Not all AI machine learning technologies for the accounts receivable management (ARM) industry are alike. There’s AI in accounts receivable, and then there’s dynamic scoring using “explainable” AI (xAI)—a true industry breakthrough.
What is explainable AI?
Explainable AI means humans can understand the path an IT system took to make a decision. Let’s break down this concept in plain English – and explore why it matters so much
Unlike static account scoring that updates only periodically, dynamic scoring draws upon a wide array of alternative data sources to create comprehensive consumer profiles. xAI makes machine learning and artificial intelligence transparent and understandable to the human eye, eliminating the blackbox model of traditional AI decision making—along with regulatory concerns over the use of AI in accounts receivable.
Just doing what the algorithm recommended is not a very convincing defense. Explainable AI is crucial to identifying inaccurate outcomes that come from issues such as biased or improperly tuned training data and other issues. Being able to trace the path an AI system took to arrive at a bad outcome helps people fix the underlying problems and prevent them from recurring.
For third-party collection agencies, dynamic scoring plus xAI is a powerful combination that can drive unprecedented collections results without complicating compliance management.
Optimized Segmentation Offers Meaningful, Actionable Intelligence
Set up correctly, the algorithms assist the machine learning models while working together to predict a variety of different solutions that are beyond human intelligence. The resulting propensity-to-pay scoring and creation of dynamic consumer personas inform dialer logic.
In this ongoing process, machine learning continuously analyzes new data, and AI recommends the next steps. Instead of incremental batch updating or costly in-depth analysis, accounts are automatically refreshed. For the first time, ARM businesses can be truly nimble, using current, broad-based data to derive meaningful insights into their scoring model, methods, employees, and types of accounts.
An Easy Way to Unlock Your Company’s Potential for Growth
The ARM industry has much to gain by embracing machine learning and artificial intelligence—particularly dynamic scoring coupled with xAI. It’s better for the consumer, better for business, and a better way to operate in a highly regulated environment.
Agencies that leverage dynamic scoring with xAI are better equipped to accelerate and grow because they better understand their own business as well as consumer behaviors, communication preferences, and, most importantly, the best times to deploy those communication attempts. These agencies can also recover more revenue with fewer manual touches.
Amplify your ability for ARM at Credence Global Solutions
When searching for the best revenue cycle management provider for your physician practice, hospital or health system, consider Credence’s resource management. We understand your goal is to maximize revenue and we have the processes and technology to help you do just that. Streamlining your workflows, avoiding coding errors, and reducing denials mean you get paid faster. Improving efficiency enables your organization to do what you do best to take care of patients.