Modernizing RCM with AI

On February 24, 2021, 3M Health Care — in collaboration with Becker’s Hospital Review — hosted an informative webinar focused on the importance of an efficient revenue cycle and how artificial intelligence is the key technology factor to increase productivity in that area.

Revenue Leakage continues to be a major challenge for revenue cycle management, as billions of dollars are left unaccounted for each year. In fact, this issue has been growing over the past two decades, with $41.61B in uncompensated care in 2019 — according to the American Hospital Association. This is indeed a staggering number, but how do we tackle a challenge so massive? TransUnion Healthcare has distributed a white paper through Becker’s Hospital Review to help RCM professionals take on the challenge by evaluating the entire lifecycle of a patient claim. This new guide explains how to increase revenue from both patients and payers and prevent losses throughout the lifecycle of a claim, from pre-registration to post-service reimbursement.

We recently covered the difference between digitization vs. electronification in Modernizing RCM with AI and why electronification is the path chosen more by the healthcare industry. It comes as no surprise that R1 RCM is onboard as well, spreading the message that integrating “intelligent automation” is the key factor that will yield financial benefits for RCM. In a recent article on HIT Consultant, Sean Barrett, Senior Vice President, Product and Digital Transformation, R1 RCM, provides his insights on how intelligent automation and what its means for RCM and the financial welfare for healthcare, particularly in the wake of the COVID-19 pandemic:

In a recent press release, Change Healthcare has release findings from their Poised to Transform: AI in the Revenue Cycle — a national study of 200 revenue cycle, IT, finance, and C-suite decision makers commissioned by Change Healthcare (Nasdaq: CHNG) and conducted by market researcher ENGINE Insights. According to the press release:

With the start of the new year, R1 RCM has set a lofty goal for itself. According to an article on Becker’s Hospital Review, during their presentation at the 39th JPMorgan Healthcare Conference, R1 RCM is forecasting $4B in new patient revenue for 2021 — an increase of $1B over last year. It is encouraging to see the optimism from a major player in the revenue cycle management industry and from the presentation, you are able to get a sense of how and why R1 RCM will likely achieve their goal.

The healthcare payments industry is filled with optimism as we kick off a new year with COVID-19 vaccines being administered across the globe. The industry faced many challenges throughout 2020, but healthcare technology companies stepped up and transformed the pandemic into an opportunity to innovate, calling the pandemic a “catalyst” to accelerate the digital transformation for healthcare.

In a recent post, we noted that the COVID-19 Pandemic has accelerated healthcare’s digital transformation. While many healthcare organizations were already in the midst of technological innovation projects, the pandemic became the “catalyst” to speed up the process. This was certainly the case when it comes to the partnership between the Mayo Clinic and Google, announced in September of 2019. With the partnership in its infancy, the two organizations were facing an unprecedented challenge. As Healthcare IT News reports reports…

Speaking with PYMNTS.com, John Innes, CEO of ACH Process Company, described how the virtual card is sometimes an ideal payment method to optimize payment flows and support the cash flow for both ends of a B2B transaction.

In a recent webinar with Teleperformance Group — a worldwide leader in multichannel customer experience — Christoper Giuliano, vice president of finance, specialty revenue cycle at CVS Health provides an in-depth overview of CVS Health’s journey towards automation for their back-end processes and the go-forward strategy for 2021 and beyond.