BOT automation – The future of healthcare RCM

 

Healthcare, like every other industry globally, is leaning towards intelligent automation. This means using robotic technology and Artificial Intelligence to streamline processes, especially in the backend, to achieve efficiency and effectiveness. When it comes to revenue cycle management services, there is so much scope for improvement, even with top healthcare providers. That’s why this is a fascinating industry to be in right now.

 

What’s BOT automation, and why is everyone in the healthcare industry raving about it? More importantly, how will BOT automation help revenue cycle management services?

 

BOTs or web robots are software applications that can run by themselves and complete specific tasks quickly and precisely. Some advantages of using bots include large-scale processing, completion of tasks in a fraction of the time taken by the human workforce, and the ability to work 24 hours a day.

 

Contrary to the belief that such bots can lead to high unemployment levels and are despised by employees, a recent macami.ai survey states that more than 70% of employees would prefer delegating a part of their work to AI. This way, they get more time to focus on critical work areas and spend more time with family.

 

The same survey adds that 61% of patients say letting AI take over medical billing is preferred as this reduces human errors.

 

How will BOTs transform revenue cycle management services?

 

According to experts in the industry, one of the significant areas of revenue cycle management services that bots can take over is medical billing. Billing is extremely challenging because it involves equal amounts of precision and speed.

 

Despite their talent, human billers cannot offer 100% accuracy in the most optimal possible time. As a result, billing errors arise, which delay reimbursements and payments, which in turn delay the discharge process. From checking eligibility to getting prior authorization, cross-verifying provider notes, and identifying outliers in the charges captured, bots can do so very quickly, automatically increasing the efficiency of the claims created.

 

Next in line is coding. Coding is another area that is equally critical in the revenue cycle management service operations because, even after charges are captured with extreme caution, human coding errors can change the claim sent to the payers and cause denials and rejections.

 

Apart from billing and coding, there are so many other areas of revenue cycle management services that bots can efficiently perform and upgrade. Another such area is collections.

 

Every single step of a practice’s RCM may be significant. However, if collections aren’t happening efficiently, all prior methods fail to yield results.

 

In collections, too, there are multiple steps. Tech experts will be able to design bots that touch all pain points, from identifying problematic claims and documentation errors to detecting denials and rejections quickly, analyzing the root cause for denials, spotting delayed payments, taking corrective action instantly, and paying posting at the right time.

 

Imagine a revenue cycle management service setup where bots take care of all manual-intensive tasks. This leaves the human workforce to focus on more important things – strategies, business decisions, out-of-box solutions, and creative ideas.

 

When you create a workforce that combines automation and creative human expertise, the results will amplify, and the clients will reap the benefits.

 

Let’s consider QuintAna, our specialty suite of bots created to impact every single point of healthcare RCM. By leveraging the benefits of automation and the advancements of AI, our bots work like pros, impacting every touch point positively and creating an extremely efficient and optimized revenue cycle.

 

We asked some of our internal management folks to discuss what they love about QuintAna. Here are the responses.

 

 

“Eligibility verification remains a huge struggle for most RCM service providers because, even though it is a small step, it can lead to hard denials. Our BOTs are designed to automatically check eligibility and update the status in real-time on trackers. Sometimes, the bot can also automatically submit the claim if the benefits are verified successfully. This reduces manual work to a great extent.”

 

 

“Once claims are submitted, the status of these needs to be checked regularly to ensure denials and rejections are quickly spotted and reworked. Our bots are designed to automatically pull out the claim status from most of the payer’s portals. This will first be updated in our system, and outliers will be identified. The bots can also take the next steps in case denials are identified.”

 

 

“I love that our bots are designed to run on most PMS. This makes implementation and transition super smooth.”

 

 

“Every provider works with different types of billing software solutions. This makes integration extremely hard. Our bots can interface between two systems, capture the charges and other information from different EHRs, and update them systematically in the existing software. This makes the lives of RCM experts so much easier.”

 

 

By having an array of such smart bots at your disposal, billing and coding get highly optimized and quick. Compliance can be ensured easily, and when there is a change in industry standards or payer terms and conditions, all that is needed is to make minor tweaks to the bot codes, and the changes can be implemented instantly. This is an extreme advantage for revenue cycle management service experts because, in this industry, time matters the most.

 

Bots in the RCM industry can also be integrated to take up analytics. Such bots can run thousands of reports daily and pick up vital data for essential business decisions. This can be a game changer if you want to grow as a brand.

 

Conclusion

Bots are everywhere, and they are transforming the efforts of the workforce dramatically. When it comes to revenue cycle management services, bots can bring speed, efficiency, effectiveness, and optimal value for expenditure to both the third-party service providers and the clients.

 

RCM service providers who invest in bots have a better prospect of landing clients that matter to them. Bots and AI are the future of hRCM; the sooner billing and coding companies adapt to these, the more stable they will be.

 

Are you interested in learning more about QuintAna and our capabilities to transform your RCM process? Go get in touch with us right away                



Read More;

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