Revenue Cycle Innovation: How Automation Can Mitigate the Financial Impact of COVID-19

Automation. It’s what makes innovation possible. Think of driverless cars, smart homes and continuous learning technology. The healthcare industry also uses automation to increase financial efficiency and resiliency during times of uncertainty. We’re not talking about robotic process automation (RPA) that requires frequent reprogramming every time a payer requirement changes. We’re talking about hyper-aware artificial intelligence (AI) and machine learning (ML) that healthcare organizations deploy throughout the entire revenue cycle to decrease days in accounts receivable (A/R), reduce denials and cut labor costs.

“Automation that is grounded in AI and ML is proving crucial in truly optimizing revenue cycle processes, increasing efficiencies and lowering the cost to collect for hospitals and healthcare systems,” said Amy Raymond, head of revenue cycle operations at AKASA. “The pandemic has thrown many organizations into chaos. The consistency and optimization offered by the latest in automation innovation can help revenue cycle teams get back on track.”