Is your healthcare organization taking advantage of innovative tech-driven solutions to achieve financial resilience? If not, you may be losing ground financially.
Embracing artificial intelligence (AI) and automation to solve today’s healthcare revenue cycle problems is essential, according to new reporting by McKinsey.
AI is an ideal tool to address the persistent challenges of declining volumes, rising labor costs and staffing shortages.
By leveraging AI and automation, we have demonstrated that we can eliminate up to 40% of human work efforts. Our AI solution SARA (Supervised Autonomous Revenue Associate) has worked approximately 2 million accounts in the past year, automating over 100 revenue cycle tasks. Given that our pilot cases show 40% automation capability, we see significant opportunities to reduce reliance on labor and gain strategic advantage by adopting AI quickly.
Because AI learns over time and grows its capabilities, the sooner a provider adopts it, the faster they will see improvements. Organizations adopting AI today are already 18 – 24 months behind the early adopters. It is critical to make intelligent investments and move now to take advantage of AI’s revenue generation. In one case study, SARA quickly picked up the work of 10 employees and created an annualized value of $500,000.
In this issue of Cycle Up, we tackle more of today’s top revenue cycle issues, including:
- Calming the Claim Denial Riptide
- The Straight Line to Retrieving $1M+
- Three Effective Solutions for Recovering Missed Revenue
- Strategies for Correcting a Dysfunctional Revenue Cycle
- Compliance News Update
Meduit’s goal is to support your healthcare enterprise and revenue cycle so you have the resources needed to continue delivering excellence in patient care. I hope you find this issue of Cycle Up informative and useful in that regard.