Barriers to Adoption of AI in the Revenue Cycle
by Ivan Bradshaw
More and more, today’s healthcare revenue cycle managers are turning to artificial intelligence (AI) to help tackle an increasing number of problems. To name a few, they face the inability to maintain or find enough qualified staff, growing difficulties in getting payers to cover claims, and more billing responsibility being shifted to patients, adding to the strain on collections. All of these, and more, are making it hard to recoup fees.
That’s why healthcare RCM departments that are applying AI are ahead of the game. A good AI platform gives deep insights that help maintain optimal performance, frees up time for staff to work on the most complex issues, and transforms business operations.
AI equips healthcare RCM departments to:
Yet with all these benefits, what still holds some organizations back from adopting AI as part of their RCM process?
Security, budgetary and trust concerns continue to be the leading barriers in adoption of AI within the revenue cycle space, but these are only a concern because of lack of knowledge about the process. Once rev cycle managers and executive teams learn more, they can welcome the great benefits that AI is bringing to RCM. Here's a closer look at some of the most common concerns.
Security - This is the most common concern of healthcare leaders when it comes to integrating AI with their systems. For AI to work best, it needs to have access to large amounts of data that may be housed in disparate systems. Because healthcare organizations mostly use separate and non-integrated systems with different types of data, introducing an AI platform requires integrating it with existing data systems. For some, this appears to be a good cause for data privacy and security concerns.
Cost - AI capabilities can be costly to build and implement. Organizations are skeptical about both costs and the resultant returns. This leads to resistance in making the investment. In addition, there are staffing and competency concerns, which some fear might add to costs. Using AI and integrating it with other data systems takes experts with significant expertise.
Trust - AI analyzes huge amounts of data and sometimes offers recommendations and analysis. But humans working with AI are sometimes uncertain of those recommendations because they are not clear on how the data was analyzed, and/or which data was analyzed. That can lead to some distrust of the information that AI provides.
WhiteSpace Health's revenue intelligence (SaaS) platform, designed by seasoned IT professionals with healthcare revenue cycle experience, addresses the concerns of security, cost and trust.
WhiteSpace Health provides security.
Our platform, powered by AI, supports disparate sources of information. Our flexible data integration strategy unifies information across your entire organization —from EMRs, claims, financial systems, surveys and more — into one health data warehouse to give you an enterprise-wide view. WhiteSpace Health's platform is SOC2+ compliant.
Privacy and data security is core to how the WhiteSpace Health solution is built. We apply these security measures:
Our extractions on a practice management system are for non-personal health information (PHI). While we may be taking clinical and financial information, we do not consume patient information in any of our extractions. There is no way of tying it back to individual A or individual B and therefore no PHI or non-compliant data is being exposed.
In addition, the WhiteSpace Health cloud is a fully managed service built on Microsoft Azure, “a highly secure cloud foundation that uses multilayered, built-in security controls and unique threat intelligence to help identify and protect against rapidly evolving threats.” (Source: https://bit.ly/3uHEvMk)
WhiteSpace Health holds down costs.
Our platform is purpose-built to improve your financial position, reduce expenses and become a top quartile performer. The WhiteSpace Health platform answers the RCM and operational questions we had while running our own departments. WhiteSpace Health's platform is highly scalable to support your informational and decision-making needs so you can effectively manage revenue cycle and operations.
Our platform allows you to focus on running your business rather than creating fresh KPI dashboards each day. The advanced features of the user experience overlay a robust and scalable data schema that surfaces actionable insights — focusing your team on resolving denials and improving cash collections.
Building your own AI platform comes with risks: will it deliver? Do you have the expertise needed? Will you have to hire more staff? Will you get a return on your investment? You won't know until you proceed. With our platform, costs are defined. The results are measurable.
Why you can trust WhiteSpace Health's AI.
There's so much hype about AI. So it's important to set expectations with AI, both in terms of what the product platform will do and what you can expect. Before you even purchase our product, we benchmark your performance. That way you can measure your success after our product is installed. We are transparent about what you can expect for an ROI. We also want you to understand fully what our product is capable of before you sign on. There won't be any surprises. Our highly skilled healthcare IT professionals customize your instance with virtually no impact to your IT team or other projects.
WhiteSpace Health is a deep analytics company that uses AI to detect, predict and resolve RCM issues and effectively manage healthcare operations. Our AI is ever-learning from your data, so your success increases along with your dataset.
Talk to us today about how we can equip you to make intelligent, timely business decisions through the use of our AI on a secure platform, to hold down costs.
About Ivan Bradshaw