The focus on leveraging modern technologies in the healthcare industry has traditionally been towards clinical research, remote diagnostics, and data management. However, as the industry grows, equal focus is necessary on the application of technologies in revenue cycle management. According to a recent study, the annual health spending in the US will add up to $4.3 trillion by 2023. Human errors and process inefficiencies in revenue cycle management can be a real drain on the profitability of healthcare providers.
Artificial Intelligence (AI) lends itself very well in high-transaction environments driven by business logic. More than 9 in 10 leading businesses have ongoing investments in AI, whereas more than half the businesses have reported a boost in efficiency after having implemented AI. Similarly, in the healthcare industry, AI-enabled automation will revolutionize revenue cycle management for healthcare providers leading to improved operational efficiencies, faster revenue realization, and enhanced cash flows.