The Meduit Innovation Lab Blog

Technology is Transforming Healthcare RCM

Posted by Meduit RCM on May 11, 2021 2:55:56 PM

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.

From the beginning of the revenue cycle all the way through to zero balance, if we take Meduit as an example, there really isn’t a point on the revenue cycle management (RCM) spectrum that isn’t touched by technology.  

What’s even more exciting is that the technology isn’t static. Artificial intelligence (AI) is moving us into a new RCM era, where not only is our ability to develop AI solutions accelerating at an unprecedented pace, but when we deploy those solutions, the AI itself independently learns and expands the depth, breadth and speed of its own capabilities.

Tech Forward Solutions Across the Healthcare RCM Continuum

Let’s take a look at what’s possible across the RCM continuum by looking at Meduit’s tech forward suite of solutions.

  • Preauthorization – automatically submits an authorization when triggered by a new order of schedule entry
  • MedAutoCodeTM – uses technology to identify and code patient chart with 98% accuracy
  • MedQualifyTM – automation identifies Medicaid eligible patients
  • MedProve CharityTM – utilizes AI to extend community benefits to more patients
  • Extended Business Office
    • MedProve PatientTM – provides propensity to pay segmentation
    • QR code scanning, text to portal, text to pay technologies – leverage AI and RPA to drive efficiencies
    • Speech analytics – utilizes automation to improve collections calls
    • MedEZPay – patient financing that connects patients with lenders
  • Insurance Follow-up and Legacy Work Downs
    • MedProve PayerTM – uses AI to focus efforts on highest propensity to pay claims
    • MedSpanTech – interfaces with client’s host system via automation to deliver insight into accounts receivable
    • Autonomous claim status and appeal process – executes the next action needed to get claim resolved 
  • SARA (Supervised Autonomous Revenue Associate) – utilizes AI and RPA to address:
    • Claim status
    • Appeals
    • Editing claims
    • Sending records to payers
    • Processing adjustments
  • MedAccuPayTM – technology locates and recovers additional cash owed to providers
  • Meduit One – virtual collection agency designed for physician practices, specialists, chiropractors, veterinary clinics and dentists that uses innovative technology to resolve accounts with no upfront fees

We don’t believe that technology will replace humans across the revenue cycle, but we know that the right technologies applied at the right points in the revenue cycle can make life easier for those humans, and vastly improve financial and operational performance.  To learn more, visit: https://www.meduitrcm.com/.

Watch our video to learn how Meduit One works to accelerate cash and resolve  accounts.

Topics: AI