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By AGS Health
May 9, 2023
Advances in artificial intelligence (AI) and the highly transactional nature of revenue cycle management (RCM) have set the stage for AI to address many of RCM’s biggest pain points, while increasing revenue capture and helping achieve revenue integrity.
Whether it’s automating manual and redundant tasks within patient access or billing or applying AI to real-time analytics, prior authorization, workflow prioritization/optimization, and denial mitigation, the potential for AI in RCM is already being realized by early adopters.
However, when it comes to deploying any AI strategy, selecting the right technology vendor can make or break the entire project.
The best AI vendors will be those that not only understand the problem AI is expected to solve but are also willing and able to analyze the prospective customer’s existing operations to identify and address issues in ways that fit well with the organization. Prospective vendor partners should have a proven track record of revenue cycle expertise that goes beyond a single specialty to ensure they are able to address all needs.
It is also important that vendors bring realistic expectations to the table rather than over-promising during the sales process and ultimately under delivering once the deal is signed. Honest perspectives and achievable goals are imperative to long-term success.
Prospective partners should use industry-standard AI tools such as natural language processing (NLP) and knowledge graphs and provide configurable solutions rather than one-size-fits-all – which is crucial because not every platform is ideal for each customer. Additionally, end-to-end RCM capabilities and data standardization must be part of the deal.
The right vendor will be transparent about the viability of AI and automation across all tasks. The reality is that there are several complex tasks and processes within RCM where these technologies have not yet reached the level of maturity to operate fully autonomously. As such, it’s important to seek out a partner that can also augment internal staff with highly trained and educated professional services. This hybrid approach enables healthcare organizations to easily scale their operations based on changing demands and volumes.
Finally, look for a vendor that offers a cloud-based platform and provides seamless integration for a single source of insights.
Successful integration of AI and automation into the revenue cycle starts with understanding what can be expected of these technologies and evaluating the revenue cycle department’s people, processes, and current technologies to identify a proper fit. It also involves working with honest partners who can provide the knowledge and solutions that specifically meet the needs of the healthcare organization.
Thus, taking the time to vet any prospective AI vendor fully and carefully is critical to ensuring that, once the technology is in place, its impact on RCM is optimized to meet the healthcare organization’s specific and unique needs.
To learn more about the evolving roles of AI and automation in RCM, download our full white paper today.
AGS Health is more than a revenue cycle management company–we’re a strategic partner for growth. By blending technologies, services, and expert support, AGS Health partners with leading healthcare organizations across the US to deliver tailored solutions that solve the unique needs and challenges of each provider’s revenue cycle operations. The company leverages the latest advancements in automation, process excellence, security, and problem-solving through the use of technology and analytics–all made possible with college-educated, trained RCM experts. AGS Health employs more than 10,000 team members globally and partners with more than 100 clients across a variety of care settings, specialties, and billing systems.