Revenue Cycle Management
AI automates the process of reading insurance card images and addresses potential claim denials in real time.
"For 2025, we see no end in sight for demand," says Adam Burns of WittKieffer.
GenAI is expected to streamline documentation for appeals, providing faster reimbursement.
Insurance is verified through the central scheduling system that includes pre-registration and appointment confirmation for a more efficient RCM, says Yuriy Kotlyar, cofounder and CEO of American Health Connection.
Most CFOs are not looking to technology or AI as a solution, says new HFMA report.
As revenue cycles increasingly depend on patients to pay their healthcare bills, AI digital engagement increases the collection rate, says Dugan Winkie, head of Commercial Strategy at Cedar.
AI recommendations in coding capture 100% of what’s sent out versus a manual process in which when staffers select subsets of encounters from within hundreds of documents, says AKASA CEO and cofounder Malinka Walaliyadde.
Virginia-based health system has selected Ensemble, joining numerous other hospitals that are outsourcing some or all of rev cycle operations.
Denial rates have steadily increased, with providers seeing rejection rates as high as 10% to 15%.
The expectation is AI will be widespread in revenue cycles within five years.