RCM is highly repetitive, amenable for operating procedure often managed manually. Hence, RCM suffers human errors, absenteeism, and inability to scale up and down depending upon the demand. McKinsey & Company has reported that more than one-third of tasks in the billing industry could be automated, enhancing efficiency. With recent developments in AI, and machine learning companies are realizing Robotic process automation (RPA) as the panacea to transform revenue cycle management.
How does RPA work is the next question? It unites an organization’s systems, including electronic health records, billing, patient payment portals, and credit card processing applications, working with them the same way individuals would, while automating functions. This automation is idyllic for rule-based, repeatable processes that leverage the organization’s key systems, including claims follow-up and payment posting. To follow up on a particular case, a biller without RPA would go to the payer’s website, research the case status and plug in various bits of information on the page into the practice management system and then resubmit the case with the next batch. This is time-consuming, burdensome work that robots could effortlessly perform. Robots can connect to the website, capture the response and follow it up with data that the payer needs to complete the revenue cycle, places it into the practice management system, and resubmits the claim without human intervention – saving significant time and resources.
Benefits of Exdion’s RPA include:
Speed and efficiency: RPA empowers eight times the amount of work to be done per minute than could be attained manually. Additionally, human error is eliminated, enhancing the accuracy of data entered.
Consistency: The Automation solution for a particular process which is implemented in one location can be extended across the complete organization, regardless of the number of locations.
Increase in collections and revenues: More efficient and quicker billing means that practices get paid faster and more often. More precise information also improves collections.
24/7 workforce: RPA creates a 24/7 workforce, driving efficiency and increasing cash on behalf of clients.
Schedule a call with us to know what processes to automate and how to roll out RPA to realize substantial, company-wide benefits.