AI poised to ‘speed up the overall revenue cycle’ for hospitals set back fiscally by COVID
Hospital leaders discouraged by COVID-19’s devastating toll on human life and wellbeing must also mind the price the crisis is exacting on their organization’s financial health.
AI can help tackle the latter problem, and in a fairly fast and straightforward way, says a physician and AI thought leader.
Writing for Benefits Pro, YiDing Yu, MD, an internal medicine specialist with Atrius Health in Massachusetts and the CMO at Olive AI, suggests hospital financial minds consider using AI to quicken receipt of payments.
“When it comes to reimbursement and claims processing, hospitals are using AI in disparate systems to outsource and automate repetitive, high-volume tasks, which in turn reduce employee workloads and speed up the overall revenue cycle,” Yu writes.
She adds that the technology can also be tapped to head off payers’ claims denials.
“With faster payments and greater accuracy, hospitals have more confidence about the time frame in which they’ll be reimbursed and thus are more willing to accept a wider number of plans,” Yu explains.
Dave P. has worked in journalism, marketing and public relations for more than 30 years, frequently concentrating on hospitals, healthcare technology and Catholic communications. He has also specialized in fundraising communications, ghostwriting for CEOs of local, national and global charities, nonprofits and foundations.