What You Should Know:
- A new HFMA survey commissioned by AKASA highlights the revenue cycle tasks requiring the most subject matter expertise, according to responses from over 550 CFOs and revenue cycle leaders at hospitals and health systems across the U.S.
- Denials management not only requires the most subject matter expertise, but it’s also the most time-consuming task within revenue cycle management (RCM) — followed by prior authorization and insurance follow-up.
AI-Driven Automation to Streamline RCM Tasks
As health systems and hospitals continue to experience major staffing gaps, advanced automation driven by artificial intelligence (AI) and machine learning (ML) can help streamline these complex tasks and save providers valuable time and revenue. To make the biggest impact, health systems and hospitals should consider automating repetitive work (such as claim status checks) so teams can focus their time and attention where it’s needed most: tasks that require human judgement and revenue cycle expertise. The ideal automation tool can handle both the mundane and the more nuanced, complex tasks to provide the support RCM teams need — while ensuring processes are more streamlined and efficient.
“Experienced revenue cycle staff is hard to find. Deploying automation for more repetitive work can be a key retention strategy for training up junior staff, giving them an opportunity to build their areas of expertise, while allowing experienced staff to focus on the more challenging claims that return more value to the organization,” said Raymond. “This creates an environment where individuals feel the organization is invested in their career development and success while also improving the bottom line.”
Survey Background/Methodology
Commissioned by AKASA, the survey fielded responses from 556 chief financial officers and revenue cycle leaders at hospitals and health systems across the United States through the Healthcare Financial Management Association’s (HFMA) Pulse Survey program between July 8, 2022, and August 2, 2022. The national survey was designed to assess revenue cycle challenges at hospitals and health systems across the U.S.
