Automation is on the brink of transforming the Medical Billing industry for good. Horrors associated with manual billing such as rejections, discrepancies, inconsistencies, and the likes are now a thing of the past.
In this article, we will be discussing key areas where these innovations are playing critical roles in the medical billing industry.
Automated Data Entry
One of the most time-consuming parts of medical billing and coding. Lots of errors tend to pop up when inputting demographics, entering codes, and filing insurance claims.
When medical billers and coders automate data entry processes, software bots are handed basic data entry procedures where the required information from Electronic Medical Records (EMR) is captured and added to the billing system without errors.
Comprehensive Data Reporting
Automating medical billing can be very influential when it comes to detailed data reporting. Since most automated systems run 24/7, therefore, all information that passes through the automation system can be rendered into accurate data reports.
These reports are always readily available and can be a big factor in making business-related decisions.
This is the ultimate joy of automation and the future of billing. Automation will enable faster decisions and even though human judgment might still be required from time to time, the advanced systems of Flobotics will ensure zero errors in every automation in medical billing.
This will enable the elimination of rejections and denials, appropriate claim submissions, and accurate payment processes.
Problems The Medical Industry Is Faced With
We live in a time where new technologies are making a drastic impact on our lives by transcending the trend set by previous technologies that have reached their peak.
The Healthcare industry is one of the most sensitive industries that is connected to us in almost every way possible. We need to channel the strengths of these technologies to address the following challenges.
Integration Of Advanced Health Technology
Large and unstructured data in the form of administrative data, clinical notes, patient medical records, connected device data, transcripts, patient surveys will continue to grow daily and better tools would be required to manage and store them efficiently.
While advanced data management systems are being introduced at healthcare facilities, the healthcare sector is still in dire need of more AI-integrated software and advanced databases that would serve both patients and record keepers so that information will be secure and easily accessible, booking and keeping track of appointments will also be done with ease.
To transform the medical industry and develop a connected healthcare environment, professionals in the healthcare industry need to forge closer ties with medical manufacturers and software application development companies like Flobotics so as to create scenarios where the improved adoption of advanced health technologies is paramount.
Information and Integrated Health Services
Translating data to information is one facet of the medical industry lacking real optimization. Top healthcare companies and most care providers, in general, lack the advanced data integration systems and architecture to turn data collated from multiple sources into useful information.
When Healthcare companies make use of AI-integrated software applications along with connected medical devices, structured information that can be used to influence future decisions positively will be generated.
To do this, plans have to be put in place for all players involved including a reliable integrator that can help support integrated health systems.
Better Patient Experience
Healthcare as an industry has evolved over the years, with patients having high expectations of services from healthcare professionals. However, the manual integration of several work processes has made this aspect unable to reach its full potential.
A streamlined user experience where booking appointments, payment of medical bills, taking tests, and getting records should be the aim of all medical health professionals.
Automating repetitive tasks through the use of RPA can help gear patient experience to be hassle-free. This will attract more patients and help the industry grow as a whole.
There has been an upward trend in data breaches by malicious hackers who intend to gain access to patient records and information. Those breaches have resulted in the theft of over 50% of healthcare data in the United States.
The need to keep medical records and the amalgamation of connected medical devices keep drawing attention if these hackers keep developing new ways to find their way around the database of healthcare facilities.
A robust system for cybersecurity in healthcare facilities has to be put in place to prevent loss of information, data theft, and customers’ trust.
Payment Processing and Invoicing
The rising cost of healthcare is a major dilemma facing both medical practitioners and patients at large. One out of four people faces difficulty in affording their medicine according to the KF health tracking poll, even though most people confirm they can afford their treatment.
However, one sure way to reduce this burden is by breaking larger payments into smaller chunks to help remunerators better plan their finances.
Healthcare companies and insurers can collaborate with medical billing companies to develop healthcare automated billing systems that will bring about solutions that are patient-centric.
The Benefits Of Implementing RPA Into The Medical Industry
Automation of routine-based tasks in the medical billing industry through the use of bots is the primary reason for Robotic Process Automation (RPA). For example, let’s take medical billing which is a complicated and burdensome process. The repetitive nature of claims submission, payment processing, charge entry, insurance eligibility, and verification makes the whole process a great candidate for automation.
What we are saying, in essence, is that automated processes are faster, less marred by errors, and more streamlined. The following are the major instances where RPA stands out in the medical industry.
- Automated Medical Billing. Automation in medical billing simplifies complications and makes the whole process run smoothly. Healthcare professionals don’t have to manually evaluate claims processing, billing and invoicing, collections, payment posting, or bill scrubbing.
- Automated Patients’ Scheduling. Automation makes all patient scheduling processes more efficient than manual processes. Appointment requests, diagnoses, consultations, and managing the general flow of patient care can be streamlined with RPA bots to improve healthcare delivery and create a system where professionals spend quality time doing their actual jobs.
- Improvement Of The Care Cycle. Monitoring and analyzing comprehensive processes like medical billing, insurance claims, and document processing continuously with RPA increases the accuracy of diagnosis thereby leading to a more tailored treatment strategy.
According to a report by IOM, medical errors due to bad systems result in a loss of $3.5 billion and harm to 1.5 million people every year. This isn’t about incompetent staff but manual processes and methods used to carry out various functions that could be otherwise automated.
Besides, delegating large amounts of data to bots allows doctors more time to attend to, and provide humanitarian assistance to their patients. This is another self-evident illustration of deploying RPA, the fact that a better care cycle is one of the many positive upshots of improved analytics.
- Superior Healthcare Quality. Sometimes cost can appear to be the most important thing, but quality is the best way to reduce cost. This is perhaps the most beneficial aspect of implementing RPA in the medical industry.
When all risks of human error are eliminated, time is saved, the cost is reduced, and patient satisfaction improves. RPA is more than just an alternative, it is the way forward
The increased operational efficiency it offers in the healthcare system can open up several applicability options that will change people’s lives for good.
The Future Of RPA In Numbers, How It Can Affect The Healthcare Industry
No matter how you spin it, facts are important and numbers don’t lie. RPA as a tool has grown rapidly in the past few years and it continues to take a stronghold in the medical industry.
When talking about the future of RPA in healthcare, it is crucial to pay close attention to the numbers because they invariably tell the full story which is that the coming years are going to be better.
Let’s take a look at several reputable reports that back up our claim with numbers.
- The market of RPA is currently valued at USD 1.1 billion according to research carried out by Grand View Research, and the technology is expected to hit 33.6% in CAGR from 2020 to 2027.
- 60% of Global Organizations with a turnover of $1 Billion will be inordinately spending on RPA tools by the end of 2021 according to Gartner.
- Easy-to-deploy RPA models with pre-built functionalities will flood the automation market by 2025.
- Worldwide RPA software revenue is expected to reach $1.89 billion in 2021, an increase of 19.5% from its 2020 numbers.
What these numbers depict is a progression in the value of RPA. There has been an obvious surge in its worth from 2019 and predictions are even more favorable as there are several reports backing it up with numbers.
From employees to patients, a lot of people benefit from employing Robotic Process Automation. Medical billings, claims, scheduling, and every repetitive process are made easier and free of errors.
At Flobotics, we are all about optimizing RPA processes to enhance efficiency. We have worked with several companies from the healthcare and medical industry, successfully improving their processes and boosting ROI. Get in touch with us and learn what we can do for you.