For the Record Article: Data Analytics – Big Data Tackles Revenue Cycle Deficiencies

Big data is transforming clinical outcomes in multiple ways—from extracting information trapped in unstructured EHR fields to deciphering population health trends—helping providers up their game with qualitative medicine.

But we’re only beginning to unearth the potential for big data, or analytics, in revenue cycle management (RCM). Over the last few years, terms such as artificial intelligence (AI) and machine learning have entered our vocabulary, and we’re continually learning about new capabilities for advanced algorithms to process raw data, turn them into actionable insights, and automate workflows.

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Does administrative waste in your revenue cycle feel like a dumpster fire?

The reality is that current stats related to U.S. administrative waste in healthcare are abysmal, equating to about 30% of total spending waste. In response, healthcare organizations are prioritizing adoption of AI and automation to improve the outlook. This is a step in the right direction, but many, unfortunately, are leaving money on the table because they lack visibility into human generated data.

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