How Automation Is Shaping Healthcare Financial Health

Revenue cycle management (RCM) automation. Robotic process automation (RPA). Artificial intelligence (AI). These are some of the latest buzzwords floating around the healthcare landscape. The question is, how can these technological advances reshape your organization’s financial processes, empowering you to boost operational efficiency, reduce errors, and strengthen financial performance? 

First, let’s take a quick look at the rise of RCM automation in healthcare. More than 50% of healthcare executives expect automation to transform their RCM processes within the next five years, according  to the Journal of AHIMA. This shift is driven by the need to streamline operations, manage complex billing processes, and meet rising patient expectations for timely service. In short, automation has become a necessity for healthcare organizations striving to maintain competitiveness and financial viability. 

The combination of automation, RPA, and AI are having a significant impact on key areas of RCM, including: 

• Claims management — Automating this crucial function reduces the time and effort required to submit and track claims. Specifically, RPA provides tools to efficiently gather documentation, verify data, and submit claims. Besides accelerating claims management, these tools can help you minimize errors and expedite revenue capture.
• Payment posting — AI and RPA work in tandem to ensure the accurate application of payments to patient accounts. This reduces the errors associated with manual entry and speeds up reconciliation, ultimately leading to improved cash flow.
• Denial management — Automation can help prevent denials by analyzing patterns and identifying the root causes of rejected claims. In addition, RPA can automate the appeals process, enabling quicker resolution of denied claims and improving recovery rates. In addition, a robust set of analytics provides insights into denial trends, empowering you to proactively address underlying issues.

At TruBridge we offer comprehensive, leading-edge solutions, encompassing RCM, RPA, and AI, that deliver on all of these performance criteria. Ultimately, you’ll gain the power to effectively navigate the complexities of revenue cycle management while streamlining operations and achieving your financial goals.