Generative AI and Intelligent Automation make a great team when it comes to transforming traditional RCM processes. Here are five examples of how these technologies can contribute to more efficient operations, improved patient satisfaction, and stronger financial performance.
Strategic use cases for enhancing revenue cycle management
Implementing and measuring success
Healthcare systems beginning to deploy generative AI and Intelligent Automation within their RCM processes should start by completing a clear assessment of current operational challenges and opportunities for improvement.
A few questions to consider include:
Where can automation make the biggest impact? Start with processes that are highly manual, error-prone, and time-consuming. Automating these areas can provide quick wins and build momentum for broader initiatives.
What’s the smallest, fastest experiment you can design to get started? Implement pilot projects to validate the effectiveness of these technologies in specific areas. This approach allows for the refinement of strategies based on real-world feedback before a full-scale rollout.
How can you help your employees gain confidence with new processes? Invest in training and change management to ensure that staff are equipped to work alongside these new technologies and understand the benefits they bring. Many healthcare customers state that learning about Intelligent Automation alone is as important today as learning Microsoft Excel was in the early 2000s.
What metrics are most important for understanding your return on investment? Establish clear metrics for success, including reduced processing times, lower error rates, improved patient satisfaction scores, and positive impact on cash flow and profitability. Monitoring these metrics will help quantify the return on investment and guide further investment in these technologies.
Why now?
Our 2023 Automation Now & Next report found that companies invested an average of $5.6 million in Intelligent Automation in 2023, with 45% also saying they would invest in generative AI-powered automations over the next 12 months.
The health systems that embrace these technologies first will quickly find themselves ahead of the curve, and as the technologies continue to evolve, their potential to drive financial performance and enhance patient care will only increase, marking a new era of innovation in healthcare management.
Transform Vital Healthcare Operations With Automation And Generative AI.
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