Strategic Approach to RPA in Healthcare Revenue Cycle Management(RCM)
Revenue cycle management executives in hospitals and health systems around the country are primarily concerned with safeguarding the organization's financial health.
On the revenue cycle management (RCM) side, hospitals are continually a work in progress, from managing prior authorization so patients may receive timely care to processing denial claims and navigating new payment structures. Revenue cycle leaders' jobs have become more difficult year after year, and many are looking for methods to improve RCM processes and increase efficiencies.
Due to a bigger backlog of work and human shortages during the COVID-19 epidemic, there has been an increasing interest in robotic process automation (RPA) solutions.
It's critical for managers and IT executives to have the necessary tools and data analytics to complete the tasks at hand when navigating a fluid dynamic for the financial health of the organization, but it's even more crucial to have the right implementation strategy in place.
The Step-by-Step Approach
The most strategic RPA or Intelligent Process Automation (IPA) implementation approach is a phased-in approach that can produce significant financial returns, allowing provider firms to reinvest in future automation prospects. The staggered method helps cash-strapped hospitals smooth cultural transfer for change-resistant health systems.
It's critical that the software you select is platform neutral and can work alongside existing RPA investments. Additionally, the software business you hire should design the IPA to the specific system of each hospital to ensure that the deployment plan aligns with the organization's goals, including customized road mapping for the precise sequence and timing of automation implementation.
One of IPA's most enticing financial characteristics is its constancy in turning nominal initial contributions into real long-term profits. According to a McKinsey report, automating 50% to 70% of operations yields a triple-digit return on investment (ROI), whereas a KPMG study of financial services organizations discovered that RPA could save up to 75% in costs.
RPA In Revenue Cycle Management(RCM)
Beyond the appealing financial gains, all executives should look for RCM solutions that offer flexibility in digital transformation for their respective provider businesses. It's not easy to make such a significant change to a function that's so important to your company's bottom line, so any viable IPA or RPA solution must include simplicity of use and cost savings.
Every hospital and health system faces unique obstacles in the RCM arena and hence requires a tailored deployment roadmap that describes which automation will be introduced and when.
What Factors Can Have An Impact On The Personalized Roadmap?
Individual departmental shortcomings, human capital allocations, and current system activities are all factors that can influence the personalized plan. There is no one-size-fits-all solution to improving RCM, which is one of the reasons why a thoughtful RPA-based strategy should be considered.
However, offering a solution and walking away is not enough; RPA implementation must also incorporate transparent analytics tools to ensure accountability. Hospitals should be able to quickly assess how their new RPA capabilities are doing by looking at a dashboard.
Furthermore, if a hospital is disappointed with the results of its RPA strategy, the software should allow leaders to make simple adjustments with a single click.
Given what provider organizations have been through in the last 18 months, there should be a stronger drive to assist in alleviating administrative burdens and improving healthcare finance efficiencies.
Final Thoughts:
By pursuing the promise of RPA in Revenue Cycle Management, hospitals are faced with a long-term resource reallocation opportunity that can deliver a higher ROI than the existing strategy and free up human capital to address other critical issues.
Hospitals should be focused on providing high-quality care to their patients, and RPA's untapped potential to reduce Revenue Cycle Management issues allows them to accomplish just that.
About AiRo
AiRo Digital Labs is an award-winning, global leader in AI and Hyper Automation led innovation for the healthcare ecosystem. We partner with Fortune 500 clients in the Healthcare, Pharma, and Life Sciences industries to address the challenge of applying AI technologies to augment and enable human effort and remove the inefficiencies in the care spectrum. We specialize in the emerging technology fields of Artificial Intelligence, Machine learning, Robotic process automation, chatbots, conversational AI, Natural Language Processing, data analytics, premium cloud services, Industrial IoT, and other AI technologies.
