Futuristic technology is taking the world by storm, especially within the healthcare industry, from ChatGPT writing your next speech to Artificial Intelligence-based algorithms identifying early diagnosis of patients. (Disclaimer: ChatGPT was not used to write this blog.) The medical billing industry is no different, undergoing a major shift from manual tasks to adopting automation software and artificial intelligence (AI), creating an array of opportunities for healthcare providers to optimize their revenue cycle.
Automated revenue cycle management (RCM) systems offer ways to streamline administrative processes, reducing costly billing errors, while computer-assisted coding (CAC) technologies help minimize time spent manually coding patient records. As the benefits of AI become more widely understood, healthcare organizations must consider how they can capitalize on these trends for maximum efficiency and cost savings.
Where to utilize AI and automation in your revenue cycle?
- Patient communications/reminders for appointments and payments
- Patient eligibility check and ID verification
- Claim and denial management
- Reoccurring coding tasks
- Mass charge actions
- Patient payment posting and processing
- Running reports and monitoring performance
- And so much more!
Leveraging Technology to Enhance Patient Experiences
Patients are seeking the same level of customer service from their medical providers as they are from retailers, restaurants, etc. This is becoming exceedingly important as Americans are facing more responsibility toward their medical bills – to the tune of $88 billion in medical debt, according to a February 2022 report from the Consumer Financial Protection Bureau.
Implementing patient engagement tools allow physician practices and medical billing companies to harness the speed and accuracy of automation technology – increasing patient engagement, provider reputation, and even revenue. ImagineSoftware’s patient engagement solutions drive patient communication, prior authorization, eligibility, payment processing, and more, all within a patient-centric, user-friendly RCM platform.
Client Testimonial - Importance of RCM
Leveraging Technology to Monitor Performance
Increasing cashflow is one thing; however, understanding your practice’s full operation is paramount to its agility, decision-making, and overall success. Equipped with the right analytics, you can identify your practice’s strengths and weaknesses, while identifying areas for improvement and new revenue streams.
Watch ImagineSoftware’s Rob Gontarek in our on-demand webinar, to discover how AI delivers unprecedented backend automation and streamlined workflows, driving employees’ time to focus on problem-solving and business decisions.
Leveraging Technology to Combat Staffing Challenges
Introducing automation into your RCM process can help address staffing shortages and the loss of vital tribal knowledge that comes with staff turnover. Automated medical billing solutions are designed to streamline billing processes, making tedious, traditionally manual tasks including claims submission, posting payments, and denial resolution easier. Automation technology also reduces time spent completing these mundane tasks by taking the responsibility away from staff and distributing it within the software. Furthermore, automated systems prevent the dangerous task of manually entering data several times across multiple systems, helping drastically reducing reimbursements denials due to incorrect submission of patient information. Automating medical billing provides physicians with easy-to-use, easy-to-train upon billing software, essential for recruiting and retaining team members – thus, allowing them to focus on providing excellent care for their patients.
ImagineSoftware’s RCM experts are here to help implement automation technology into your medical practice/billing organization. Feel free to reach out to us for a one-on-one conversation, where we’re happy to provide comprehensive information about our services and how we can benefit your unique organization.