Sift's Blake Sollenberger and Affinity Strategies' Claire Vincent talk about the impact of AI on healthcare payments. They cover the challenges health systems face as they increasingly act as financial lenders, the importance of a positive patient experience in billing, the need for compassionate collections, and the challenges of moving to AI in a risk-averse environment. It’s an enlightening listen and will give you a new perspective on AI and the revenue cycle.
The impact of insurance claim denials for healthcare providers in 2021, and how providers' own historical payments data and machine learning provide solutions for both denials prevention and appeals prioritization.
Every day healthcare providers are extending credit in the form of care, and they have little idea whether, how much or when they will be paid. It’s time for healthcare providers to start deploying well-established data science and analytics tools to forecast payments and optimize outcomes.
Hats off to the Chief Innovation Officers. 97% of health systems that have Chief Innovation Officers also had positive operating margins. For healthcare providers, a commitment to innovation and strategic change improves the quality of care, patient experience and financial performance.
93% of healthcare administrators say that data analytics are “crucial” to future healthcare operations. At the same time, 84% say the usage of advanced analytics at their organization is “negligible”. In healthcare payments, there are three key roadblocks to the utilization of advanced analytics to improve the revenue cycle.
Every healthcare CFO and revenue cycle leader should be looking at their insurance payer payments in relation to patient payments -- identifying how they relate and influence one another. This is essential intelligence in an ever-complex revenue cycle.
We're at a tipping point where healthcare providers will *have* to implement automation and AI into the revenue cycle. Not only to recover more dollars but also to keep up with the growing (& massive) administrative burden that is persistent in healthcare payments.
Patient payments are often difficult for healthcare providers. Even more so when the expense is unexpected, as in surprise billing. Surprise bills (or balance billing) increase the odds of underpayment or no payment for provider services. Surprise bills are a problem for the patients who unexpectedly get hit with new expenses as well as the providers who are trying to collect earned revenue.
Consumer debt on credit reports is not an indicator of a patient's (or rather, consumer’s) ability or willingness to pay their healthcare bills. Most propensity to pay models rely on credit scores. Healthcare providers need to know how their payments perform — taking into account the uniqueness of their facilities, providers, specialties and regions.