The current healthcare industry is facing staffing challenges. This is due to factors such as the Great Resignation and the COVID-19 vaccine mandates that have caused staffing shortages and increased competition for skilled clinical and healthcare RCM workers. In light of these challenges, it is crucial to find ways to work efficiently and productively with limited resources.
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Revenue cycle leaders can make the most of this situation by exploring new methods to improve or eliminate outdated and ineffective procedures. By utilizing technology, the workload on staff can be reduced, allowing them to be more productive in less time. This can be achieved through the implementation of optimized RCM processes and smart automation, starting with the most critical and time-consuming tasks. Technology can also streamline the process of training and onboarding employees, enabling them to become proficient more quickly.
It is important to note that a significant portion of healthcare spending goes towards administrative expenses, with an estimated $372 billion spent on administrative complexity in the US, and $39 billion spent on administrative transactions.
Automating healthcare administration through the use of robotic process automation can reduce costs and ease the staffing crisis. In fact, the Council for Affordable Quality Healthcare suggests that a full transition to electronic transactions could reduce spending on administrative transactions by 42%.
The utilization of technologies such as AI, machine learning, and RPA bots can optimize and expand the decision-making process throughout healthcare revenue cycle management. This can reduce administrative tasks and save costs while improving the care delivery process.
RPA bots can work continuously, potentially doing 30 times the work of a full-time employee with less chance of errors compared to humans. Hospitals and health systems can improve efficiency by allowing RPA bots to handle repetitive tasks, freeing up their staff to focus on more valuable work and ensuring faster and error-free RCM processes.
CFOs of hospitals need to adopt automation in 2023 in order to evaluate its suitability for their organization.
By thoroughly assessing areas such as the volume of calls related to patient eligibility and benefits, wasted staff resources, and the time spent on resubmitting or appealing claims, they can pinpoint specific areas in their revenue cycle that would benefit from automation. This could range from partial to full automation, and prioritizing key processes that will have the greatest impact on team workflows can lead to a more efficient revenue cycle process.
To implement robotic process automation in a healthcare organization, it is important to adopt a strategic approach to revenue cycle management. One way to do this is by looking for a simple and smart solution, such as Billingparadise's technology expertise, which simplifies and unifies the entire revenue cycle. This empowers healthcare organizations to automate manual work, gain insights into processes and performance, and enhance the patient experience.
