RPA In Revenue Cycle Management -US Healthcare

As part of the ‘ALL ABOUT ROBOTIC PROCESS AUTOMATION’ series, let’s discuss about RCM. In this 1st episode, We are going to address what is RCM, and what are all the components of RCM.What is Revenue Cycle Management?Revenue cycle management is the financial process in which healthcare providers utilize billing software to track information, from patient registration to the final payment of the outstanding balance for healthcare services received. This is the most common practice among Healthcare providers in the US.The Cycle starts from the creation of a patient account, in that whole journey that the claim takes from being created to getting paid. Healthcare providers have to have a very efficient process to manage all that financial information that comes from the patient getting registered / scheduling it the right way, to make the Insurance claims get approved and payment is done with follow-ups.As the RCM is a Very lengthy manual process that is an integrated solution of multiple components, there is expected to be a lag between each phase/component in transferring the data between the phases and delay in follow-ups, Miscommunication/ delay in communication between the components of the cycle leading to the high denial rate of claims and delayed response in addressing the customer’s needs.In our 2nd Episode of RCM, we will discuss the possible problem statements at each phase/ component of the cycle and how RPA / Intelligent process Automation can give the solution for these problem statements.