New Report: 66% Hospitals Use “Revenue Cycle Automation” in Healthcare
According to the latest survey, more than 66 percent of health systems and hospitals currently use some form of automation in their revenue cycle operations and more than 60 percent of the provider organizations that do not currently use automation plan to do so by the end of the year.
AKASA™, the leading provider of Unified Automation™ for healthcare revenue cycle management, published its “Annual Report on Revenue Cycle Automation.” The REPORT provides insight into the state of revenue cycle automation in hospitals and health systems across the United States. The report includes the results of a national survey that was designed to shed light on the state of automation in healthcare revenue cycle operations; dynamics driving automation initiatives; and plans regarding future automation strategies within healthcare organizations.
The survey was commissioned by AKASA and conducted through the Healthcare Financial Management Association’s (HFMA) Pulse Survey program. The survey was fielded between May 19, 2020 and June 22, 2020 among 587 chief financial officers and revenue cycle leaders at hospitals and health systems across the United States. The survey has a confidence level of 95 percent with a margin of error of plus or minus 5 percent. AKASA’s unique expert-in-the-loop approach, Unified Automation, combines modern machine-learning with human judgment and subject matter expertise to provide robust and resilient automation.
In addition to the survey results, the report contains market insights informed by the hands-on experience of the AKASA team as they have partnered with provider organizations of all sizes across the country to fully automate revenue cycle functions.
“With revenue cycle automation firmly in place within two thirds of the healthcare market, it is clear that automation is here to stay,” said Malinka Walaliyadde, co-founder and CEO of AKASA. “The opportunity going forward for provider organizations is to expand their ambitions and scope for automation within the revenue cycle.”
Survey results also show that more than 90 percent of financial leaders want automation solutions that are purpose-built for healthcare revenue cycle management.
AKASA evaluated modern automation approaches from some of the most complex domains in the world (such as self-driving cars), and derived core principles — like the best ways to monitor existing workflows, learn from workflows at scale and quickly adapt to change. The company then built proprietary technology from the ground up to apply these core principles to the unique challenges of healthcare revenue cycle management.
AKASA provides hospitals with Unified Automation™ services — a flexible AI-based solution that automates complex revenue cycle tasks. Unified Automation can be deployed entirely remotely, and its proprietary expert-in-the-loop interface with AKASA’s team of revenue cycle specialists ensures exceptions and edge cases are resolved while the system learns in real-time from the actions they take. With continuous machine-learning built-in, the need for costly or time-consuming upgrades and maintenance is eliminated. Unified Automation operates within a hospital’s existing electronic health record (EHR) and revenue cycle infrastructure to reduce errors and improve efficiencies.
The “Annual Report on Revenue Cycle Automation” includes discussion and insights on the following topics:
- Automation as a Future-State Mandate
- Challenges of Deploying New Technologies in a Pandemic
- Why the Type of Automation Matters
- How Automation Can Elevate Employees
- What to Expect in 2021 and Beyond
AKASA uses the same machine learning approaches that made driverless cars possible to provide health systems with a single solution for automating revenue cycle operations.
Unified Automation™ adapts to the highly dynamic nature of revenue cycle operations and has been purpose-built for healthcare. AKASA enables health systems to decrease their cost to collect so they can invest more in patient care and be better stewards of the healthcare dollar. AKASA is based in the heart of Silicon Valley.