Artificial Intelligence (AI) will transform the way doctors, hospitals, and healthcare systems identify, collect, and manage their revenue cycle over the next three years as healthcare organizations evolve from day-to-day use to strategic integration within their systems, according to a new study by Change Healthcare.
Two-thirds of hospital and health system executives report using AI in some revenue cycle capacity and nearly all expect to be using it within three years. However, familiarity with AI and its impact varies wildly among executives, IT, and revenue cycle leadership—and there are budgetary, security, privacy, and accuracy concerns complicating AI adoption.
These findings and more are detailed in Poised to Transform: AI in the Revenue Cycle, a national study of 200 revenue cycle, IT, finance, and C-suite decision makers commissioned by Change Healthcare (Nasdaq: CHNG) and conducted by market researcher ENGINE Insights. The study polled healthcare executives to understand their knowledge of and familiarity with AI, discover areas for improvement, and learn how the technology is used now and will be used in the future.
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The research focused on healthcare executives with decision-making authority from the executive, financial, revenue cycle management, and IT departments at U.S. hospitals and health systems. Key research findings include:
1. Nearly all U.S. hospitals plan to be using AI pervasively across the revenue cycle within three years.
About two-thirds of all respondents (65%) report that they now use AI in RCM (compared to 89% of those in RCM roles), but AI’s application is limited, and rarely spans the end-to-end revenue cycle.
While only 12% of respondents consider their AI implementations to be mature today, 35% expect their implementations to be “early mainstream/fully mature” by 2023. By 2023, 98% of healthcare leaders anticipate using AI in RCM, and 81% have conducted a tech evaluation, reviewing AI technology providers, solutions, or software systems aimed at improving RCM processes.
2. Stark gaps in opinion are hindering healthcare from fully capitalizing on the transformative power of AI.
Reported usage of AI in RCM is much higher among those in revenue cycle roles (89%) than IT (63%) and non-technical executives (48%).Those in RCM roles (78%) are satisfied with their current use of AI, compared to just 46% of IT leaders and 25% of non-technical executive and financial respondents.
An overwhelming majority (86%) of those in RCM roles see value in using AI in RCM compared to 52% of IT and 44% of executive and financial decision makers. This disparity points to the need for RCM leaders to better communicate AI’s effectiveness at improving financial outcomes and the ROI of their AI investments.
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