Optimizing the revenue cycle is a top priority for many healthcare providers. To do this, many organizations are turning to robotic process automation to reduce inefficiency and free up human resources.
During a virtual session sponsored by Altair as part of Becker's 6th Annual Health IT + Revenue Cycle Conference, industry leaders discussed how healthcare organizations can use AmdoSoft RPA and Altair Monarch data prep to automate revenue cycle work from end to end. Panelists included:
- David Griffith, managing director, AmdoSoft Systems
- Paula Harris, business development manager, AmdoSoft Systems
Four key insights:
1. Bots are like a virtual workforce that can execute essential business processes. Revenue cycle processes are critical to healthcare operations and can't be disrupted. RPA is an attractive automation solution because the underlying IT infrastructure doesn't need to be changed. "AmdoSoft b4 bots can visually navigate the user interface of any cloud or on-premise application. The b4 suite is an enterprise-level system that contains everything needed to configure, monitor and manage processes," Ms. Harris said. By automating revenue cycle processes, healthcare organizations release human potential. They also enjoy greater precision, since bots don't make errors.
2. Interoperability is the enabler of revenue cycle innovation. Both data and processes are critical for interoperability. Countless healthcare providers use Monarch's data preparation technology to transform complex data like 835 and 837 EDI files and support actionable decisions. On the process side, AmdoSoft b4 bots automatically execute processes on top of any application. "Monarch handles complex data and structures it appropriately," Mr. Griffith explained. "AmdoSoft b4 bots process and enter that data while navigating different applications. The bots can also automate data-fetching for Monarch."
3. To get started with RPA, the first step is to identify and analyze revenue cycle processes. It's important to determine which parts of a process can be automated and which parts require human judgment. "AmdoSoft can help with a technical assessment to determine the number of applications and the steps that a bot could perform. RPA automation can be applied to an entire process or just certain parts," Mr. Griffith said. A relatively simple process can be analyzed in just a few hours. Once an organization has conducted a technical assessment, it can perform an return-on-investment analysis to determine which processes would be the best candidates for automation.
4. The Altair and AmdoSoft strategic partnership simplifies revenue cycle automation for healthcare organizations. One of the most important aspects of Monarch and b4 bots is their interoperability. In addition, the solutions offer a uniform licensing model, which enables teams to start small and pay as they grow. All Monarch users are eligible to use b4 bots. This means that organizations can begin their RPA journey without going outside of existing IT systems.
Automating revenue cycle processes is the key to more sustainable healthcare service delivery. "The Altair Monarch and AmdoSoft b4 platform supports process innovations that save time and money," Ms. Harris said. "This is critically important during today's uncertain times, when healthcare organizations are under pressure to deliver better healthcare at lower costs."
To learn more about the event, click here.