Specialization matters in revenue cycle automation according to hospitals and health systems of all sizes
SOUTH SAN FRANCISCO, Calif., Sept. 24, 2020 /PRNewswire/ -- Alpha Health, the first Unified Automation™ company for revenue cycle management in healthcare, released results of a national survey designed to assess adoption of automation in revenue cycle operations at health systems and hospitals across the U.S. Results demonstrate that more than 90% of respondents believe automation tools should be designed specifically for revenue cycle management in healthcare.
The survey was commissioned by Alpha Health and conducted through the Healthcare Financial Management Association's (HFMA) Pulse Survey program. The survey was fielded between May 19, 2020 and June 22, 2020 among 587 chief financial officers and revenue cycle leaders at hospitals and health systems across the United States. The survey has a confidence level of 95 percent with a margin of error of plus or minus 5 percent.
"Managing the revenue cycle at health systems and hospitals is complex, resource intensive and difficult to scale. Traditional automation tools are generalized, lacking specificity for healthcare claims processing," said Malinka Walaliyadde, co-founder and CEO of Alpha Health. "We recognized that a cross functional team and good processes would only take us so far. To develop new and truly innovative solutions we intentionally built a 'bilingual' team of machine learning PhD engineers and revenue cycle experts who teach each other about their respective domains. The result is a team of experts who naturally speak both 'languages' - machine learning and revenue cycle operations - bringing unique and meaningful insights to our approach and product development."
According to the survey, the majority of respondents, regardless of organization type or size, feel it is important or extremely important for automation tools to be designed specifically for revenue cycle management in healthcare.
Survey respondents were asked, "When evaluating automation tools for revenue cycle operations, how important is it for those tools to be designed specifically for revenue cycle management in healthcare?"
Not important at all
"The technology and approaches of the past two decades have failed the financial leaders in healthcare working to ensure the American healthcare dollar goes as far as possible," added Varun Ganapathi, co-founder and CTO of Alpha Health. "Alpha Health is singularly focused on solving the challenges of automating healthcare revenue cycle operations in fundamentally new ways. Revenue cycle leaders have been forced to cobble together a patchwork of solutions that often don't integrate with one another and only automate a portion of revenue cycle processes. Other general solutions, such as robotic process automation (RPA), are great for simple, discrete tasks, but often fail quickly in the highly complex and dynamic nature of healthcare, leaving hospitals and health systems stuck with a trail of broken bots and blown budgets."
Alpha Health's Unified Automation™ solution operates within healthcare systems' existing electronic medical record and billing systems to automate revenue cycle operations such as eligibility, prior authorization, claim status, and denials management, among others. Our unique approach unifies proprietary machine-learning technologies with human judgment and subject matter expertise in healthcare revenue cycle operations. If complexities or exceptions arise, our inhouse team of revenue cycle experts are notified to triage the issue and resolve it real-time while our solution learns from the actions they take. Continuous learning is built in, providing peace of mind, always.
About Alpha Health
At Alpha Health we believe every dollar spent on healthcare matters because healthcare matters to everyone. The first Unified Automation™ company for healthcare, Alpha Health uses the same machine learning approaches that made driverless cars possible to provide health systems with a single solution for revenue cycle management (RCM). Alpha Health's proprietary Unified Automation™ technology operates within a healthcare system's existing electronic health record and revenue cycle infrastructure. Alpha Health's Unified Automation™ brings together the best of people, data and technology to efficiently, accurately and autonomously navigate the complex state of medical reimbursement in the United States. This enables health systems to reduce their cost of care and be better stewards of the healthcare dollar. Alpha Health is based in the heart of Silicon Valley. Learn more at www.alphahealth.com.
Head of Corporate Communications
View original content to download multimedia:http://www.prnewswire.com/news-releases/more-than-90-of-financial-leaders-at-health-systems-and-hospitals-say-automation-tools-should-be-purpose-built-for-healthcare-revenue-cycle-management-according-to-survey-301137286.html
SOURCE Alpha Health