New Research from Cloudmed and Becker’s Healthcare Reveals Significant Untapped Automation Opportunity Remains in Healthcare Revenue Cycle Management
Latest survey shows nearly half of healthcare providers have not yet adopted RPA, with all respondents expecting labor efficiency and increased revenue as major benefits
Cloudmed, a leader in Revenue Intelligence™ solutions for healthcare providers, announced the release of a white paper in partnership with Becker’s Healthcare entitled, The State of RPA in the Revenue Cycle: Insights from a 2021 Survey of US Health System Leaders. The report shares insights from a recent survey of revenue cycle management professionals regarding their adoption of robotic process automation (RPA), finding that just 51% of respondents deploy RPA to some extent, and of those respondents, only 7% classify their adoption of RPA as mature.
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“Automating revenue cycle operations can give providers the upper hand they need to provide the best care for their communities, yet our survey shows that RPA remains underutilized in revenue cycle management”
Across all respondents, including ‘adopters’ and ‘delayers,’ revenue cycle leaders expect two major benefits from RPA, including improved labor efficiency and increased revenue. The survey also found that most often, RPA is deployed across eligibility and authorization processes. Further, when selecting an RPA partner, health systems overwhelmingly prioritize those with deep revenue cycle expertise who they can trust, and automation platforms that work effortlessly with their existing financial and electronic health record systems.
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“Automating revenue cycle operations can give providers the upper hand they need to provide the best care for their communities, yet our survey shows that RPA remains underutilized in revenue cycle management,” said Steve Albert, chief product officer at Cloudmed. “With the right technology and a strong partner with deep expertise, health systems can use automation to overcome staffing challenges, keep pace with ever-evolving payer strategies and better track and collect revenue across the entire cycle. This means more robust financial health for the system and ultimately, higher-quality care for patients.”
The Cloudmed Automation Suite is powered by CloudmedAI™, a single platform that drives end-to-end data integration, analytics and actionable insights. The platform uses intelligently connected application programming interfaces (APIs), RPA and a proprietary workflow engine to maximize performance for hospital systems and healthcare providers. The Cloudmed Automation Suite is used by more than 400 customer locations and drives more than $250 million in collective revenue benefits annually. It is available as a managed service to optimize every stage of the healthcare revenue cycle management process.
