Industry Perspective: CVS Health’s Automation Journey
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.
Some key insights from the webinar:
- Automation is critical for future revenue cycle success
- Focus on sustainable impact, growth mindset, drive savings, and be agile
- Identifying focus areas in revenue cycle
- Identifying processes for improvement opportunities
- Identifying key metrics for success
- Identifying internal and external resources
- Integrate numerous systems into one view
If you are short on time, the Teleperformane Group has broken down the webinar in to convenient short clips:
What We Can Learn From CVS Health
It is important to understand that each RCM Company, clearinghouse, biller, and healthcare system/hospital/provider will have a different experience, but Giuliano provides a great template with which organizations can map out their own journeys.
While CVS Health took a comprehensive approach of investing heavily into automation, this may not the best approach for all. We've talked about starting with smaller projects for real results and discussed the key considerations for optimizing technologies for RCM. And, with the COVID-19 pandemic still affecting healthcare, the digital transformation has been accelerating at an alarming pace -- and those who do not adapt quickly will be left behind.
With all these factors, it's no wonder that RCM has been implementing a platform modernization strategy, leveraging new technologies like machine learning to automate manual and repetitive tasks and processes, such as processing paper-based remittances and EOBs/EOPs through electronification. As noted in several posts, as well as the CVS Health journey, the idea is not to replace humans, but free RCM professionals from laborious and mundane tasks to tackle more revenue-driven projects and processes.