We’re back at Olive HQ after an invigorating week at Becker’s 4th Annual Health IT & Revenue Cycle Conference. We spent time with over 300 Rev Cycle and IT executives in Chicago. Through our conversations, one thing is clear – top hospital systems and executives are actively seeking to determine artificial intelligence and RPA’s (robotic process automation) place in their organizations.
Hospitals are forecasted to spend over $50 billion dollars on AI related technologies by 2020, according to Healthcare IT News. Yet, many are only beginning their evaluation of AI. So what are these leaders saying about AI and automation in healthcare? Here are five key insights we identified from our conversations with them:
1. 58% of revenue cycle and IT executives are simply trying to understand the hospital applications of AI and whether it makes sense for their organization
2. Healthcare organizations are looking for AI to capture missing revenue, increase accuracy of patient information captured and help with new tasks & processes
3. AI still doesn’t feel “easy” or “accessible” to healthcare executives. There are lingering questions on reliability, ROI, and organizational fit
4. Leaders in Healthcare believe the best applications of AI across the Revenue Cycle are eligibility checks, prior authorizations and claims processing
5. AI and Automation is poised to provide the quickest ROI when matched with repetitive, high volume tasks across the Revenue Cycle
Wondering how you can apply AI and RPA successfully in your organization? As a healthcare-exclusive AI and RPA company, Olive can help you identify the right approach to applying AI in your hospital. Start here with us today.