up.