What You Should Know:
The healthcare revenue cycle is getting a major makeover, driven by a surge in automation and artificial intelligence (AI). A new survey by AKASA, a leading developer of AI-powered revenue cycle automation solutions, reveals that 74% of healthcare organizations are already automating some part of their revenue cycle operations, and 80% of those not currently using it plan to do so by the end of 2025.
The Rise of the Robots
– Automation is no longer a luxury, but a necessity: The survey highlights the widespread adoption of automation, with 74% of respondents already using it and another 80% planning to join the bandwagon within the next two years.
– AI is fueling the automation revolution: Nearly half (46%) of organizations using automation are already leveraging AI, showcasing its growing influence in streamlining revenue cycle processes.
Healthcare’s Drive for Automation
Survey respondents cited several reasons for prioritizing automation:
– Increased revenue yield: Automation streamlines processes, reduces errors, and improves claim accuracy, leading to higher revenue capture.
– Cost reduction: Automation eliminates manual tasks, freeing up staff for more valuable work and reducing operational expenses.
– Improved efficiency: Automated workflows optimize processes, leading to faster claim processing and improved overall efficiency.
– Enhanced staff focus: Automation frees up staff from routine tasks, allowing them to focus on more strategic initiatives and patient care.
The healthcare revenue cycle is undergoing a major transformation, and automation is at the forefront. As more and more organizations embrace these technologies, they will be well-positioned to achieve greater efficiency, improve financial performance, and ultimately deliver better care to their patients.
“Automation is no longer simply an option in the revenue cycle — it is an imperative. Technology has never been more capable of addressing these challenges, and organizations have access to automation options that harness AI and LLMs. These technologies are driving significant improvements in revenue yield, cost reduction, and staff efficiency, ultimately enabling organizations to focus on what matters most,” said Amy Raymond, senior vice president of revenue cycle operations and deployments at AKASA.
Survey Background/Methodology
Commissioned by AKASA, the survey fielded responses from more than 450 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.
