Resistance - a concept as old as time itself. As human beings, we automatically resist things that we cannot figure out how to use - be it chopsticks, a piece of furniture that requires self-assembly, or technology. While the usage of technology is omnipresent and now near-constant, the switch to its adoption still faces abundant criticism and resistance. In an organizational context, this is exactly what keeps old legacy systems alive and hinders them from achieving their full potential. This lag in adoption has always been a concern but post the pandemic, is seeing a new light of day amongst the Healthcare industry at large.
A recent study claims that healthcare firms that used automation for their day-to-day operations had an average cost-to-collect of 3.51 percent compared to 3.74 percent with the firms that did not utilize automation. Using automation could bring down providers' cost-to-collect by 0.25 percent, according to this survey conducted by Healthcare Financial Management Association (HFMA) commissioned by AKASA.
First comes the aspect of transparency in prices for members. Health, as a concept, is wildly unpredictable, and therefore, more often than not, individuals worry about sudden health issues, and being able to afford the treatment for them. Using automation and the advanced analytics that come with it, anyone can make an informed decision regarding their care options.
Healthcare leaders are now focusing on Intelligent Automation more than ever, increasingly searching for ways to use automation to save costs that affect their revenue cycle, and free up employees to work on initiatives that enhance care delivery and the patient experience.
A data-driven approach can help healthcare organizations overcome the challenges and unlock the potential of AI and ML technologies. By taking a data-driven approach, organizations can develop a clear understanding of the operational improvements that can be achieved with these technologies, analyze their actions, and proceed to make result-backed decisions on where to focus their future investments. This approach includes identifying and measuring specific operational improvements resulting from the technology, benchmarking results against industry peers, and adapting investments based on those findings. The data-driven approach provides healthcare organizations with the ability not only to improve operational performance but also to make informed decisions on where to focus future investments.
AI and ML technologies excel at sorting through massive volumes of data to find the most relevant information for any particular use case. Healthcare corporations may use this to track and monitor their performance so as to build an ecosystem that stands out from the rest.
Which is exactly what CoverSelf does.
CoverSelf empowers every stakeholder in the healthcare claims ecosystem with a truly cutting-edge cloud-native, holistic & customizable platform that prevents and adapts to ever-evolving claims & payment inaccuracies. We enable greater collaboration between all partners along the claims continuum, reducing complexity and administrative costs with our unified, healthcare-dedicated platform.
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