Financial decision-makers are learning that AI will turn revenue cycle management upside down, but it might also save the day.
The promise of AI in healthcare is nothing short of revolutionary, but when it comes to the revenue cycle, the path forward is still challenging.
Revenue cycle leaders are finding that the technology, which expands on automation with generative and predictive capabilities, has been good so far at reducing and improving administrative tasks. But ROI is fleeting, and the true test of AI will come when it’s used to improve payer relations and patient financial engagement.
The 2024 HealthLeaders AI in Finance and Revenue Cycle Mastermind program brought together revenue cycle leaders who are advancing AI in their health systems. Through virtual meetings and an in-person roundtable, the participating executives combined their knowledge and experience to provide a framework from which other health systems might chart their RCM path in the future.
What did we learn? Well, AI in the revenue cycle is a story of slow, gradual improvements and incremental wins. And while the technology has been used to make data-crunching more efficient and ease the workloads of coders and RCM staff, there are still concerns around the unpredictable nature of augmented intelligence, from security concerns to the occasional hallucinations and drift to the ever-present chance of bias.
Those concerns will remain front and center as the technology evolves and the industry learns how to use it.
In this robust report, sponsored by Flywire, we examine how prominent revenue cycle leaders who stand on the brink of advancing AI find themselves caught between the enormous potential for efficiency and cost savings and the perilous task of navigating a labyrinth of challenges.
Read the report here.
The HealthLeaders Mastermind program is an exclusive series of calls and events with healthcare executives. This AI in Finance Mastermind series features ideas, solutions, and insights on excelling your AI programs and is sponsored by Flywire.
To inquire about participating in an upcoming Mastermind series or attending a HealthLeaders Exchange event, email us at exchange@healthleadersmedia.com
Amanda Norris is the Director of Content for HealthLeaders.