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Revenue Cycle Management | News, Analysis, Insights - HIT Consultant

Iodine Software, OpenAI Partner to Resolve Revenue Leakage

by Syed Hamza Sohail 06/29/2023 Leave a Comment

Iodine Software, OpenAI Partner to Resolve Revenue Leakage

What You Should Know: Iodine Software, a pioneer in healthcare AI technology, today announced an expanded relationship withOpenAI, an AI research and development company.As part of this collaboration, Iodine will gain access to OpenAI’s cutting edge artificial intelligence technologies, including its powerful language model GPT-4. AI-Driven Clinical Automation Tools Iodine Software has a deep-rooted history in AI technology, having developed sophisticated, industry leading
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RCM: Why Generative AI is Needed for Prior Authorization Reform

by Michael Rivers, MD, Sr. Medical Director of Ophthalmology, ModMed 06/23/2023 Leave a Comment

RCM: Why Generative AI is Needed for Prior Authorization Reform

The headline-grabbing emergence of generative AI platforms, such as ChatGPT, BARD and BingGPT, has forced leaders across all verticals to ask, “What can we optimize with AI?” The AI chatbots remain in early stages of their development, but they have shown enough promise to suggest their full arrival is imminent. Every industry is currently weighing the best way to deploy AI, and that includes healthcare, where efficiency and improved workflows can make a tangible impact on the care that patients
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Improving Medical Record Access Key to Unlocking Power of Data

by Shannon West, Chief Product Officer for Datavant 06/22/2023 Leave a Comment

Improving Medical Record Access Key to Unlocking Power of Data

Shannon West, Chief Product Officer for Datavant The healthcare industry is facing immense pressure to provide patients with seamless and compliant access to their medical records. Despite recent regulations that discourage information blocking and promote interoperability for secure access, the medical records retrieval process remains confusing and difficult. This affects both patients and healthcare providers, who need a comprehensive understanding of the patient's record and context. Even
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Revenue Cycle: 3 Reasons Why Waiting for AI Adoption is Costly

by Andrew Lockhart, CEO and Co-founder, Fathom 06/15/2023 Leave a Comment

Revenue Cycle: 3 Reasons Why Waiting for AI Adoption is Costly

Few can miss the increasing role of AI in healthcare. In revenue cycle management (RCM), the last few years have seen the emergence of new technologies for coding and billing. These tools take advantage of natural language processing, deep learning, and other advancements that enable results far superior to the rules-based robotic process automation of the prior generation. For example, take medical coding. Healthcare providers have historically relied on teams of medical coders – people
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M&A: Apixio and ClaimLogiq Merge to Minimize Reimbursement Inaccuracies

by Jasmine Pennic 06/15/2023 Leave a Comment

M&A: Apixio and ClaimLogiq Merge to Minimize Reimbursement Inaccuracies

What You Should Know:  Apixio announced it has completed its merger with ClaimLogiq, a healthcare technology business that delivers savings for health plans by reducing claim errors prior to payment. Together, the combined entity will be branded as Apixio.Together, the combination of Apixio and ClaimLogiq’s critical infrastructure, artificial intelligence, and proprietary healthcare data will accelerate the shift toward outcomes-based reimbursement models by reducing costs, minimizing
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With A Recession Looming, Here’s How Practices Can Ensure Minimal Revenue Loss

by Teri Gatchel-Schmidt, VP, Consulting at SYNERGEN Health 06/13/2023 Leave a Comment

With A Recession Looming, Here’s How Practices Can Ensure Minimal Revenue Loss

Healthcare systems driven by insurers fronting most of their members’ healthcare bills have allowed hospitals to be relatively immune to economic downturns in the past. However, this dynamic began to shift as consumer-directed health plans hit the mainstream. Exaggerated by the rise of the current consumer mentality, even more, patients will be vulnerable to healthcare financial responsibility due to the prevalence of high deductible plans (HDHPs) as consumers embark on the looming bust.  To
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AI Can Eliminate Surprise Bills, Improve Payment Integrity

by Michael Kim, Senior Vice President/CIO, MultiPlan 05/25/2023 Leave a Comment

How AI Can Eliminate Surprise Bills, Improve Payment Integrity

Anyone who receives a hospital, medical imaging, or outpatient surgery bill is usually surprised at the cost.  No matter the cost, how do they know the bill is correct? They don’t.  Incorrect medical bills have become so prevalent that organizations have started applying technologies like artificial intelligence (AI) and machine learning to reduce drastically high healthcare costs.  Consider what organizations as diverse as the Office of the Inspector General, Harvard
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Denials Management Named Most Time-Consuming Task in RCM

by Fred Pennic 05/24/2023 Leave a Comment

Denials Management Named Most Time-Consuming Task in RCM

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
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How Health Payment Accounts Improve Health Equity

by Brian Whorley, Founder and CEO of Paytient 05/19/2023 Leave a Comment

17 HLTH 2022 Predictions from Digital Health Executives to Watch

In 2022, 38 percent of Americans reported delaying medical care—a 20-year high. But as with many things, the burden of paying for healthcare doesn’t affect all Americans equally. Lower-income communities, for example, tend to have higher incidences of disease and therefore a greater need for healthcare. And in a vicious catch-22, those with lower incomes, Black and Hispanic adults, and women often have health benefits mis-sized to their income, which contributes to higher incidences of
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FWA Is Increasing. Healthcare Costs Are Spiraling. Now There’s A New Generation Of AI Technology To Take Back Control

by Theja Birur, Chief Technology Officer & Founder, 4L Data Intelligence 05/12/2023 Leave a Comment

FWA Is Increasing. Healthcare Costs Are Spiraling. Now There’s A New Generation Of AI Technology To Take Back Control

In 2020, the Department of Justice estimated that fraudulent, wasteful, and abusive (FWA) billing practices account for more than $100 billion of the nation’s healthcare expenditures.1 Today, the National Healthcare Anti-Fraud Association (NHCAA) conservatively estimates that healthcare FWA costs the nation about $68 billion annually, representing 3% of the nation's $2.26 trillion in healthcare spending.2  FWA estimates from commercial health plans range as high as $230 billion annually, or
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