There is no industry in the world that the current pandemic has not reaped havoc on. Despite having hit the United States towards the far end of February, the American healthcare segment was not (as) prepared, and the first few months of 2020 allegedly saw hospitals collective losing approximately $50 Bn every month. They continue to lose an approximate sum of 1 Bn dollars every day, pushing many hospitals into making some desperate decisions: Hours have been cut back, the staff has been laid-off and a small minority have also been pushed to declare bankruptcy.
The primary causation – a severe reduction in reimbursement for mostly elective procedures – has caused many an organization to reevaluate their operating costs across its bottom line. As they struggle to get back on their feet, a faint beacon of light beckons in the form of artificial intelligence (AI) and non-AI powered (robotic process) automation.
The application of artificial intelligence and automation has, for a while been making its small but effective presence felt in the healthcare segment as well as other industries by its ability to eliminate errors in linear and repetitive process operations, which is an occasional occurrence when executed by humans.
Similarly, AI-powered automation has proven to be a useful tool in medical billing and revenue cycle management: AI-powered automation is capable of accurately transcribing doctor’s medical notes into medical codes that compliant with ICD. These codes can be used for medical billing and charge capture.
AI-powered automation can perform insurance eligibility and benefits verification and acquire pre-authorization for a patient’s treatment. This further ensures reimbursement form healthcare payers for any treatments performed as part of a patient’s care.
It is no surprise that automation performs most of these linear operations up to 8 times faster so it can get more done at the same time as its human counterpart.
However, digital transformation through automation was considered to be something of luxury only available to Tier 1 organization mainly due to the high CapEx requirements for implementing it. Now, the change in the landscape has called all organizations to treat automation as a growing necessity.
Setting up the infrastructure for digital transformation or even part of that (automation) can have a CapEx of nearly $150K. This leaves Tier 2 and Tier 3 organizations in a state of financial limbo as they are already haemorrhaging funds and are unsure of the RoI for this drastic change.
‘Zero CapEx’ model can host pre-fabricated and optimize infrastructure so that organizations can make the most of it, clubbed with the ‘Pay As You Go’ model. It effectively brings the dissolves CapEx of acquiring the initial infrastructure. Later, automation helps in additional savings by preventing revenue leakages and reduction in A/R days.
Zero Capex system offers the ability to Tier 2 and Tier 3 organizations to adopt and implement new-age automation without having to take any major financial risks.
The ‘Zero CapEx’ model offers the same form of cost and time-saving services to sectors like human resources where it can reduce the time required to seek out relevant applicants in shorter periods of time and shared services where it can engage with customers in real-time and quickly resolve issues like refunds, replacements, and other ticket management based operations.
Digital transformation through automation has now proven itself to be a global requirement. The ‘Zero CapEx’ model has made this transformation possible for a wider range of organizations. This is the first step to rebuilding a healthier and more robust financial ecosystem for organizations that did not see automation as a financially available option.
The healthcare sector is projected to take years to recover from the devastating financial losses. That is most probably on track to be true unless providers can find more efficient modes of maintaining productivity and to ensure timely revenue. This is why automation if more than the tool for the future, but it is a need for the hour. This Model helps in creating an ecosystem that levels the field by making the advantages available to almost every healthcare provider.