Regarding the revenue cycle, technology suppliers are frequently classified according to their out-of-the-box capabilities, end-to-end partnering, and system integration. The issue with the first two is that it is up to your IT staff to figure out how to utilize the technology and validate that the platform can deliver on its advertised capabilities, configure and deploy the solution, or locate the correct solution once what is required is determined. Both are frequently more expensive than projected and need internal resources that do not exist or are prohibitively expensive to recruit, train, and retain. On the other hand, an end-to-end partner provides digital workforce management, an engineering platform, and substantial healthcare revenue cycle management knowledge. These three requirements are critical when integrating new technology, like intelligent automation, into the already complicated RCM process.
Expertise in RCM
The implementation, management, and maintenance of anything technological can be challenging. The complexity of healthcare and automation calls for a significant operational investment in engineering, infrastructure adjustment, support, and production management to implement the technology required to drive ROI for the business. Choosing an IA partner who knows the RCM process inside and out, understands the top pain points, such as speed to reimbursement and cost to collect, and is conversant with the distinct IT workflows involved is crucial for healthcare organizations. Domain expertise is required to determine which revenue cycle processes should be automated and which should not. If not, automation could unintentionally conceal operational problems. An IA partner must also be skilled in integrating with crucial internal systems like your EMR or patient accounting in a seamless manner.
Engineering and Platform
Furthermore, an end-to-end partner understands that installing a few bots to accomplish repetitive tasks is not meaningful automation. Automating tasks that are part of a flawed process using only one technology lever will create bottlenecks, workarounds, and an increase in operating costs, all of which are contrary to the goal of automation. The price of developing a platform and hiring staff is high. End-to-end IA providers take on the initial investment risk and provide scalable platforms that go beyond a collection of standalone components or solutions whose predictive power only applies to a limited number of scenarios. IA technology must be used systematically in large-scale revenue cycle processes in healthcare systems to remove waste, increase capacity and decrease operational costs. A fully developed, proven IA ecosystem will enable AI to work harmoniously with humans.
Digital Workforce Management
Revenue cycle processes are not all going to be replaced by automation, despite current hype. It will enable digital workers to handle routine tasks, while revenue cycle staff will handle complex tasks requiring more skill sets. However, once the digital workforce is live, it also needs to be managed. You can trust an experienced partner to handle this for you and ensure ongoing operational rigor. The technology used by businesses is not a one-size-fits-all solution. With an end-to-end partner, a health system can fix its specific problems, achieve its specific revenue cycle outcomes, and acquire core competencies such as eligibility, authorization, and claim status.
A successful IT infrastructure cannot be set up and forgotten, and it is not easy to facilitate operational change. Instead, a multi-layered automation platform implementation will give you access to better decision-making tools and create a seamless handoff between your team and digital workers. After that, the analytical rigor of IA empowers leaders with consistent, highly relevant data that facilitates ongoing performance improvement.
Revenue cycle challenges cannot all be solved by technology alone. An end-to-end IA platform with the right partner can eliminate common errors and interoperability issues from the revenue cycle, thus enabling more efficient and effective operations at scale. As a result, you can deliver on the patient/provider promise while enhancing profit margins.