Advanced Revenue Cycle Analytics: An Overview
By 2025, technology adoption will save the healthcare industry up to $150 billion per year, according to a recent report by BIS Research. There are two driving motivations behind the continual development and adoption of technology in healthcare: interoperability and patient data security. Developments in blockchain, AI, and automation technology will not only solve these issues, but they will save the healthcare industry billions of dollars on IT costs, operation costs, data breach costs, etc.
Automation technology will save billions in administrative workflow
One area where technology adoption will save healthcare billions of dollars annually is administration. Automation and AI are already being used to save time in back office activities. These technology developments are estimated to save $18 billion a year for administrative tasks alone by streamlining high volume, repetitive or error-prone tasks.
As revenue cycle staff are being asked to do a larger workload with less resources, these savings are huge. Automation allows coder time to be spent on other back office responsibilities, like scheduling appointments and dealing with insurance companies. Practices will continue to take advantage of these technological resources to stay ahead of the curve.
Technology will solve the interoperability issue
Ever since EHRs were introduced back in 2014, interoperability has been a widely discussed problem. There needs to be an easy way for data sharing between healthcare systems. It needs to be easy, cost-effective, but also secure. Privacy of patient data is a priority, and data-breaches have been prevalent in the healthcare industry.
Blockchain is the solution that most are looking to, and it appears promising.
“Some of the significant advantages of employing blockchain are the introduction of transparency, complete elimination of third-party intermediaries, and streamlining of operational processes and large costs.” – PRNewswire
Technology can save you $10,097 per provider per year
We help save our clients an average of $10,097 per provider per year. How do we do this? Our automation software can help your practice reduce denials and capture missed charges for every single encounter. Our intelligent rules engine reviews every encounter against industry standards and practice-specific needs. Custom rules correct claims before they hit the billing system, leaving your staff with an exception only workflow. Find out how much you could save with our products by scheduling a free revenue cycle analysis today.