Exploring the Role of Disruption in Driving Revenue Cycle Innovation
July 17, 2023
The recent surge in technological disruption is transforming the way medical practices conduct their revenue cycle management (RCM). From artificial intelligence (AI) to robotic process automation (RPA), new tools are enabling practices to take control of their RCM and automate tedious tasks. In this blog, we'll explore the role of disruption in driving revenue cycle innovation, focusing on how these new technologies can help practices reduce costs and increase efficiency.
First, let's define disruption: it is the process of introducing a new technology, process, or product which offers a unique advantage to consumers, often disrupting established markets and creating new ones. Disruptive innovation can also be defined as a process of introducing new ideas, products, and services, or even adjusting existing ones, that create a market for previously unmet needs.
In the context of revenue cycle innovation, disruptive technologies are changing the way practices manage their operations. With automation tools like AI and RPA, practices can automate mundane tasks and free up time for more patient-focused activities. For instance, AI-assisted coding can help practices accurately and quickly assign ICD-10 codes, reducing the time needed for manual coding and freeing up staff to focus on other tasks. What’s more, automation tools like RPA can streamline the billing process by automating steps like filing claims, following up on unpaid claims, and tracking payments.
In addition to streamlining their processes, practices can also use disruptive technologies to increase efficiency and reduce costs. For instance, AI-assisted coding can help practices reduce coding errors, leading to more accurate claims and reducing the amount of money spent on costly manual coding errors. AI can also be used to identify fraud and improve the accuracy of coding and billing.
Finally, disruptive technologies can help practices make better decisions. AI-assisted analytics can provide insights into practice performance and trends, enabling practices to make better decisions about their operations. For instance, AI-assisted analytics can help identify areas of improvement, such as inefficient processes or costly billing mistakes.
In summary, disruptive technologies can help medical practices reduce costs and increase efficiency. From automating tedious tasks to providing insights into practice performance, disruptive technologies are driving revenue cycle innovation and helping practices succeed in the ever-evolving healthcare industry.