In healthcare, robotic process automation revenue cycle is gaining traction.Therefore, healthcare organizations are striving to employ the best RPA practices for revenue cycle automation.
Let’s understand the different aspects of Revenue Cycle Management (RCM) that pose challenges in the healthcare industry and how RPA overcomes them:
Medical Billing: Handling medical billing processes such as payment posting, Electronic Health Records (EHR), and claims administration are time-consuming if done manually. Robotic Process Automation automates and standardizes these areas, optimizing medical billing processes and improving the bottom line of Revenue Cycle Management providers.
An industry leader in delivering revenue cycle management solutions, Plutus Health, has designed Zeus, a bot by combining innovative technologies like machine learning and robotic process automation to automate all the tasks related to medical billing. Zeus shoulders the responsibility of revenue cycle management tasks and processes, allowing healthcare providers to focus on what’s more important their patients.
The robotic process automation bot works 24*7, boosting clean claim percentage, effectively decreasing denials, and keeping the medical billing tasks always up-to-date and processed. Zeus eliminates human error and improves the KPIs healthcare providers are looking for, giving them easy-to-read spreadsheets.
Healthcare providers need not buy any software or hardware or learn how to operate the bot, Plutus Health offers Zeus as a service.
Medical Coding: Medical coders check the patient's EHR and assign diagnosis codes from an appropriate category of ailments. If any procedures are performed, they assign procedure codes from a suitable list of the terminology of procedures. This needs to be done correctly, ensuring that the provider is paid right, and that's where RPA plays a significant role. With the help of RPA, medical coding becomes quick and accurate, especially in the case of bigger hospitals with high patient turn-around round the clock.
Denial Management: In the US, nearly one-third of healthcare providers conduct manual denial management processes. Denied claims are caused by several departments and workflows, and are expensive to revise than submitting a fresh claim. Pre authorization, auto coding, electronic remittance, and auto charge posting are areas that can be automated using RPA bots, helping staff save time and increasing precision in claim submission.
Robotic process automation in healthcare has revamped revenue cycle processes and allowed organizations to reap several benefits, some of them are:
RPA in the healthcare industry is enabling organizations to optimize their business model. By focusing on revenue cycle automation early, healthcare providers can develop a performance baseline for revenue and claims management, ensuring seamless payments and claims.The accomplishments of Robotic Process Automation (RPA) in other industries have proposed healthcare organizations a roadmap for effectively espousing the technology and identifying cases where it can deliver results. For RPA, there’s no one-size-fits-all approach. Each healthcare organization should consider their unique needs, current technologies, processes, data, and the ability to drive and adopt change.
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