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Health Systems Rapidly Adopting Revenue Cycle Automation
Automation helps drive efficiency and is cost-effective.
Health systems are rapidly adopting automation in their revenue cycle operations.
In fact, 78% of surveyed participants — nearly 400 chief financial officers and revenue cycle leaders at hospitals and health systems across the U.S. — said their health systems were currently using or in the process of implementing automation in their revenue cycle operations. That demonstrated a twelve-percentage point increase compared to the results of AKASA’s 2020 survey.
The findings highlighted automation in healthcare is critical for driving efficiency and cost-effectiveness in revenue cycle operations.
“The findings underscore that automation serves as a backbone for healthcare financial leaders looking to streamline complex staff workflows,” Malinka Walaliyadde, co-founder and chief executive officer of AKASA said in a press release. “The opportunity going forward for provider organizations is to expand their ambitions and scope for automation. Instead of identifying dozens of small, discrete use-cases and never getting past the first few due to high setup and maintenance costs, leaders should consider solutions that can be deployed rapidly with minimal disruption.”
The goal, he said, could drive giant leaps in efficiency.
Automation may provide flexibility and resiliency in healthcare operations while minimizing revenue cycle leaders’ organization’s cost to collect. Further, the survey findings showed 37% of organizations that were not currently using automation planned to do so this year or sometime in 2022.
Revenue cycle automation can increase revenue, decrease denials, speed up prior authorization and claims, and remove repetitive clicks that hinder daily operations. With robotic process automation, health systems can have more seamless execution of administrative actions, appointment management, billing and enrollment, and data management.
Machine learning, robotic process automation, and natural language processing can create a layered intelligent automation approach. Such a strategy allows healthcare leaders to layer different technologies, increasing the number of processes that can be automated.
