Automating Revenue Cycle Is Helping Providers Cut Down On Administrative Costs Amid a Potentially Looming Recession

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. 


Related Offerings

Next Article

  • Automating Revenue Cycle Is Helping Providers Cut Down On Administrative Costs Amid a Potentially Looming Recession

    Jumping into remote patient monitoring

    When the Centers for Medicare & Medicaid Services began reimbursing providers for remote patient monitoring (RPM) services in 2018, the health care community’s response at the outset was less than …

    Posted Jan 27, 2023

Did you find this useful?

Medigy Innovation Network

Connecting innovation decision makers to authoritative information, institutions, people and insights.

Medigy Logo

The latest News, Insights & Events

Medigy accurately delivers healthcare and technology information, news and insight from around the world.

The best products, services & solutions

Medigy surfaces the world's best crowdsourced health tech offerings with social interactions and peer reviews.


© 2023 Netspective Media LLC. All Rights Reserved.

Built on Feb 3, 2023 at 6:31am