Healthcare Principal and Advisor Valerie Barckhoff shares what she’s seen in the healthcare industry and how hospitals have been able to harness Artificial Intelligence (AI) to solve Revenue Cycle management issues.
Through her work, she’s been able to see a clinic gain a “digital employee” and perform a pre-assigned workload with higher accuracy rates than humans can perform.
Employing AI in healthcare ultimately comes down to cutting costs and increasing revenue in hospital operations.
The ability to apply AI to the revenue cycle provides yet another tool to identify inefficiencies, then allow hospitals to redesign their processes and re-allocate internal resources to maximize their net revenues going forward? to focus on more patient care instead of administrative burdens. There is a huge opportunity to gain 25- to 50-percent efficiencies for hospitals and health systems.
AI technology differs from other prior-authorization solutions in that it leverages automation, real-time analytics and machine-learning models to make smarter decisions. It automatically checks for new cases, submits them directly to payers via secure integrations, continually monitors payers for responses, and, once authorization is received, automatically submits to providers’ Electronic Health Record (EHR) systems