In an industry where more than 60 percent of physicians
cite declining reimbursement as the top threat to profitability, it is time to lower collections costs and increase the accuracy of data operations and revenue cycle management (RCM).
According to RevCycle Intelligence
, 85 percent of healthcare organizations say collecting payment from patients after they have left the campus is a very difficult task. Human error or inattention to a billing process can further cost hospitals millions of dollars.
Boost the Bottom Line
Healthcare providers may be headed for a world of operational hurt if they don’t take every advantage to ensure that data flows as efficiently as possible from system to system, silo to silo, and organization to third-party collections agency.
Process automation tools, such as Foxtrot RPA, can be scripted to copy human workflows, enabling healthcare organizations to automate their routine data tasks and processes. The speed, precision and ease of use that come with streamlined automation translate into substantial savings and efficiencies.
One medical center saved hundreds of employee hours after implementing Robotic Process Automation software. The organization routinely has thousands of accounts that have to be reviewed for balance, payer category and more. For example, if a group of accounts have a self-pay balance status, meaning insurance has been finalized internally, the data automation software can read and react to that information to get that batch of accounts ready to move to a collections agency. Instead of laboriously hand-keying a status note into each account, the billing department can rely on automation to do so, saving eight hours per task.
Efficient revenue cycle management enables the vital cash flow required for the healthy operation of a healthcare organization. Process automation software handles the busy work so that healthcare providers can spend more time working on what matters most: creating successful patient outcomes.
For more information about how Robotic Process Automation can increase healthcare organization’s efficiency and productivity, download our white paper, RPA Accelerates Healthcare Collections & Revenue Cycle Management.
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