RPA in Medical Billing – 3 BOTs You Can Build Right Away!
The healthcare sector is bearing a huge amount of revenue losses which can be attributed to the increasing number of patients, rising costs, and decreased reimbursement rates. The inefficiencies in the billing and cashing processes do not help the cause. .
It is the time to restructure the billing processes by incorporating new-age technology like RPA that can replace tedious and time-consuming manual processes.
What is RPA?
Robotic Process Automation (RPA) is a technology that enables businesses to build bots that can conduct routine tasks automatically through pre-programming and structural instructions – just like a human representative. It acts as a virtual assistant, replicates human actions but with more accuracy and efficiency and needless to say, at low-costs
Advantages of having RPA
The advantages of having RPA solutions are not restricted only to cost-benefits and billing efficiencies. There are many reasons as to why this technology has become popular among industries all across the world, especially the healthcare industry.
CMS has issued guidelines asking people to not burden hospital staff with non-essential procedures and elective surgeries so as to empower such organizations with the capability to deliver their 100 percent to covid-19 victims.
- Compliance and Reporting Without fail, RPAs adhere to the business rules and industry/regulatory compliance standards at all times and also help in generating comprehensive reports of the work performed.
- Consistency and Accuracy As these bots are designed to repeat specific tasks, in the same way, every time, unless they are reprogrammed to cater to different tasks. Hence uniformity and accuracy in task completion are achieved with much ease.
- Productivity Bots eliminate the need for manual processes and automate revenue cycle management resulting in faster task completions
BOTs That Medical Billing Companies Need Right Away
- Payment Posting BOTs As a huge number of claims are processed on a daily basis, caregivers are bound to face a plethora of issues with their payment posting processes. Issues such as identifying non-covered services, catering to the denial of payments, and more. Fixing these issues by incorporating Payment Posting BOTs can streamline work for both front and back offices
- When a rapidly expanding Medical Billing Company in California wanted to automate their billing and encashment, Exdion with its payment posting solution created the impact that they were looking for.
ExdionPP, a smart AI-driven BOT automated the entire payment posting processes, reducing the overall process TAT, and increased efficiency in the billing process by 100%. The BOT reduced the required human resources and saved both time and cost to the company as well.
The benefits were unrivaled. Read the entire case study here.
- Eligibility Verification and Authentication BOTs
Insurance companies keep updating their policies and regulations. To get maximum benefits, it’s important for caregivers and medical billing companies to be constantly aware of these changes. This calls for rigorous eligibility verification processes for all patients walking in for any service. Moreover, eligibility verification is the most important and the first step for the entire billing process. If not done correctly can incur revenue losses, increase errors, and result in customer dissatisfaction. Automating the Eligibility and Verification process using BOTs is the solution. In practice, these BOTs are programmed to be smart cognitive science-based tools that caregivers can utilize to improve verification efficacy. A few capabilities of Eligibility and Verification Bots are:
- – Eliminate Manual 200
- – Completely Automate Claim Management
- – Boost Authentication and Verification
- – Reduce Errors
- – Bring Transparency in Payments
- – Maximize Reimbursement
- – Enhance Customer Satisfaction
- – Escalate Revenue Generation
The coronavirus pandemic is pushing innovation, making healthcare billing organizations look for easier, quicker and more efficient ways to deal with the unexpected impact on their business. Savvy, technology-driven organizations can stay one step ahead by embracing automation as a part of their RCM strategy