Hospitals are in a bind. As the shift toward value-based contracts intensifies, revenue cycle operations are becoming increasingly complex. Payers are exploring new ways to quantify value as it relates to reimbursement, which puts additional pressure on hospitals to provide documentation to support claims. Even positive developments such as lower unemployment have led to higher labor costs. All of this has the potential to decrease hospitals’ cash flow and negatively impact the bottom line. Hospitals increase revenue recovery with robotic process automation AI is defined as the combination of cognitive automation, machine learning, reasoning, hypothesis generation and analysis, natural language processing, and intentional algorithm mutation to produce insights and analytics at or above human capability.
What are hospitals to do to offset cost pressure and potential loss of profitability? Some forward-thinking provider organizations are exploring robotic process automation (RPA) in the revenue cycle. Before that effort gets underway in earnest, it is likely that healthcare executives will have a number of questions that need to be answered.
Why do I need more technology?
RPA is special-purpose software programmed to be used with data and rule-based processes to replace or supplement repetitive tasks normally handled by humans. Not to be confused with more advanced forms of intelligent automation, such as machine learning and cognitive computing, RPA is lower cost and easier to implement. The technology is more efficient, is not prone to human error, and acts as a conduit for processes requiring communication between multiple existing systems.