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AI-powered revenue cycle management (RCM) systems streamline billing and coding processes, reduce claim denials, and optimize revenue capture. Machine learning algorithms can also analyze large datasets to detect patterns, assist with predictive analytics, and improve medical coding accuracy.
Of course, what’s also interesting about these announcements is you have big announcements like the new healow Genie AI agent and smaller, but impactful features like enhanced dropdown lists that include more options. Another not so sexy, but important part of every EHR is the RCM and billing functionality.
The upside of adopting technology for RCM can be significant: A drop in DSO (days sales outstanding). One technology in particular is proving to be very effective for RCM improvement – data analytics. Why communication from leaders remains key to RCM improvement. How executives can make work-from-home for RCM staff work.
Of course, while it is great to hear about AI medical scribes in general, it’s always better to hear the first hand experience of actual medical practices that are using these products.
Many practices I spoke with at this year’s Enterprise Summit commented on the time and bottom-line savings being realized by having AI automatically match inbound electronic documents to the correct patient record (verified by an actual pair of eyes of course). They jumped into AI with both feet last year and have maintained that commitment.
Organizations have embraced the cloud thanks to its improved security, the push for interoperability, the growing number of cloud-ready applications, and of course the shift to remote work. Read more… Equity, AI, and EMR Maturity at HIMSS23. Read more… To Achieve Success With AI, Focus on the Results.
The following is a guest article by John Wallace, PT, OCS, Senior Vice President of RCM at WebPT. In reality, of course, most practices have a mix of financial classes: Medicare, commercial, casualty, Workers’ Compensation, and possibly other unique local payer contracts.
You have one view of the world through your EMR, whether it’s Epic or Cerner or any type of hospital-based system. But when you get out into the community, you see more of a diversity of EMRs. One is the clinical focus, the EMR perspective of workflow and patient-centered focused around clinical things that have to occur.
One of the important ones is that effective RCM (Revenue Cycle Management) is essential to running a successful medical practice. The challenges and importance of RCM have never been greater. Payers are continuing to take advantage of healthcare organizations with poor RCM. Of course, the opposite is also true.
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