More revenue cycle management units at hospitals and healthcare providers are automating some portion of the revenue cycle operations, according to the result of a nationwide survey that was conducted through the Healthcare Financial Management Association.
By The Numbers: Nearly three-quarters (74%) of Chief Financial Officers and revenue cycle leaders are actively automating some portion of their revenue cycle tasks, according to the results of the survey. Twenty-four percent of respondents have never used any form of revenue cycle automation and 2% are not using it anymore.
- Nearly half of the survey’s respondents — 46% are using some form of artificial intelligence or machine learning, and another 43% say they are using some form of robotic process automation.
- Among those not using any form of this technology yet, 80% said that it is going to be a priority for them to do so in 2024.
The Big Picture: Revenue cycle is an area of healthcare that is ripe for automation, largely due to the number of repetitive tasks that are currently being done manually.
- More healthcare providers are seeing the opportunities that can be had by engaging with this type of technology. This includes lower costs to collect, improved productivity and efficiency, and fewer mistakes, such as claim denials.
- For companies in the medical collection space, showcasing the embrace of technology and automation can help keep clients happy and win more business. It also presents an opportunity to deepen relationships with clients by helping them understand what the technology can do and even walking them through how to set it up and use it in their offices.
[EDITOR’S NOTE: Want to learn even more? Come to ARMTech! Not only do we have an entire session dedicated to robotic process automation, the whole three-day event is geared toward helping you be more efficient and productive through technology. Check out the event and sign up at www.armtech.live]
