Healthcare providers are increasingly turning to artificial intelligence to boost their revenue cycle management (RCM) processes, a new survey reveals. The survey, which involved 101 healthcare leaders, shows a notable shift in how healthcare organizations view AI as a critical tool for solving persistent challenges in their RCM workflows.
By the numbers:
- 82% of healthcare leaders believe AI will positively impact RCM
- 73% expect AI to be widespread in RCM within 5 years
- 67% plan to use AI for denials prevention
- 65% intend to leverage AI for coding
- 51% aim to implement AI for charge capture
The big picture: Healthcare organizations are struggling with persistent RCM challenges, including:
- General inefficiencies
- Over- and under-coding
- Denials and underpayments
- Workforce shortages
These issues result in significant uncollected revenue, creating opportunities for AI-powered solutions to address these pain points.
Between the lines: Healthcare executives are shifting their perspective on AI’s role in RCM:
- More leaders plan to invest in AI for RCM within the next 1-3 years compared to last year
- Fewer organizations have no plans to invest in AI for RCM
- Expectations for AI’s widespread adoption in revenue cycles have increased
What they’re saying: “AI is a significant game-changer in all things revenue cycle management. I anticipate increased performance, increased efficiency, greatly reduced labor costs, and greatly increased fiscal performance,” one healthcare leader stated in the survey.Zoom in: AI is expected to drive double-digit revenue growth in several RCM processes:
- 22% increase in payment amount/timing estimations
- 21% increase in payer payments
- 19% increase in coding
- 16% increase in claims lifecycle, patient payment estimations, and denials prevention/management
The bottom line: As healthcare organizations increasingly adopt AI for RCM, credit and collection professionals should prepare for evolving practices and new opportunities in the healthcare finance sector.
