The rev tech boom shows no signs of slowing down as solutions continue to evolve.
The revenue cycle technology space has seen an influx of innovative solutions over the last few years, most notably artificial intelligence (AI). AI and automated solutions, along with machine learning and robotic process automation, have quickly integrated themselves into the revenue cycle processes of many healthcare organizations.
A survey, commissioned by AKASA, of over 450 chief financial officers and revenue cycle leaders found that 74% of respondents were “actively automating” part of their revenue cycle. However, 24% of survey respondents stated that they have never used any kind of automated solution in their revenue cycle.
2% of respondents said they no longer use automated solutions.
Organizations are eager to implement automated and AI solutions due to their ability to streamline revenue cycle processes and increase operational efficiency. With the ongoing staffing shortage, this also helps organizations save money on recruiting and hiring additional staff.
Despite the enthusiasm surrounding digitalization, there have been mixed results among organizations. During HealthLeaders’ 2023 RevTech Exchange in Raeliegh, North Carolina, revenue cycle executives were vocal with their frustration of vendors and solutions that fail to complete the processes needed or lack the forward-thinking innovation to keep up with complex payer issues.
Considering the significant financial investment needed for an organization’s digital expansion, ensuring a return on investment is also important. When Allegheny Health Network was looking for a financial engagement platform, building a contract with the vendor where both they and health system had a stake in the success or failure of the solution helped with accountability.
The tracking key performance indicators, in addition to operational metrics, former chief financial officer and treasurer James Rohrbaugh said, allowed the AHN to balance the financial metrics alongside patient engagement and satisfaction to gauge its success.
Jasmyne Ray is the revenue cycle editor at HealthLeaders.