Bots to the rescue
Facing the financial stress of the pandemic, in addition to existing, heavy workloads, more Healthcare CIOs are taking a closer look at robotic processing automation (RPA) as a way to help their understaffed organizations perform routine, repetitive tasks more quickly and more economically.
KPMG estimates the worldwide value of the overall RPA market at $5 billion. 55% of all enterprises in North America are now considering the benefits of RPA to their business.
While RPA is not a widespread solution in healthcare as yet, it is growing in popularity and being proven very effective for those providers who are choosing this emerging technology for a variety of clinical and financial applications.
RPA can be used to collect and optimize vast amounts of data, generating analytics and helping with diagnoses and customized treatment. It can also be used to set up new patients with contact information, initial diagnosis, insurance carrier, and scheduled appointments. Financial applications of RPA can also help simplify and speed up claims processing as well as handle patient payments with ease and accuracy.
According to the Automation Index from the Information Services Group (ISG), 30-40 percent of healthcare claims result in edits and exceptions that could lead to denials, a situation that can be greatly alleviated by the use of RPA.
Smart RPA systems, using the latest AI technology, can integrate with patient’s electronic health records to substantiate the necessity of medical procedures or treatments, to adjudicate insurance, to notify patients of payments due, and to support instant posting of payments. Robotic process automation can be a very comprehensive, flexible, and productive addition to any healthcare practice.
Liquid Payments leads the way with RPA technology in healthcare payment processing.
Liquid Payments features RPA as a core functionality of its innovative patient payments solution. In doing so, the platform creates operational efficiencies by enabling integration with any underlying EMR/practice management system. By leveraging the embedded robotics, payments are automatically posted to the patients’ accounts, and the technology can also be used to gather patient balances owed, facilitating an improved, automated collections process.
Automated, mobile, and integrated
Designed for today’s healthcare organization, Liquid’s payments solution provides an all-encompassing platform that accelerates patient A/R cycles, eliminates paper, clerical errors and delays, as well as reduces cost, provides mobile communication with patients for notifications and payments, and enables integration with any existing EMR/practice management system (PMS). A simple solution to a complex set of problems.
360° Benefits of Robotic Process Automation (RPA)
- Automated – Payments post immediately to patient accounts
- Mobile – Patients notified of balances due and mobile access provided for payments
- Integrated – Easy implementation with existing EMR/PMS system
The future of Robotic Processing Automation
As RPA technology continues to evolve, it will integrate with machine learning, big data, analytics, and various forms of cognitive intelligent technologies. Automation will expand from financial processing and administration, to diagnosis, healthcare coordination and management, population management, predictive analytics, and more. RPA will be improving the patient – and provider – experience for years to come with integrated healthcare and payment processing.