Blockchain and advanced artificial intelligence algorithms provide the answer for healthcare organizations seeking to reduce claims denials and ensure maximum provider reimbursement, according to Deepti Sharma, director of product management at HSBlox.
Ms. Sharma shared the following tip with Becker's Hospital Review.
"By leveraging these two technologies, healthcare organizations can deliver both a retrospective and prospective view that can help improve operations and outcomes — all while ensuring the ultimate in compliance and meeting applicable reporting requirements.
Distributed Ledger technology, with its smart contracts, enables providers and patients with a real-time explanation of benefits, which allows for evaluation of targeted patient financial programs to cover higher cost services — giving patients affordable payment options and providers, rapid and accurate reimbursement for services provided."
Read more about ways to improve revenue cycle management with blockchain and AI technologies here.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
More articles on healthcare finance:
US healthcare prices grow nearly 22% since 2007: 4 study findings
Black Book Research: Top outsourcing vendors by revenue
Kaiser's operating income climbs to $1.1B in Q1