The great resignation coupled with growing competition for skilled workers has led to staffing crises for numerous industries with intelligent automation. With the highest number of resignations being recorded in the tech and healthcare industries, providers are grappling with the execution of administrative duties with Intelligent Automation. However, with its ability to alleviate administrative burden and improve the bottom line, intelligent automation has become the key to solving this problem.
Millions of transactions take place every day between healthcare providers and plans. While they are necessary, they also lead to costly and time-consuming processes. Did you know that the largest expenses in healthcare spending are associated with administrative costs? But why continue to incur these expenses when it’s possible to decrease this number by 42% by migrating to fully electronic transactions.
What is intelligent automation?
Intelligent automation is the use of automated technologies to streamline processes that lead to financial gains and reduced administrative burden, while also optimizing delivery of care. Automation paves the way for bots to execute repetitive and mundane tasks error-free, while freeing up healthcare workers time to focus on higher -value work.
What tasks should be automated?
It is important to recognize critical areas in your revenue cycle that could benefit from automation. EMPClaims recognizes the following processes as the most optimal areas where automation can prove to be an invaluable asset.
1. Prior authorization
A process that often evokes negative emotions ubiquitously becomes rather simple as it is possible to receive timely updates on upcoming services that require automation. Technology will not only streamline these processes, but also improve the patient experience.
2. Claim status checks
Helps predict when a payer will remit reimbursement so that unnecessary human touches can be eliminated. There is no need to waste valuable resources in checking and making phone calls to get claim status.
3. Potential insurance coverage
Decrease your bad debt and maximize reimbursement in assessing a self-pay patient. Detecting hidden coverage is specially important as the collection rates for a true self-pay patient are much lower than those for SPAI accounts.
4. Denial overturn likelihood
Gauge the possibility of a denial getting overturned to allow you to focus staff effort accordingly.
5. Tailor your patient’s financial experience
Assess their ability to pay, while simultaneously driving collections and reducing overhead through predictive analysis.
Takeaway
The present health care landscape and the administrative challenges are daunting. Fortunately, automation and advancement in artificial intelligence can revolutionize the way things are done.
Interested in implementing automation or just want to learn more? EMPClaims has been helping clients simplify and transform their revenue cycle, get in touch today.