Given the increasing competition and rising back-office costs, embracing AI-powered revenue cycle automation to boost profitability and achieve operational excellence is more crucial than ever.
As the healthcare industry grapples with various challenges, from workforce shortages to complex coding intricacies, embracing AI can empower revenue cycle professionals to envision a future with reduced denials, optimized revenue, and fortified financial health.
The revenue cycle management business is using AI tools to automate cumbersome tasks to help hospitals operate more efficiently. It's beginning to attract the attention of major healthcare organizations.
But what AI solutions can’t do is magically eliminate the need for empowered registrars. Maximizing growth while improving efficiency requires both people and technologies.
Adonis, a startup offering a revenue cycle automation platform purpose-built for healthcare, recently closed a Series A funding round led by General Catalyst. The company has raised nearly $23 million to date since launching last year.
A health system's failure to offer patients with digital payment options could lead to slower collection times, create a disjointed patient financial experience, and result in decreased patient satisfaction and loyalty. At HIMSS23, Atrium Health's vice president of revenue cycle management shared how his system integrated payment into its digital front door and gave pointers to hospitals looking to do the same.
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
CodaMetrix, an AI platform for hospital revenue cycle management, recently closed a $55 million Series A funding round. The company, which was launched out of Mass General Brigham in 2019, is focused on simplifying the complicated process of translating patient records into codes for billing and clinical research.
By continually seeking ways to ease the financial strain of care, hospitals and health systems can position themselves as a trusted advisor for the communities they serve. It’s an approach that is vital to maintaining relationships and revenue.
Hospital and health system revenue cycles will face a labor shortage and external economic pressures for the indefinite future. Automation can help streamline and optimize healthcare revenue cycles, but organizations must use this enabling technology with strategic intent.
Claim.MD is an electronic data interchange clearinghouse that helps reduce claims denials and improve cash flow. By working with the company, Walgreens has been able to make its reimbursement process more efficient and grow its business.
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Nearly half of health systems and physician groups in the U.S. are behind on their 2022 revenue goals, and healthcare executives are worried about increasing costs, shrinking margins and the impending recession, according to a new report. It also found that most healthcare organizations' revenue cycle or billing departments are struggling with labor shortages, leading operational inefficiencies and negative patient billing experiences.
An analytics-driven A/R strategy can significantly improve collections in today’s healthcare environment. This article goes over the pillars of this approach as well as what metrics should be focused on in implementing such a strategy.
Hospitals needs to make changes not only to retain clinicians but to stem financial losses. Healthcare leaders are committed to rising to the challenge, and investing in new processes and technologies to alleviate administrative pressures is a key way they’re leading the charge.
The revenue cycle is incredibly complex due to shifting payer requirements, continuous regulatory compliance and coding updates, and emerging and evolving payment models. That complexity increases the administrative burden and drives up cost for providers.
In this complex and rapidly changing claims denial environment, providers must take a proactive approach to stay ahead of the game. Here's what providers can do to successfully navigate the audit landscape.
