Automation now 'imperative' for hospital revenue cycle

Most hospitals and health systems (74%) are actively automating some portion of their revenue cycle operations with 46% of organizations using some form of artificial intelligence, according to a Dec. 20 report from Akasa.

For survey respondents who indicated that their hospitals or health systems do not currently use automation in their revenue cycle operations, 80% said that it is a priority to do so by the end of 2025.

"Automation is no longer simply an option in the revenue cycle — it is an imperative," Amy Raymond, senior vice president of revenue cycle operations and deployments at AKASA, said in the report. 

"Technology has never been more capable of addressing the challenges of revenue cycle operations than it is today. Leaders now have automation options that can effectively harness the power of AI and large language models for everything from addressing prior auth holistically to preventing and resolving denials," Ms. Raymond said. "These advanced technologies are driving real results, including increasing revenue yield, reducing costs and enabling teams to focus on the work that provides the most value to the organization."

Akasa, a revenue cycle firm that uses artificial intelligence, surveyed more than 450 CFOs and revenue cycle leaders at hospitals and health systems across the U.S. through the Healthcare Financial Management Association's pulse survey program.

A November Akasa also found that more than 70% of hospital and health system financial leaders are actively considering the use of generative AI, with revenue cycle as the most common area being explored for the deployment of the technology.

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