By: Maria Williams
Fellow Health Partners (FHP), a leading medical business solutions company headquartered in New York, hosted a lecture and Q&A session at the Healthcare Business Management Association’s Fall 2024 conference, held on September 17 to 19, 2024, in Austin, Texas.
Drawing on the company’s experience in automating healthcare revenue cycle management, FHP’s CEO Michael N. Brown and COO Ed Berenblum shared their knowledge and engaged attendees through informative conversations on how automation canimprove efficiency in the medical billing cycle. Doing so ensures that all billable services are captured, keeping medical practices financially sustainable for the long term and avoiding costly pitfalls.
According to Brown: “The need for automation in the industry is greater than ever before, given the acceleration of technological advancements. The interval between each Industrial Revolution is shorter than the previous one, and the Fourth Industrial Revolution, characterized by Artificial Intelligence (AI) and machine learning, is already upon us. While many industries have been rapidly incorporating AI technologies into their business models, revenue cycle management is lagging, although it’s starting to pick up pace.”
One critical form of automation revenue cycle companies are adopting is Robotic Process Automation (RPA), which mimics common tasks, such as queries, cut/paste, merging, button clicks, and more, replicating human interactions with technology. According to FHP, RPA allows organizations to allocate their human, financial, and technological resources to more value-added activities while helping the business improve effective service at a lower cost than traditional methods. Implementing this solution can reduce process turnaround time and enhance scalability. The system is designed to accommodate expansion, allowing for an increase in capacity as needed. This flexibility ensures that the infrastructure can adapt to changing requirements and support growth over time.
Brown and Berenblum spoke about the various trends they have observed, including the consolidation of the industry. Larger revenue cycle management companies have acquired most of the middle-sized firms. This hollowing out of the middle results in the big players getting bigger, while small companies do not have the resources or willingness to grow. They also tackled issues such as compliance and the importance of data privacy, especially since healthcare providers are dealing with restricted data and Personal Health Information (PHI). They noted that large systems in the industry are limiting the use of AI due to data security risks. While smaller companies can benefit from AI and automation as equalizers in the revenue cycle industry, they must be aware of the time, financial investment, and knowledge needed to develop and maintain these technologies successfully. They should also use these technologies responsibly, keeping in mind the various compliance issues that may arise.
“Looking ahead, we believe automation will lead to a more streamlined, horizontal structure within revenue cycle management companies,” says Brown. “With automation handling repetitive tasks like data entry and retrieval, the workforce will shift toward more specialized, educated roles. Career advancement will also focus more on quality than quantity, with promotions driven by individual outcomes and problem-solving skills, rather than production volume.”
Published by: Holy Minoza
