The COVID-19 pandemic has necessitated the re-evaluation of how businesses function on a day-to-day basis. In the past several years, the world at large has witnessed automation in almost every facet of the human experience from self-driving cars to supply chain management. Healthcare is no exception. Arguably, automation is beginning to revolutionize the healthcare industry beyond digital surgeries and 3D printed prosthetic devices.Credence Global Solutions
The healthcare industry is a ready candidate for operational improvement: existing processes are both tedious and subject to human error. Automating operations is the future component to healthcare operations and growth. Automated technologies increase administrative efficiency while lowering overhead costs, allowing for improved revenue and user satisfaction.
Operational Efficiency in Reimbursement
As a whole, reimbursement rates, Medicare and Medicaid included, are staggeringly low while payroll costs continue to rise. However, despite this low reimbursement rate, the reimbursement process itself is daunting for healthcare administrators and providers. This dilemma plagues hospital systems and private practices alike. The automation of these processes, however, not only improves the efficiency of revenue cycle operations but cuts labor costs and time. “In administrative workflow assistance alone, AI represents an $18 billion value,” according to HealthTech.
Improved Patient Experience
Healthcare systems must be able to support the rise of the virtual patient experience and increased demand for instantaneous service. With automation, this becomes not only possible but substantially less straining on existing infrastructure.
Automated health systems, for example, have helped hospitals gain a better perception of their staffing needs. Through automated data analysis, healthcare organizations can better understand when to increase staff to handle an influx of patients for “upcoming flu season or…during warm weather to ensure a smooth patient experience in the emergency room,” claims HealthTech.
Automation also improves the patient billing and payment experience. Because automated systems help to generate bills more promptly, payers are typically able to receive their bills immediately after they receive treatment, thus paying them sooner.
Communication with healthcare organizations can be daunting for patients. However, automated communication systems allow patients to contact their providers instantly and provide access to many other touchpoints. These systems make scheduling appointments, checking records, making payments, and tracking prescriptions more convenient and efficient for both the provider and the patient.
Credence can help.
Our proprietary, innovative technologies give healthcare organizations the freedom to grow. By optimizing your revenue cycle operations and patient experience, we can help you achieve results. Let us empower your transformation; get in touch today.