As with any other strategic initiative, there is an expectation of a good return on revenue cycle process automation investments. Despite the undeniable benefits of automation, automating the revenue cycle in a complex organization is no small undertaking. Organizational challenges can slow down or impede progress altogether. You might not have the team you need or the budget. In any case, automation is becoming a necessity that all organizations will need to implement soon. We developed a guide to help you through the challenges and pave the way for successful revenue cycle automation.
In this white paper, we cover the stages of automation implementation and the challenges to be expected in each stage. We look at these stages as being critical to realizing the benefits of automation and have defined them as Awareness, Consideration, Implementation, and Maintenance. Additionally, we will provide some useful ways to overcome these challenges and appeal to business objectives.
Achieving immediate gains from the investments in automation requires careful consideration of the capabilities of the solution you choose and the ability of the service provider to implement the solution quickly. While attaining the desired ROI depends on the type of solution and process, typical deployments require higher initial costs. However, the initial charges will progressively reduce as automation adoption in the organization increases.
Organizations can expect to receive at least a 10-20% ROI during the first year of operations. Additional ROI depends on the automation culture within the organization, i.e., the ability to take automation solutions to multiple process groups. In addition, the implementation timeframe should be as short as possible.
Access Healthcare is committed to transforming healthcare processes and reducing administrative costs. Our revenue cycle process automation platform, echo, has many pre-built use cases and point solutions for the front-end, mid-cycle, and back-end revenue cycle.