Artificial Intelligence holds promise in improving revenue cycle management in healthcare

The presence of artificial intelligence has been increasing in the healthcare industry, and with the technology maturing and becoming more viable, the opportunities for it to make administrative and process improvements have been increasing – and revenue cycle management is one area in which this is especially manifest.

The problem with many current revenue cycle processes is that it can result in a lot of friction and waste. In a HIMSS20 digital presentation, Mark Morsch, vice president of technology at Optum360, cited data indicating that there can be as much as $200 billion in administrative waste in the healthcare system due to inefficient revenue cycle practices.

“That’s waste in the system between providers and payers that’s generated from a lot of inefficiency, from inaccurate documentation and coding, a lack of transparency, and both sides not being aware of the appropriate steps a lot of times,” Morsch said.