Leveraging AI to Improve Revenue Cycle Management and Assist During Staff Shortages

The following is a guest article by Helen Lamons, SVP of Revenue Cycle Management at Advata. In recent years, AI has made various advancements in the administrative and clinical setting as healthcare systems leverage the technology to benefit workflow operations and reduce human errors. As a business, it makes sense to embrace AI in revenue cycle management (RCM) fully. The potential applications are limitless. As healthcare systems seek tactics to increase revenue following the dire financial impact of the pandemic, 2023 is the perfect year to consider implementing AI to benefit your team and bottom line. Healthcare organizations are struggling with staff shortages across the board – ranging from the bedside to the back office. This reduction in staff is leading to an increasing number of accounts going uncollected. Thankfully, these facilities can implement tactics leveraging AI to improve denials management. Hospitals and health systems in the U.S. are approaching monumental change — seeking ways to leverage AI to answer complex challenges. Two-thirds of hospital and health system executives already report using AI in some revenue cycle capacity, which is anticipated to grow significantly as the industry enters 2023. Leveraging AI to Reduce Denials As healthcare organizations of all sizes struggle with staff shortages, an increasing volume of accounts is written off as uncollectible, sacrificing crucial revenue. In a recent study from the 2022 State of Revenue Integr...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: AI/Machine Learning Analytics/Big Data Healthcare IT Revenue Cycle Management Accounts Receivable Advata AI-Enabled Dashboards Artificial Intelligence data analytics Denials Management Healthcare AI Helen Lamons NAHRI National As Source Type: blogs