Healthcare and Revenue Cycle Management sectors have seen immense technological growth in the last decade. New innovations have brought AI-driven tools and digitized technologies into Healthcare and Medical Billing Processes. Medical Billing and Coding process have now become more efficient with the significant developments of upgraded tools and technologies. Let’s learn how these technological trends are shaping the RCM space in this new era.
Let us see the changes owing to the digital revolution in healthcare and Revenue Cycle Management (RCM).
- Increase in TeleHealth
- Work From Home Options
- AI-Enabled Processing of Claims
- Technological changes in Prior Authorization
- Work Flow Automation and Productivity Measurement Tools
A quick comparison of the technological growth before and after 2018 shows tremendous changes and developments in the last couple of years during the pandemic and post-COVID effects as the Healthcare sectors were forced to leverage these enhanced digitization processes to sustain and outgrow the reverse effect of the endemic catastrophe. Eventually, these upgradation and enhancement have become part and parcel of our daily core, majorly because of the positive impacts they offer in day-to-day work in every sector and the significant hike in the financial progress.
Impact of AI in RCM
Technological growth in the above-mentioned areas has helped in the betterment of the RCM process in the following ways:
- Patient Registration
- Patient Demographic Details collection
- Understanding Patient Responsibility
- Prior Authorization and Referrals
- Medical Coding
- Insurance and Patient Payment Posting
- Processing Claim Denials
- Setting alerts for claim follow-up and predicting the Reimbursement Period
Thus, looking at the above impacts of AI in Revenue Cycle Management process flow, it is evident how these Technological upgrades and improvisations are gradually shaping up the healthcare and RCM Industry.
With the help of this digitization and Artificial Intelligence Physicians and Billing Companies can now achieve the best results in terms of Quality Patient Care, Efficient Claims Processing, Faster and Higher Reimbursement from Payors, and Increased collections from Patients.
Benefits to Medical Billing Companies
Medical Billing Companies are now enjoying the best of both worlds with these tech trends as they are able to deliver the best outsourcing services investing on these upgraded tools and technologies and also gaining maximum profits by reducing labor and operational cost.
Investing and upgrading to the latest tools is quintessential for Medical Billing Companies in this era of survival of the fittest. With the best automation platforms and AI-driven process implementations in place, they win the chance of being chosen as RCM partner and gaining more business partnerships
About Ecare
Ecare is a leading medical billing company in India. With over 100+ clients and 3 Delivery centers, ecare has established itself as the top medical billing providing complete Revenue Cycle Management Solutions across the US. To learn more about Ecare and our services log on to www.ecareindia.com