Revenue Cycle Management (RCM) has always been a critical aspect of healthcare, but with the ever-increasing complexities in the industry, it has become more important than ever to streamline workflows. Automation is the key to unlocking this potential and providing RCM leaders with a competitive advantage in 2023.
Automation Use Cases for Revenue Cycle Management
Here are four use cases where automation can play a critical role in streamlining workflows and increasing efficiency:
Prior Authorization Submits
Prior authorization submissions are a time-consuming and complex task for healthcare providers. With automation, submissions can be streamlined and made more efficient, reducing the time spent on manual tasks and freeing up staff to focus on higher value activities.
Digitizing Documents
Digitizing documents is critical in the RCM process. Automation can help with the digitization of a large volume of documents, reducing the need for manual processing and freeing up time for staff.
Claim Submissions
Claim submissions are an integral part of RCM and automation can help with the speed and accuracy of submissions, reducing the risk of denied claims and increasing revenue.
Underpayments
Underpayments are a common issue in healthcare, but with automation, they can be reduced or eliminated. Automated workflows can help identify underpayments, trigger corrective action, and track the resolution process, making the RCM process more efficient and reducing revenue loss.
Automation has the potential to revolutionize the RCM process and provide significant benefits to healthcare providers. As a leader in the RCM space, taking advantage of automation will allow you to stay ahead of the curve and provide your organization with a competitive edge in 2023.
With a focus on mid-market hospitals, automation-as-a-service can help healthcare providers streamline their workflows and increase efficiency by automating critical RCM processes like prior authorization submissions, digitizing documents, claim submissions, and underpayments.
So, What's the Point?
The business case for automation in Revenue Cycle Management (RCM) is clear: it can help healthcare providers reduce costs and increase efficiency. By streamlining workflows and reducing the time spent on manual tasks, automation can save organizations significant amounts of labor hours, freeing up staff to focus on higher value activities.
For example, automating the prior authorization submission process can save a significant amount of time for staff who would otherwise be manually submitting requests. According to a study by the American Medical Association, prior authorization submissions can take up to 30 minutes per request, with some requests taking up to an hour to complete. With automation, this time can be reduced significantly, saving hours of labor each week.
Similarly, digitizing documents can help organizations reduce the time spent on manual data entry, freeing up staff to focus on more important tasks. Automation can digitize a large volume of documents in a fraction of the time it would take staff to do so manually, resulting in significant labor savings.
Claim submissions are another area where automation can help organizations save time and increase efficiency. With automated workflows, claims can be submitted faster and with a higher degree of accuracy, reducing the risk of denied claims and increasing revenue.
Underpayments are a common issue in healthcare, but with automation, they can be reduced or eliminated. Automated workflows can help identify underpayments, trigger corrective action, and track the resolution process, making the RCM process more efficient and reducing revenue loss.
In conclusion, by automating key RCM processes, organizations can save significant amounts of labor hours, increase efficiency, and reduce costs. By providing solutions to automate these processes, your business can help healthcare providers achieve these goals and drive success in the rapidly evolving healthcare industry.
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