Is Automation the Key to Healthcare’s Administrative Cost Problem?
Lengthy processing times and mountains of paperwork for transactions that seem instant in other industries still plague the healthcare industry. As both payers and providers invest millions in technology platforms, less-than-optimal processes, like claims adjudication and processing, weigh the industry down. Healthcare players will benefit significantly from automated digital solutions to better adapt to a fast-paced, consumer-focused marketplace.
Starting at the Foundation and Moving Up: 3 Steps to Automation
A three-pronged approach for applying automation could improve the bottom line.
Cost Control: The foundational cost structure of payers and providers needs to be realigned to drive improvements and be positioned to pivot into new business and care models. This includes reexamining the organization’s ability to deliver actual cost savings by driving further digital transactions. Utilizing a partner can lower fixed costs, moving to a more variable cost structure that can allow for savings as manual and paper process are replaced with digital transactions.
Operational Excellence: As cost structures are realigned, payers and providers can apply automation technologies to transform current processes. These forms of automation can range from applying business rules that ensure clean claims are submitted to robotic process automation solutions, automating manual data entry or review via cognitive automation services that contextualize and classify data. This allows the healthcare workforce to provide the highest-value services.
Actionable Analytics: With further digitization through automation, applying analytics and machine learning to mine through data will reveal targeted opportunities for change and intelligently develop business rules to apply to current automation solutions.
This framework is fundamental to how companies such as our own look to transform healthcare organizations by lowering service costs and ultimately providing improved outcomes to patients.