Bot Development
Robotic Process Automation is the newest buzz word for some in the Revenue Cycle world. BOT’s are just programs that are developed as repetitive actions based on specific rules and situations. This can replace hours of manual labor and reduce human error tremendously.
On average 30–40 percent of healthcare claims result in edits or exceptions that could lead to denials, RPA technology can help identify issues, facilitate claims review, and quantify and/or categorize past denials. Clearly this is something that many organizations could use to assist with recouping millions of dollars in accounts receivable that might have gone unpaid.
A typical win-win example for a single scenario for a BOT is in the case of handling denied claims. When working denied claims, we all know that at times the labor cost of working the denied claim can exceed the potential reimbursement. When you deploy BOT’s and have built a reliable BOT, you have a very economical solution that is not only saving you on labor expenses but also reducing human error, decreasing the outstanding days of denials untouched, and recovering revenue that would have potentially been lost to untimely denial recovery efforts. This one example can also lead to improved categorization of denial data and a more efficient process for root cause analysis.
At Medical Practice Success we have an amazing team of engineers available to assist with implementing business transformation projects within your organizations back- and front-office functions from human labor to intelligent automation, including RPA and cognitive technologies/analytics. When it comes to revenue cycle optimization, we take a value driven approach and keep our finger on the pulse of how self-learning computers and AI can be applied to improve efficiency, automate decision making, and develop predictive insights. This assists our client with reducing denials, better understanding revenue and payment trends, realizing value-based reimbursements and improving operational workflow.
