Artificial intelligence (AI) is a game-changer for the healthcare revenue cycle process. By leveraging solutions that incorporate AI, hospitals, health systems and physician practices can resolve accounts efficiently, accelerate revenue, reduce costs and stabilize finances.
AI reduces human touches, lowers costs, increases accuracy across transactions, and improves account receivable timelines. Once implemented, it continues to learn and achieve better outcomes, yielding cash faster.
Solutions on the market address all areas of the RCM process, from coding to collections. In the current environment, healthcare organizations can gain traction by focusing on solutions like predictive analytics, which quickly move the needle on revenue collection. These types of AI solutions identify information to direct next steps in the process. An example of this is insurance claim analysis, in which AI catches claim errors early, enabling staff to make corrections and prevent denials.
On the patient side, AI can analyze and predict patients’ propensity to pay their claims, allowing staff to prioritize which claims to pursue and in what order. In that same vein, AI can also identify patients whose claims may qualify for community or hospital-sponsored charity programs. AI for predictive analytics front-loads RCM, offering valuable insight that guides the process and directs efficiencies from beginning to end.
When evaluating AI vendors to deliver effective AI solutions, it is critical to find the right company. The best way to do this is by selecting an AI partner entirely dedicated to healthcare industry RCM, and better yet, one that has an established track record of success. Look for vendors that also offer non-AI RCM solutions and customizable solutions that effectively integrate with and enhance your established processes. And lastly, make sure the company provides excellent customer service to both patients and their client partners.
Meduit has developed the Healthcare RCM AI Buyer’s Guide to help healthcare organizations evaluate potential vendors and select the one that will drive best results.