Healthcare revenue cycle management (RCM) is seeing tremendous strides in operational efficiency and financial sustainability using AI technologies. Traditional RCM methods, prone to human errors, need help to keep pace with modern healthcare records and billing demands. Enter robotic process automation (RPA) and bots, which promise a streamlined, accurate, and timely approach. These technologies reshape how hospitals and healthcare providers handle collections and billing processes.
Challenges in Traditional RCM
Manual Processes and Human Error
Many healthcare institutions still rely on outdated, manual procedures for critical RCM functions. These methods are prone to errors in data entry and processing, leading to disruptions in financial processes, increased operational costs, and delays in revenue realization. Inaccuracies in billing can result in revenue loss and disputes with patients or insurers.
Compliance and Cost Implications
The healthcare industry is laden with evolving regulations and compliance requirements. Maintaining adherence in a manual environment poses significant challenges, often leading to penalties. Traditional RCM methods also incur substantial costs associated with hiring, training, rectifying billing and coding mistakes, and delayed or denied claims.
Patient Dissatisfaction
Errors in billing and long waiting times for confirmations can lead to patient dissatisfaction. A poor billing experience can overshadow the quality of medical care, eroding trust and prompting patients to seek alternative providers.
Addressing RCM Issues with RPA and Bots
Data Extraction and Entry
Bots can swiftly extract information from one system and input it into another, significantly reducing personal hours and data processing time. This results in a quicker billing cycle, with invoices reaching patients or insurance companies without delay.
Compliance and Accuracy
Bots ensure consistent and error-free data entry, maintaining compliance with regulations and minimizing the risk of penalties or claim rejections. They keep compliance records up-to-date with 100% accuracy, staying current with evolving requirements.
Improved Throughput and Intelligent Decision-Making
Bots achieve highly accurate records quickly and consistently, reducing errors and potential costs while increasing productivity. They can make rule-based decisions based on objective or conditional rules and situational attributes, providing near-instant responses to patient billing queries.
Flexibility and Scalability
RPA and bots work atop existing IT infrastructures with minimal changes and can be easily reconfigured as processes evolve. They are scalable, allowing additional bots to be deployed quickly to handle increased workloads or new tasks.
Reduced Revenue Collection Times
Automated follow-ups on pending payments, real-time processing of electronic payments, and timely reminders accelerate the revenue collection process, positively impacting the organization’s cash flow.
GeBBS’ Automation RCM Platform
Integrating intelligent automation tools into conventional RCM practices can be a game-changer. GeBBS’ advanced automation RPA solutions exemplify this transformation. The “Three B’s” partnership is central to these solutions, involving bots, human entities, and business rules.
Concluder Bot
A core tool of this transformation, Concluder Bot, operates 24/7, monitoring rejections at the clearing house and addressing them in real-time. It handles tasks like real-time ERA mining, business rules application, and data conclusion, ensuring accurate and consistent account processing.
Impact on Productivity and Efficiency
Before implementing the AIT solution, achieving productivity goals took weeks of on-the-job training. Post-implementation, associates met their productivity quota in half the timeโbots running 24/7 reduced turnaround times, leading to faster reimbursements and improved accuracy.
The Future of RCM with GeBBSโs iAccounts Receivable (iAR)
GeBBS Healthcare Solutions provides cutting-edge, technology-driven offshore medical coding solutions. Their cloud-based iAccounts Receivable (iAR) not only automates but transforms medical billing operations. iAR integrates seamlessly with existing billing systems, offering optimized workflow management and producing in-depth reports and metrics.
iAR Features
- Adaptive Learning: Refines processes for better outcomes.
- Seamless Integration: Ensures a smooth transition with existing IT infrastructures.
- Security: Prioritizes data security, protecting patient and transactional data.
- End-to-End Solution: Caters to every facet of RCM.
- Future Ready: Future-proofs RCM processes as the healthcare industry evolves.
- Expert Support: Provides constant support, training, and guidance.
Conclusion
Modernizing RCM processes with RPA, AI, and bots is not just beneficial but essential. These technologies ensure financial stability, operational efficiency, and exceptional patient experiences. GeBBS paves the way for a streamlined, productive future, by transforming how healthcare providers manage their revenue cycles.
Dive into the next phase of healthcare RCM excellence with GeBBS. Visit gebbs.com today and embark on this transformative journey.
