Is your hospital taking advantage of innovative tech-driven solutions to stabilize finances and achieve economic resilience? The right tools can maximize your revenue cycle, drive efficiency and resolve accounts faster to accelerate needed cash.
Let’s take a quick look at the leading digital tools, artificial intelligence and automation that providers are leveraging to recover revenue, reduce costs and ensure economic resilience.
The Patient Financial Experience
How do you effectively measure the patient financial experience? HCAHPS scores are useful for defining patient satisfaction in clinical areas; however, HCAHPS does not provide a view into the patient’s financial experience.
To accelerate efficiency and accuracy, consider infusing these digital solutions across patient financial engagement tools:
- Self-pay follow-up via mail, phone, email and text
- Patient text-to-pay portal that provides convenience for patients to access and pay their bill on their phone
- Patient financing options that benefit both patient and provider
Keep in mind that nearly 60% of patients require access to a live human to answer questions and help with the payment process. Combining digital technologies with a team of patient-centered, compassionate RCM experts who interface with patients is critical to getting best results.
Add analytics and scoring to the mix to gauge the effectiveness of patient outreach, and then adjust the process accordingly:
- Voice analytics that analyze collections calls to improve revenue cycle processes
- Scoring software that evaluates patient satisfaction to identify trends and pinpoint root causes of escalation to improve, score and benchmark the patient financial experience
Artificial Intelligence
AI has become an indispensable tool for solving repetitive tasks and achieving a healthy revenue cycle. For providers who don’t have the resources to develop AI technologies in-house, Meduit built SARA (Supervised Autonomous Revenue Associate) in mid-2020.
SARA employs machine learning to expand her capabilities over time. When SARA first launched, she could handle a dozen revenue cycle tasks, including:
- Retrieve granular status of a claim from any payer
- Report status in the patient’s file
- Automatically send out appeal letters or payer reconsideration forms
- eFax or upload file to payer as needed to resolve claims
- Reverify insurance eligibility
- Update coverage information
- Identify timely filing denials
- Analyze validity of denials
- Automatically file an appeal or write off claim based on supporting data
Today, SARA is working 150+ tasks, working 24/7/365 with no downtime. AI technology like SARA helps providers solve the staffing crunch while making space for staff to solve more complex revenue cycle challenges that require human problem-solving skills. By deploying SARA for repetitive work, one health system created an annualized value of $500,000.
Learn more about Meduit’s industry-leading, innovative tech-driven solutions here: https://www.meduitrcm.com/solutions