Harnessing the Power of Generative AI in the Revenue Cycle

Generative AI and human-generated data significantly improve labor costs and performance in the revenue cycle by reducing wasted touches. Here’s how they contribute:

• Automating repetitive tasks: Using Robotic Process Automation (RPA) repetitive tasks like claims follow-up or data entry can be automated, reducing manual workload and allowing employees to focus on resolving complex issues.
• Faster revenue capture: Employees are empowered to work more efficiently, improving overall productivity and ensuring faster revenue capture.

• Labor cost reduction: With better work drivers, fewer employees may be required to handle the same workload, reducing overtime or the need for additional hires.

• Decreasing errors and rework: Human-generated data helps AI identify common points of failure or inefficiency, such as frequent billing errors, and propose targeted interventions, reducing costly mistakes.
• Automated decision support: By combining human and system-generated data, AI can assist in decisions like prioritizing claims or determining denial appeals, which saves time and reduces the dependency on manual reviews.
• Benchmark performance: AI can analyze individual and team performance to set realistic, achievable goals, improving motivation and productivity.