Revenue cycle management software vendors are recognizing the value of artificial intelligence in helping health systems enhance key performance metrics. From regional systems like West Tennessee Healthcare to multi-state health systems like AdventHealth and giants like the Cleveland Clinic, AI is playing a crucial role in driving growth and reducing the burden on these organizations.
One notable success story comes from West Tennessee Healthcare, a non-profit health system serving 500,000 patients across 19 counties in its state and Southeast Missouri. By implementing AI scheduling software, the health system was able to increase its orthopedic service line by 9% within the first 100 days, resulting in a fourfold return on investment. The software, provided by Qventus, matches independent surgical case requests to open slots on operating room schedules, optimizing OR utilization and boosting revenue.
AdventHealth, on the other hand, leveraged Iodine Software’s pre-billing software to identify and prioritize patient records with the highest reimbursement potential. By using AI algorithms to analyze cases and recommend appropriate codes, the health system saw a significant reduction in claims review times and a total reimbursement of $2.394 billion across more than 1,000 health systems. This proactive approach to claims management has strengthened AdventHealth’s financial performance and improved overall productivity.
Meanwhile, the Cleveland Clinic has partnered with generative AI developer Akasa to enhance its revenue cycle operations with machine learning processing. By automating complex coding tasks and streamlining case review processes, the health system aims to bring greater efficiency and accuracy to its revenue cycle management. The AI assistant tool developed by Akasa can process clinical documents quickly and accurately, freeing up valuable time for coders to focus on other critical tasks.
Overall, the integration of artificial intelligence into revenue cycle management software is proving to be a game-changer for health systems of all sizes. By harnessing the power of AI to optimize operating room utilization, prioritize high-reimbursement cases, and streamline coding processes, providers can improve key performance metrics, enhance financial performance, and deliver better care to their communities.
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