Estimates show that health plans collectively spend a stunning $3.2 billion each year on inefficiently performed manual tasks – and that figure is for provider data management (PDM) related functions alone! Similarly, insurers spend $6 million to $24 million per year to remedy poor provider data quality. And these number don’t even account for fines associated with unmet regulatory requirements associated with inaccurate provider directory maintenance.
But when assessing the costs of inefficient processes in healthcare, we can’t look at one function alone or limit our examination to the area of regulation.
The Scope of the Problem
The problem of inefficient systems that would benefit from automation is far-reaching, impacting all areas of healthcare operations; from PDM to claims operations, and from billing to customer support. Even though the financial losses we commonly think of when we think of operational inefficiencies are significant, they don’t give a complete picture of the true costs incurred when effective automation is not holistically deployed.
In fact, the Everest Group reports that in the next five to seven years up to 50% of all interactions will be done through automated channels. Organizations that don’t keep pace with this trend will experience more than yearly financial losses. Their competitive advantage will decline even as their ability to earn patient and member loyalty by providing an enhanced customer experience suffers.
Solving for Efficiency with Robotic Process Automation
Clearly, inefficient systems that rely on manual processes are no longer sustainable. In today’s digital age — when the need to increase efficiency, decrease costs and enhance the customer experience can be met by easy access to data and interoperable systems — there is no longer a reason to sustain them. Robotic process automation (RPA) lets your organization solve for efficiency in every area of your operations, so you can reap the benefits of cost savings, member and patient loyalty, and an ongoing competitive edge even as the regulatory landscape and healthcare market continue to evolve.
RPA increases efficiencies by eliminating the need for personnel to perform standardized, rote tasks…but it also does much more than this! Indeed, when used to its fullest potential, RPA leverages software robots to automate even complex processes and actions that require judgement.
Because RPA has dynamic self-learning and predictive capabilities, it can be used to increase efficiencies in both rote and complex operations, streamlining back and front office functions including:
Eligibility, billing and Enrolment
Revenue cycle and finance functions
A variety of administrative actions
RPA: Your gateway to success in the digital health era
By fully automating processes that currently rely on manual interventions, you will realize not only short-term financial rewards – automation is more affordable than manual intervention – but also the organizational flexibility you need to push toward the leading edge of healthcare in the digital era. As manual process are reduced, personnel can be reassigned in a more intentional way, ensuring that they are focused on the high-level tasks suited to their abilities and in keeping with a more satisfying employee experience.
And that flexibility you gain will increase as cost savings accrue over time, allowing you to shift employees to the positions where they can more fully enhance the member and patient experience as the automation process reverberates throughout your entire organization.
The end result? More satisfied and effectively deployed personnel, more efficient processes, and an enhanced experience. And that is why automation is your gateway to success in healthcare’s digital age.
Want to find out how Routeget Technologies can help you leverage automation to increase efficiencies and open up new opportunities for success in the digital era? Contact us at firstname.lastname@example.org.