Following automation in revenue cycle management (RCM), health systems reported:
On the other hand, purpose-built automation, embedded with healthcare expertise and sharpened with relevant data, will be a boon for healthcare organizations because it is designed to address the complexity of today’s healthcare revenue cycle. It’s also designed to understand exactly what needs to be accomplished in order to empower the organization’s success, along with governance and rules to ensure that it can operate smoothly.
For example, Waystar’s purpose-built automation can curate data, thereby eliminating manual work such as calling payers and logging onto payer websites for claim status updates. Purposebuilt automation can use artificial intelligence to assign payer responses to built-in workflows. And because purpose-built automation leverages payer remittance data, payment forecasts are more accurate, and payment is captured faster.
It also reduces the need for manual work, which is vital as providers cope with strains on their workforce. In fact, recent research from the Health Management Academy found that automation freed up staff to focus on more complex revenue cycle tasks. Among the leading health systems who implemented automation in the revenue cycle, 62% said they reallocated staff to different roles, and 47% eliminated vacant positions.
With purpose-built automation, healthcare providers can achieve a simplified revenue cycle that can respond to current and future demands.
Simplifying the revenue cycle with a single payments platform
Many providers use disparate systems to try to solve their billing and payment needs, resulting in manual workflows for staff, information discrepancy, unknown errors, and preventable mistakes. These outdated technologies can lead to employee burnout, dissatisfaction, and turnover. Coupled with the nation’s labor shortage and providers’ existing resource constraints, this pervasive problem will continue to increase costs and impact revenue.
Modern demands on revenue cycle require a single payments platform. This allows healthcare organizations to optimize revenue cycle performance, streamline workflows, and ultimately improve both patient and staff satisfaction. The right automation takes healthcare organizations to new heights.