Healthcare execs bet on AI to transform revenue cycle management: survey
FLORIDA, UNITED STATES — The healthcare industry is on the verge of a major change in revenue cycle management (RCM) as artificial intelligence (AI) and strategic outsourcing partnerships become more important.
According to a recent report by Everest Group, 85% of senior healthcare executives believe that AI will improve RCM performance in the next five years.
With the support of Omega Healthcare, the report surveyed 41 C-Suite executives, senior vice presidents, and directors of RCM operations at U.S.-based healthcare provider organizations to explore the impact and effectiveness of technology-driven RCM outsourcing.
Shift to strategic outsourcing partnerships
The trend toward the development of strategic outsourcing partnerships for RCM is being fueled by the need to address operational challenges and improve the financial performance of healthcare providers.
This change is fueled by the potential of generative AI (Gen AI), and more than half (51%) of healthcare leaders are expecting RCM outsourcing budgets to rise by 2030.
Anurag Mehta, the CEO and Co-Founder of Omega Healthcare, says, “To fully harness the power of AI it will become increasingly critical for healthcare providers to work with the right partners.”
The use of Gen AI and its challenges
More than half (51%) of healthcare providers are currently implementing Gen AI in RCM, with a practice that includes real-time eligibility verification, claims data analysis, and AI chatbots for patient queries.
However, about 80% say there are still numerous challenges to adopting Gen AI, including a lack of in-house expertise and the inability to integrate the new technology with the current electronic health records systems.
Vijayashree Natarajan, SVP & Head of Technology at Omega Healthcare, explains that clients are already getting real value from their Gen AI spending, which includes better collections and lower balances of Aged Accounts Receivable.
The healthcare sector is growing, and therefore, the main concerns are changing to cybersecurity, payer collaboration, and automation using artificial intelligence. By 2030, AI/ML is expected to be the leading AI strategy in RCM, according to 66% of respondents, which proves that AI will be a significant factor in transforming healthcare operations.
