The hospital revenue cycle is facing unprecedented shifts on multiple fronts, and this Change Healthcare podcast episode with Thomas Laur, EVP and president of the company’s Technology Enabled Services business provides high level, forward-looking insight for vendors in the RCM space.
It is especially useful to any revenue cycle servicer interested in looking past superficial ideas of disruption and moving on to understand how RCM is evolving in terms of the future of financial transactions. It additionally addresses opportunities for the practical application of emerging technologies, including AI and machine learning.
Here are the most important points we’ve pulled from Change Healthcare’s conversation.
Revenue cycle is a high-friction conversation between payers and providers and one that has traditionally relied on labor. Their respective tools are different and imperfect, lending to the friction — an issue that will be solved through technology.
Over the next 5-10 years, Change predicts that we will see exponential impact from robotics process automation (RPA), as well as AI and Machine Learning, allowing providers to collect more, faster, with better predictability and a fraction of the current cost to collect, taking a large portion of labor out of the process. This will become a key competitive advantage for providers as new opportunities to reduce friction emerge.