Healthcare Revenue Cycle Management(RCM) Automation With RPA and AI

As per Grand View Research, the global market for revenue cycle management is projected to expand at a compound annual growth rate of 11.6% from 2022-2030. Considering the amount of increment in revenue cycle management, demand for a technology solution like AI and RPA in healthcare is also accelerating. Some reports stated that AI in healthcare is expected to expand at an annual growth rate of 38.4% from 2022-2020. As healthcare revenue management involves multiple steps, leveraging AI and automation solutions can help drive better revenue management.

In simple words, the RCM process begins with patient appointments and ends when full payment is initiated in the provider’s account. Between these two points occur five important steps that complete the whole revenue cycle. Automating these steps and processes with RPA and AI can help create better revenue management systems. These five steps are:-

1. Insurance Eligibility Verification

2. Medical Coding and Claims Preparation

3. Claims Submission

4. Dispute Management

5. Claims Reconciliation

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