Achieve True Partnership Through Productive Communication
Revenue cycle automation
+ AI series
As healthcare organizations face unprecedented shifts in the workforce landscape and persistent strain on their margins, automation offers a timely solution to drive operational efficiencies and relieve workload burden. Many organizations are targeting revenue cycle management (RCM) for automation given the volume of repetitive tasks and the critical role RCM plays in preserving an organization’s financial viability.
Recent research evaluated the adoption of robotic process automation (RPA) and artificial intelligence (AI) across hospitals and health systems. Regardless of how these providers managed revenue cycle, executives universally reported low return on investment (ROI). While the majority of hospitals and health systems are not yet using RPA and AI for RCM, over 50% plan to pursue these technologies in the next 3 years. Given the rapid projected increase of automation technologies, it is critical to understand what factors are driving low ROI and how health systems can better prepare for automation.
True partnership between healthcare organizations and technology partners is built on communication. From the beginning of the partnership, health systems need to have an accurate and realistic understanding of the capabilities, use cases, and limitations for automation. To achieve this, technology partners and healthcare organization executives need to be willing to move beyond transactional engagements and invest in collaborative relationships with each other in which they speak the same lingo and maintain ongoing communication.
- 1 Four drivers of real and perceived ROI with RPA + AI investments
- 2 Knowledge + expectations make or break the perception of automation, AI tech
- 3 Accurate expectations hinge on true partnership + communication with technology partners