Healthcare systems are increasingly turning to automated revenue cycle solutions, with nearly eight in 10 (78%) health systems currently using or in the process of deploying automation in their revenue cycle operations.
That's according to a survey conducted through the Healthcare Financial Management Association’s (HFMA) Pulse Survey program. The results were based on responses from nearly 400 chief financial officers and revenue cycle leaders at health systems and hospitals across the United States.
This response represents a 12% increase compared to the results of last year's survey, according to Akasa, the sponsor of the report. The study also found that 37% of organizations that are not currently using automation plan to do so this year or sometime in 2022.
Nearly 30 percent of those surveyed said they had no future plans to implement automation software, and nearly a third of respondents said they were unsure.
Technologies such as robotic process automation (RPA), intelligent automation and artificial intelligence (AI) have the potential to transform the revenue cycle, enabling significant improvements from end to end, as provider networks come under increasing pressure to manage financial margins and invest in contactless patient experiences.
Meanwhile, shifting business dynamics driven by the COVID-19 pandemic in 2020 have intensified the need for automation as organizations face growing financial pressures while abruptly transitioning their teams to remote work.
A similar survey commissioned by the company earlier this year found more than 90% of financial leaders want automation solutions that are purpose-built for healthcare revenue cycle management.
That study also revealed the impact COVID-19 had on revenue cycle operations, with more than half of respondents reporting work/claim volumes had been erratic and unpredictable.
The April survey revealed larger healthcare providers, those with between $1billion and $10 billion net patient revenues, organizations that have experience with or currently use automation, and health systems (versus hospitals) were statistically more likely to restructure their revenue cycle operations to increase permanent work-from-home staffing post-pandemic.
Larger organizations also appear to be more progressive in their approach to automating functions and deploying a work-from-home model.
"The findings underscore that automation serves as a backbone for healthcare financial leaders looking to streamline complex staff workflows," Malinka Walaliyadde, cofounder and CEO of AKASA, said in a statement. "The opportunity going forward for provider organizations is to expand their ambitions and scope for automation.”
Walaliyadde said that, instead of identifying dozens of small, discrete use-cases and never getting past the first few, due to high setup and maintenance costs, leaders should consider solutions that can be deployed rapidly with minimal disruption.
“The goal is foundational, end-to-end automation for entire functions, driving giant leaps in efficiency," he said.
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August 20, 2021 at 09:07PM
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Use of automated healthcare revenue cycle operations grows - Mobihealth News
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