Automating Revenue Cycle Is Helping Providers Cut Down On Administrative Costs Amid a Potentially Looming Recession
lmost a quarter of U.S. national health expenditures go toward administrative costs. In revenue cycle, rising costs continue to escalate which negatively impacts the bottom line. There is a silver lining in all of this; as a potential recession looms, these costs can be reduced with automation. By simplifying daily routine tasks with automated tools like robotic process automation (RPA) and machine learning (ML), nationwide spend could be reduced from 25% of the national healthcare expenditure to 18%. As it stands, manual revenue cycle processes burdens staff with repetitive, mundane tasks, causing staff burnout. Additionally, the reimbursement landscape evolves in complexity year after year. Staffing issues also continue to plague health systems, leaving chief financial officers playing defense, with high turnover rates causing a decrease in productivity and an increase in aged receivables. When it comes down to it, organizations must either add more resources to support the manual way of working – which can prove to be costly and inefficient – or invest in automation.
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