Multiple Robotic Processes have helped us in performing better in many fields including accounting, finance, telecommunications, and so on. New techniques such as RPA or Robotic Process Automation are being employed to get better results. It holds great potential to quickly increase efficiency, reduce errors and decrease costs by automating tasks that are manual, high-volume and repetitive.
Due to these benefits, the global RPA market is expected to reach $8.75 billion by 2024 (estimate by Grand View Research). The following blog post will analyze the impact of RPA specifically in healthcare services.
What is RPA?
The first question that arises is “What exactly is Robotic Process Automation or RPA?” It is defined as:
Technology that allows the configuration of a computer software, or a “robot”, to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.
It works as an alternative to traditional the IT approach utilized for developing a renewed system or creating a code to automate processes.
What Makes RPA Different?
The next question is “Why RPA when we already have an established system to get things done?” Well, RPA are much more efficient than the manual systems we currently have in place.
Below are the ways through which RPA can help us in the betterment of healthcare services.
Faster Processes and Greater Efficiency
RPA offers greater efficiency as it eliminates the possibility of human errors and it is obviously much faster than the manual processes. Also, it makes patient on-boarding easy, manages records efficiently and keeps and manages greater details of patient visits and treatments.
Significant Cost Reductions
RPA offers a significant cost reduction; The number of employees required decreases enormously with the use of RPA.
RPA saves time as it requires less time spent on manual tasks which allows more time for patient care; It brings large improvements in accuracy and reduces errors. It also offers improved regulatory compliance and easy scalability.
By offering the faster and error-free scheduling of appointments it definitely makes the system more efficient.
RPA offers high productivity in minimal time; It does not have specific working hours, rather it provides service 24/7, 365 days a year.
The impact of RPA in Healthcare Services
What revolutionary change would RPA bring? Well, if we employ Robotic Process Automation in Healthcare we will have the following:
RPA offers an automated patient scheduling process which means automatic meeting reminders being sent to patients, the elimination of errors in the digitization of patient records, and no last minute cancellations, thus bringing about efficiency in the system.
Better Administration Services
RPA improves overall administration by expediting the processing of claims registration and settlement. It keeps track of claims history accurately and it offers to ease regulatory compliance and eliminates the high cost of manual claims approval.
Strengthened Revenue Management Process
RPA offers to strengthen the Revenue Management Process by expediting the collation of patient details, eliminating errors in patient details, accelerating the process of bill submission to payers, reduction in the chances of claims denials, and improving the monitoring of accounts receivables.
Boost in Productivity
RPA boosts productivity as it frees doctors and healthcare staff of manual tasks, giving them more time for patient care. A larger number of patients can be attended to, and better patient scheduling means less confusion and cancellations. Since the system works 24/7 and 365, the intelligent implementation of RPA increases productivity largely.
Unlocking of Invaluable Insights
RPA has the potential to unlock invaluable insights as it can determine patient care and billing. It identifies the most profitable sections and channels marketing efforts in the right direction. Robotic process automation also has the ability to generate personalized campaigns.
How to Implement Robotic Process Automation in Healthcare
Do you want to implement RPA? For that, the first and foremost thing is to identify repetitive tasks in your healthcare business. Moreover, identify non-revenue generating functions, document each workflow to the smallest detail, eliminate processes or tasks that do not add value, and determine the short and long-term goals of your healthcare company. These are the few preliminary steps to harness the power of RPA.
Moreover, updating managed healthcare claim processing to keep current benefits, policies, and regulations on multiple contracts can overwhelm IT. The usual solution to this dilemma is manual human processors, but they are expensive, error prone, and not readily scalable. For example, authorization requirements are complex and vary based on contract, network, provider, the line of business, and on regulatory stipulations state by state. RPA uses the claim system’s editing and routing in addition to its own logic to automate the majority of claims that require authorization validation.
The automated solution scales iteratively in terms of technology, architecture, and business integration to start with simple claims like direct data correction, then to benefit application like authorization, and finally to use cognitive technologies like NLP to handle Medical Review claims. It would validate data and system editing, navigate benefit, member, provider, and policy databases, and finalize to pay, deny, or reject for correction or information.
This entire process would require 2-8 weeks time for implementation; It will reduce labor 40-80% and the entire cost of implementation would be $18k – $54k.
Do not worry! It is not as complex as it may sound. You can automate functions one piece at a time. You will not need to have all processes streamlined before implementing RPA and hence you will start benefiting from automation without disrupting your work and will get faster and better results through cost reduction while improving client experience. Still sound overwhelming? Well, you have to start somewhere! People were equally doubtful, if not more, when excel was introduced to digitize everything. Now it is impossible to even think of surviving without the spreadsheets.
It is just the beginning of a new era. What we have employed so far of Robotic Process Automation is just the very basics of it. We have to go a long way to utilize the potential of RPA to revolutionize our systems.
Need Help Getting Started?
We at Accelirate, would be more than happy to kick-start this venture of endless possibilities in making your business efficient. Write to us at firstname.lastname@example.org or schedule a call with our experts for one-on-one consultation at zero cost with no binding obligations.