It only took ChatGPT five days to surpass 1 million users. Two months later, the generative AI application boasted an impressive 100 million active monthly users, and that figure keeps climbing. Is it any wonder that the healthcare industry has been buzzing about the potential of generative AI? Where is the potential greatest? An August 2023 AMA Survey found that physicians are most enthusiastic about leveraging AI tools to reduce administrative burdens, such as automating prior authorizations. That fits with expert assessments as well. Forbes reported last fall that, “According to a McKinsey analysis, AI-enabled prior authorizations can automate up… Read entire article here
The revenue cycle is the financial heartbeat of any healthcare organization. It encompasses both administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue. At the core of this complex cycle is prior authorization—traditionally a time-consuming and often frustrating process. Automated prior authorization technology represents an opportunity to unlock new revenue potential. Keep reading to see how automation revolutionizes revenue cycle management (RCM) by streamlining prior authorizations and reducing preventable errors that lead to revenue cycle-busting delays and denials. The bottlenecks in traditional prior authorizations Traditionally, prior authorization has created RCM gridlock due to:… Read entire article here
In 1988, December received the designation of HIV/AIDS Awareness Month in the U.S., coinciding with the United Nations’ World AIDS Day on December 1st. Since the peak of the HIV / AIDS epidemic in the 1980s, the CDC says annual infections have declined by more than two-thirds. While the decline represents a significant positive trend, roughly 1.2 million Americans still live with HIV. More unfortunately, new infection rates highlight ongoing health inequities. For example, the CDC notes that: African Americans (12% of US population) account for 40% of new HIV infections Hispanic/Latinos (18% of US population) account for 29% of… Read entire article here
As healthcare continues its value-based care (VBC) journey, the need to optimize inefficient administrative processes remains acute. Prior authorization software offers a clear path, helping providers cut through the time-consuming maze of manual efforts with a streamlined, automated process. How does leveraging a unified platform for medical and pharmacy prior authorizations support value-based care? Pandemic a catalyst for VBC momentum Unlike traditional fee-for-service (FFS) models, value-based care focuses on patient outcomes and rewards healthcare providers for efficiency and effectiveness. And, based on new data recently reported by RevCycle Intelligence, adoption of VBC models is climbing. The article notes, “Over half… Read entire article here
