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AI is already solving some of the most pressing cost challenges in RCM, resulting in increased revenue capture.
Fremont CA: Although artificial intelligence (AI) is not new to the healthcare industry, it has lagged behind other sectors in terms of its adoption and use. A growing number of healthcare executives are now using AI. According to a recent survey, nearly all hospitals anticipate using AI for revenue cycle management within three years (RCM). However, many people have yet to use AI in RCM because they perceive impediments to it. The technology's application is limited and doesn't usually span the revenue cycle from beginning to end for those who have.
While healthcare experts have a variety of opposing opinions on AI and the hurdles to RCM, three areas could stymie progress:
Budget and cost concerns
AI is already solving some of the most pressing cost challenges in RCM, resulting in increased revenue capture. For example, AI provided a comprehensive picture of how processes operate regularly, allowing them to focus on areas where they would be most effective in eliminating inefficiencies. As a result, administrative waste may get drastically minimized, and RCM activities can proceed more quickly by automating data-driven procedures.
Privacy and security concerns
Furthermore, even seasoned AI users may enhance how they manage AI-related risks. Keeping track of the AI models, algorithms, and systems through a formal inventory and actively addressing risks by building the ethics rules or adopting one that is widely endorsed are two critical measures for minimizing dangers.
While firms adopting AI and transforming their businesses may face hurdles, collaborating and being honest with teams and concentrating on a cost-effective, patient-centered approach will help the company move forward and generate genuine change with its AI strategy.
AI assistance can positively impact how people interact with technology and can even help improve work-life balance by freeing up individuals to conduct more meaningful work. According to a recent survey, people who utilize digital workers — software robots that automate processes – estimate that they save an average of 26 hours per week in productivity.
AI solutions may help with compliance by monitoring clinical operations in real-time and offering visibility into where improvements can be possible or a revenue cycle process has broken down, alerting the employees when procedures do not get followed.