Would you believe that one simple addition to your revenue cycle management strategy could increase your revenue and clean claims percentages while decreasing your overhead costs?
It might sound too good to be true, but it’s not. The future of healthcare revenue cycle management is here, and it’s come in the form of robotic process automation.
Robotic processing automation is a software robot used in revenue cycle management to automate the payment posting and processing of claims to secure a higher revenue percentage per claim.
Because robotic process automation is a digital employee, you’ll notice that consistency is easy to maintain. Plus, due to the elimination of human error using robotic processing automation, your clean claims percentage will increase exponentially.
Every hour that goes by without a processed claim is an hour that stands between a provider and his revenue. Practices that choose to use a robotic processing automation will enjoy faster processing because their bots don’t ever need to take lunch breaks or bathroom breaks. Plus, there’s never a clock in time, clock out time, or paid time off for robotic processing automation software; it works around the clock to ensure your practice or lab brings in revenue faster than ever before.
Every practice has its own unique revenue cycle management challenges. Because of this, the most vital KPIs to each practice or lab will vary. Whether you’re struggling with a high rate of denials, a high number of days in AR, or low clean claims percentages, a robotic processing automation strategy in place can track and share that specific, important data with you.
After implementing a robotic processing automation component, most practices and labs are pleased to learn that they can reduce the number of administrative employees needed. In addition to reduced overhead costs, a robotic processing automation component in your strategy ensures that your claims are completed correctly the first time around, saving you wasted time, money, and resources.
Providers tend to choose or implement a robotic process automation strategy based on whether the robotic processing automation is sold as a software or as a service.
Practices that opt to purchase robotic processing automation software should do so knowing that there could be a high learning curve for the product. Plus, purchasing robotic processing automation software means that the practice will still need full-time administrative personnel on staff to run and manage the software.
Busy practices that are interested in saving time and resources should consider partnering with a revenue cycle management firm that includes robotic processing automation software as a service as a part of their overall RCM success strategy.
Connect with a Plutus Health representative today to learn how zeus, our robotic processing automation software offered as a service, can help your practice or lab eliminate human error, decrease overhead costs, and increase your revenue.
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