Financial/Revenue Cycle Management

But Vik Bajaj, cofounder and CEO of Foresite Labs, says the NIH and associated research-focused programs in the U.S. will always remain a leading funding vehicle for biomedical innovation and training worldwide.

Business school professor Joe Peppard penned a Wall Street Journal op-ed recently, making the case that many companies shouldn't necessarily be investing in AI – because many aren't well-positioned to succeed with it. What about healthcare providers?

Healthcare organizations need to increase revenue while cutting expenses and find ways to personalize the patient experience.

Almost 20% of healthcare workers polled recently said they spend more than 20 hours per month correcting billing errors. Artificial intelligence can help, but adding automation to billing systems is no easy task.

Researchers and developers have announced artificial intelligence tools that aim to shrink the time mental health providers spend on administrative tasks, provide faster triage, support clinical decision-making and improve patient access. 

According to RevCycle Intelligence, more than 36,000 practices were sold to hospitals and corporations between 2019 and 2021. As the costs and challenges of running an independent practice rise and Medicare physician payments drop, it’s becoming more difficult to maintain autonomy.

Collecting patient payments over the phone required multiple billing employees to make calls and was a labor-intensive, slow process. In addition, patients’ parents were often reluctant to share credit card information over the phone.  

Hospitals that are already struggling will lose funding, say the Democratic state treasurers of Republican-proposed cuts.

There’s no easy way to manually keep up with changes in eligibility and coverage. With the right tools, your team can handle eligibility verification for all payers with ease using just one user-friendly interface.