The Future of Revenue Cycle Management: The Role of AI in Healthcare Billing
The unfolding future of artificial intelligence (AI), especially generative AI and large language models (LLMs), is no longer confined to science fiction AI has already brought about unprecedented advancements in disease diagnosis, predictive analytics, personalized medicine, drug discovery, and robotic surgery What are generative AI and large language models (LLMs)? Generative AI is a type of artificial intelligence that can create new content, like images, text, charts/graphs, and even software coding. LLMs are a kind of generative AI that can
Unleashing the Power of Intelligence in Revenue Cycle Management:
Healthcare accounts for 30% of all data generated globally. Despite an explosion of research, transformation undertaking and regulatory efforts, best in class outcomes have eluded the industry leading to low patient satisfaction. In the search for answers industry is embracing predictive insights to drive meaningful outcomes. Harnessing enterprise-grade business intelligence, AI and ML capabilities in Revenue Cycle Management helps develop actionable insights to improve administrative, operational and financial performance while simultaneously responding to challenging market demands, patient expectations, patients becoming the fastest growing group of payers, and ever-changing reimbursement models. Augmenting these enterprise-grade Business Intelligence with visualization capabilities allows providersto seamlessly
Interoperability and Why It Is Long Overdue to Bend the Cost Curve:
In March 2020, Centers for Medicare and Medicaid Services (CMS) and the Office of the National Coordinator for Health Information Technology (ONC) released detailed rules and guidelines on healthcare data interoperability designed to provide patients with easy and complete access to their healthcare information. Seamless movement of healthcare information among health plans, providers and members is critical to better manage patient health. Interoperable movement of healthcare information has been a significant challenge. A solution long overdue in order to bend the healthcare cost curve. Healthcare consumers interact with different types of care providers to manage their health based on their needs
The New Age RCM:
Even without a GPS, everyone knows the shortest distance between two points is a straight line. In health care, however, we rarely travel in a straight line to get to the destination. This scenario is prevalent in our businesses processes and revenue cycle management is no exception. By no means is the journey between patient visit and settlement of claims a straight line. Technology and predictive insights can help to make this journey effortless, safe and predictable. COVID-19 (a detour) has forced the healthcare industry to shift to digital more than ever before. This pandemic has presented providers and hospitals with