Artificial Intelligence has benefited the healthcare industry by improving patient experiences and access to healthcare services. Artificial Intelligence (AI) is defined as, “… the capability of a computer program to perform tasks or reasoning processes that we usually associate with intelligence in a human being.” (McKinsey & Company). The use Read more…
Practices in the healthcare industry operate using Revenue Cycle Management in order to remain viable. The billing process includes verifying insurance, entering patient demographics into records, specifying charge entries, submitting claims, awaiting payment posting, conducting follow-ups to secure payments, managing denials, and completing reports. These tasks are time-consuming and tedious. Read more…
Telehealth is the act of receiving health-related services from a provider remotely through telecommunication technology. It can provide health assessments, diagnosis, intervention, and consultation without being face-to-face. Telehealth can either be delivered synchronously (i.e., when a doctor communicates with a patient in real-time), asynchronously (i.e., when data and images are Read more…
It is essential for healthcare practices to keep on top of their billing and accounts receivable. Providers need to know the status of their cash flow, not only to meet their financial goals but also to ensure adequate patient care. Managing billing and collections can be a challenging task due Read more…
Covid-19 has had severe economic impacts on the healthcare industry and has affected the financial stability of patients. Ultimately, revenue cycle management has also been impacted by the pandemic. However, medical practices are implementing Artificial Intelligence and Machine Learning tools to improve RCM operations Predictive Analytics Developing new software has Read more…
For healthcare practices to scale and remain operational, they must grow and be efficient. This can be achieved by effectively using Revenue Cycle Management (RCM). This is the financial process of tracking patient care services from registration to the final payment of a balance. RCM is required in all healthcare Read more…
Over the past decade, health care systems and hospitals have adopted digital technologies in different business and functional areas. Digital transformation can be viewed as a modern approach to delivering care to meet the well-being requirements of the consumers while also refining the existing processes. The US Healthcare market is Read more…
Outsourcing some activities of the Revenue Cycle can help you in obtaining payments while reducing overhead costs of maintaining in-house billing teams, expenses on technology, office equipment and compliance related issues. This increases your Revenue, reduces your costs and capital expenditures. In fact, 83% of hospitals currently outsource at least Read more…
Artificial Intelligence (AI) is a boon to the healthcare industry. It has gained significant traction in recent times from optimizing healthcare operations to providing superior diagnosis and treatment. Today we will look at some exciting examples. 1. Cleveland Clinic, Ohio (uses AI to personalize healthcare plans) The Cleveland Clinic teamed up with Read more…
Paper forms are becoming less useful as the world becomes more digitized. But some organizations, especially in the healthcare industry, continue to deal with paper documents. The process to digitize these forms can be tedious and time-consuming. However, streamlining processes through automation saves both time and money. Client’s Need A Read more…