What You Should Know: - 78 percent of health systems are currently using or are in the process of implementing automation in their revenue cycle operations, according to recent survey results from AKASA, a South San Francisco-based revenue cycle management automation company. The key findings signal automation in healthcare is no longer an emerging trend but is mission-critical for driving efficiency and cost-effectiveness in revenue cycle operations. - According to the
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The Future of Revenue Integrity: From Reactive to Predictive – RCM
Healthcare organizations have witnessed an explosion of new opportunities to extract value from the industry’s treasure trove of data in recent years, with success stories related to using advanced technology such as artificial intelligence (AI) and machine learning found in every sector. Revenue integrity is no exception. Error-prone manual processes that were formerly characterized by painstaking line-by-line analyses of claims are giving way to automation and analytics that
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AKASA Raises $60M to Automate Revenue Cycle Operations for Health Systems
What You Should Know: - AKASA (formerly known as Alpha Health), a South San Francisco, CA-based Unified Automation™ company for revenue cycle management in healthcare, announced it has raised $60 million in its series B round of funding. - Founded in 2018, AKASA uses the same machine learning approaches that made driverless cars possible to provide health systems with a single solution for automating revenue cycle operations. AKASA’s unique expert-in-the-loop approach combines modern
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How Automation is Key to the Future of Healthcare Operations
As the saying goes, necessity is the mother of invention. A similar correlation is seen in the quest to leverage innovation and out-of-the-box thinking to address key problems facing the healthcare industry. The ongoing COVID-19 pandemic has brought the immense pressure the U.S. healthcare system is under into sharp focus. Recent dynamics are compounded by the industry’s efforts to adopt newer ways of working and digitizing patient records, while implementing automation throughout their business
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Intelligent Automation of the Revenue Cycle: How an Integrated Platform Approach Yields Financial Results
Healthcare provider networks are experiencing enormous pressure to manage financial margins and invest in contactless patient experiences. With overall financial losses projected to exceed $323 billion as a result of COVID-19, a projected $200 billion in administrative waste due to revenue cycle inefficiencies, and increasing pressure to meet digital consumerism demands, it is essential for health systems to find ways to streamline processes, maximize their revenue cycles and cut costs. These
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Hospital Sustainability Demands that Revenue Integrity Move Front and Center
Razor-thin operational margins coupled with substantial and ongoing losses related to COVID-19 are culminating in a perfect storm of bottom-line issues for U.S. hospitals and health systems. A study commissioned by the American Hospital Association (AHA) found that the median hospital margin overall was just 3.5% pre-pandemic, and projected margins will stay in the red for at least half of the nation’s hospitals for the remainder of 2020. The reality is that an increase in
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Cedar Joins Epic App Orchard to Enable Patient-First Billing Experience in MyChart
What You Should Know: - Patient financial engagement platform Cedar announced the
availability of its patient billing solution, Cedar Pay in the Epic App Orchard
marketplace. - Cedar engages patients through a frictionless billing
experience that is embedded in MyChart using single sign-on. By tailoring
in-app messaging and balance resolution workflows. Cedar, a leading
patient financial engagement platform, today announced that Cedar Pay, its
flagship patient billing solution, is
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A Matter of Trust: 3 Tips for Outsourcing Out-of-Pocket Support
The cost of family health coverage topped $20,000 this year—as much as an economy car. As consumers shoulder higher out-of-pocket costs than ever, health systems are bracing for the impact.
A recent survey found that while 81 percent of healthcare leaders say rising consumer responsibility will affect revenue, leaders of larger organizations are even more concerned about the toll on finances:
- 33 percent of health system executives believe increased consumer responsibility will have a
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R1 Expands Revenue Cycle Management Offering to More Medical Groups
- R1 announced an expansion of its revenue cycle management services, making them available to large independent practices and hospital-owned groups.- Now groups beyond hospitals and health systems will be able to use R1’s industry-leading RCM tools designed to enable the best quality clinical care and financial expectation setting for even more patients.- This new slate of provider organizations and patients will also benefit from R1’s recent acquisition of SCI, offering access to the broadest
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RUSH Taps R1 for End-to-End Revenue Cycle Management, Value-Based Care Innovation Lab
- R1 RCM and Rush University Medical Center (RUSH) announce a new end-to-end revenue cycle management partnership to achieve revenue cycle performance excellence and accelerate innovation in healthcare. - The two will also collaborate to launch an innovation lab that will focus on delivering value-based care, incorporating advanced analytics to help to educate other healthcare institutions and preparing the healthcare workforce of the future. Rush University System for Health (RUSH) has
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