Three Ways AI is Preventing Revenue Leakage

The following is a guest article by Dan Parsons, Co-Founder and CPO at Thoughtful Revenue leakage poses a significant challenge to healthcare providers, and the traditional methods used to mitigate these losses are becoming increasingly difficult to scale. Healthcare providers need an adaptable and scalable solution to address these issues permanently. RCM automation, powered by artificial intelligence, can achieve this – saving considerable time and adding millions of dollars to the bottom line. Additionally, automation simplifies adaptation to the evolving payer landscape for healthcare providers. Andreessen Horowitz predicts that at least half of the $4.3 trillion American healthcare industry will be AI-driven within the next few decades. Despite earning $2.6 trillion in revenue, healthcare companies only make a profit of 6.5%. By implementing efficient automation and AI-powered solutions, these companies could substantially increase their profits and overall value. If they improve efficiency by 15% with AI, their collective operating profit could rise by $314 billion, and their total enterprise value could increase by $5.6 trillion. Here are three ways automation can mitigate revenue leakage and improve your margins. Claims Processing Healthcare providers generate approximately 90% of their revenue from insurance companies. To receive this revenue, they must submit claims to the insurance companies. Claims are packages of data points. They identify the patient, specify ...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: Administration AI/Machine Learning Health IT Company Healthcare IT Hospital - Health System Revenue Cycle Management a16z Andreessen Horowitz Automation Claims Processing CPT Dan Parsons KaufmanHall ProPublica RCM Revenue Lea Source Type: blogs