Advantages of revenue cycle management automation
A revenue cycle management service can help practices achieve good financial health that lays the foundation for quality patient care. But while revenue cycle management helps practices and patients, its capacity to handle responsibilities outside the business office traditionally has been limited.
In such cases, revenue cycle management automation can meet the need to ask for, track, and collect revenue — while still ensuring the best care possible for patients. As technologies advance, a path has emerged for practices to automate tasks to increase revenue, decrease denials, speed up prior authorization and claims, and remove many of the repetitive clicks that hamper daily operations.
Automation is the act of taking a repetitive manual work event and programming the steps so a computer can complete them. Artificial intelligence, meanwhile, is the ability of computers to make decisions and form thoughts themselves, making automation easier and faster than ever.
What are common applications of revenue cycle management automation?
- Speeding up authorizations
- Administering claims
- Conducting status inquiries
- Reducing costs
- Segmenting accounts
- Acting as a virtual assistant for RCM staff
Let’s review some best uses for automation in your revenue cycle.
Revenue cycle management automation for speed and efficiency
Automation speeds up processes for the patient and the provider, improving satisfaction for both. With faster routing of correspondences, practice staff can serve patients faster and increase the focus on quality care.
Consider the many clicks that go into revenue authorization and claims. Removing clicks that inhibit daily operations can provide staff more time to engage with patients.
According to a 2020 study by Salesforce, 74% of IT and engineering leaders said process automation has helped their workforce save at least 11-30% of time previously spent on manual processes. Another 59% said costs on those teams decreased 11-30%.
Automation can help manage patient inquiry research and follow up. With algorithms in place, the process can save time by finding prior authorizations and insurance verification.
By using a mostly digital system, automation can improve document quality, providing clearer images and more legible transcriptions.
Reduce costs and waste
From a cost perspective, practices that employ revenue cycle management automation can save money and increase ROI through fewer full-time equivalent positions. Robotic automation can equate to thousands of hours in a month, which correlates to hundreds of thousands of dollars saved.
If your practice has limited resources, large quantities of manual tasks, and a lack of standardization, you can improve your already-working system through revenue cycle management automation. Given the current labor shortage, you can even save expenses on staffing as you reduce time spent processing each patient.
Automation reduces scanning cost related to paper handling and outside services. In fact, it reduces data entry expenses and helping lessen or even eliminate paper use. It is an easy way for any practice to save money and reduce paper use.
With integrated systems that conform to your current workflow and program, you can save on technology with automation. This functionality frees providers from having to use multiple systems, helping them focus on patients rather than on paperwork.
Improve patient engagement and care
Automating the revenue cycle on the back end improves patient engagement on the front. For this reason, it’s important to focus on back-end workflows, even if the patient doesn’t see them.
Revenue cycle management presents an opportunity to leverage automation for better patient assurance. With automation, claims are processed faster for greater accuracy and reduced lag times.
Account segmentation also improves patient engagement and facilitates more efficient care. With automated processes in place for groups of accounts, several patients can move ahead in the lifecycle all at once.
With automation, patients can schedule appointments and get out-of-pocket cost estimates immediately. From that point, you can ask them to pay in advance or help move the patient into counseling for payment programs. If patients still can't afford the payment, the health system can determine if they qualify for optional healthcare.
Conclusion
With automation in place, you can manage workflow processes more easily and enjoy time back in your day. By speeding up care, you can reduce costs and boost patient engagement, ultimately retaining greater numbers of happy patients.
Automation in revenue cycle management is a great way to save time and money for your practice, as well as to help patients attain better care.
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