13 Jun Robotic Process Automation Enhancing Revenue Cycle Management
Revenues collected are the lifeblood of any healthcare organization and the efficiency of how they are processed dictate its ability to grow. With each claim, there is room for human error and data-driven, manual processes that are ripe for change. Robotic process automation (RPA) is transforming revenue cycle management, bringing it to the next, more efficient, level. In fact, McKinsey & Company found that more than one third of tasks in the healthcare industry could be automated, increasing efficiency.
How does RPA work? It connects an organization’s systems, including electronic health records, billing, patient payment portals, and credit card processing applications, working with them the same way people would, while automating functions. Each process is 100 percent repeatable 24 hours a day, seven days a week, giving organizations what is essentially a non-stop work force. All steps are happening every time – nothing is ever skipped or forgotten.
This automation is ideal for rule-based, repeatable processes that leverage the organization’s key systems, including claims follow-up and payment posting. To follow up on a claim, a biller without RPA would go to the payer’s website, research the status of the claim and plug in various bits of information on the page into the practice management system and then resubmit the claim with the next batch. This is time-consuming, cumbersome work that robotics could easily perform. RPA goes to the website, grabs the response and follow up with the information that the payer needs to accept the claim, places it into the practice management system, and resubmits the claim without human interaction – saving significant time and resources.
Meridian Medical Management delivers RPA as part of its proprietary Revenue Acceleration Program, with about 350 healthcare organizations currently benefiting from this technology. The automation is operating on GE Centricity, Allscripts, Greenway, and the VertexDr practice management systems.
Benefits of Meridian’s RPA within the Revenue Acceleration Program, include:
- Speed and efficiency: RPA enables eight times the amount of work to be done per minute than could be accomplished manually. Additionally, human error is eliminated, improving the accuracy of data entered.
- Consistency: One change or improvement can be immediately implemented across the entire organization, regardless of the number of locations.
- Increasing collections and revenues: More efficient and faster billing means that practices get paid faster and more often. More accurate information also improves collections.
- 24/7 workforce: RPA creates a 24/7 workforce, driving efficiency and increasing cash on behalf of clients.
Medical groups and other healthcare organizations are experiencing thinning margins and need to operate as lean as possible. Powered by RPA and PrecisionBI, Meridian’s leading healthcare analytics and clinical informatics company, the Revenue Acceleration Program provides insight to drive incremental revenue into healthcare organizations, enabling them to realize additional revenues faster, while freeing their staff to pursue new opportunities that aid the organization.
Customers are experiencing tangible results through RPA and will continue to gain new advantages as Meridian Medical Management identifies more ways to utilize this innovative technology.