Leaders of the Revenue Cycle: how will AI be used in 2024?

Revenue-Cycle-Leaders-Harnessing-AI's-Potential-in-2024

As revenue cycle technology has evolved, artificial intelligence has evolved from a buzzword into an established presence. Leaders in the revenue cycle and finance are looking to AI to automate tasks and streamline processes, allowing them to make better use of their staffs as the sector-wide shortage of staff persists.

The healthcare media previously spoke with the vice president of revenue cycle for a Detroit-based provider about how AI helps with coding.

According to vice president, first, it automates the most straightforward procedures, taking the burden off our coders. ‘Simple’ refers to procedure notes that are written in a way that closely resembles the ICD code itself.

Revenue cycle leaders continuously struggle with denials management. A vendor that uses AI to assist with appeals has begun working with Medical Center in California.

Inpatient denials have increased for lack of medical necessity, said the administrative director for revenue cycle. “Our [utilization review] department is currently reporting to finance and will be concentrating on education about documentation in order to avoid medical necessity denials.”

In order for an organization to adopt artificial intelligence or any other technological solution, a number of factors must be taken into consideration. In terms of technology, where are they at the moment, and how much should they expand? Is the C-suite on board? Is the investment affordable for them?

Director of revenue cycle operations at Hospital in California says many organizations have already begun optimizing processes using technology.

Due to differences in organizational philosophy, financial position, and technological development, it will take time for every organization to use technology in the same way.

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