Modernizing RCM with AI

A major topic within the healthcare industry is revenue cycle automation — particularly with the effects of COVID-19 pandemic pushing employees to remote environments. While there are arguments to be made on what technologies are best suited, it should be relatively clear that the benefits of automation will help propel the industry…or will they?

Healthcare Finance reports that 3M’s healthcare division is partnering with Waystar to implement AI automated revenue capture in its over 6,000 health systems and hospitals in the US. According to the article, 3M will  leverage Waystar’s predictive analytics and machine learning algorithms to analyze historical data, identifying patterns to  pinpoint possible missing charges as well as…

As we have covered in a previous blog post, the COVID-19 pandemic has acted as the “catalyst” that has spurred healthcare digital transformation. With many non-essential workers being moved to remote environments — possibly permanently — healthcare providers and revenue cycle companies turned to technology to further ensure that revenue cycle continue its operations.

Last week on the OrboNation Healthcare Payment blog, we touched upon the topic of Advanced EOBs — an initiative from The No Surprises Act, which goes into effect January 1, 2022. But what is an Advanced EOB? According to the JDSupra site in collaboration with Holland & Hart, a Law Firm with expertise in healthcare law: Beginning in plan…

According to a survey conducted in April to May of 2021 by Harmony Healthcare, hospital’s denial rates have reach new highs during the pandemic. As reported by Fierce Healthcare: 33% of the poll’s respondents reported average denial rate exceeding the “denials danger zone” of 10%.

For Revenue Cycle Outsourcers — RCM companies, clearinghouses, billers, and medical lockbox providers —  the quandry is this: What do healthcare providers evaluate in their decisions to outsource their revenue cycle operations? An article by revcycleintelligence.com cites a report by KLAS on the importance of this decision: “Entrusting your organization’s financial health to a revenue cycle outsourcing…