More than 66% of Health Systems and Hospitals Use Automation Tools for Revenue Cycle Operations, According to Survey
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 the increasing focus on digital transformation efforts in healthcare has driven the adoption of automation to help manage claims, billing and reimbursement processes. The majority of health systems and hospitals, (more than 66 percent) say they are now using or implementing automation in their revenue cycle operations.
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.
“Automation in the healthcare revenue cycle is no longer an aspirational element of digital transformation efforts — it has become standard practice for the majority of health systems and hospitals,” said Malinka Walaliyadde, co-.founder and CEO of Alpha Health. “COVID-19 has placed many healthcare organizations under intense cash-flow pressure and created volatile claim volumes and workloads for revenue cycle teams. These dynamics are driving more revenue cycle leaders to look to automation to provide flexibility and resiliency in their operations while minimizing their organization’s cost to collect.”
According to the survey, health systems (versus hospitals) are statistically more likely to be currently using or implementing automation tools in their revenue cycle operations. Survey results also show that as the size of the organization increases so does their use of automation tools with the largest healthcare providers, those with $1B – $10B net patient revenues, most actively using or implementing these tools.
Survey respondents were asked, “Does your organization currently use any form of automation, or are you currently in the process of implementing automation in your revenue cycle operations?”
Health systems (versus hospitals) are statistically more likely to have automation in their revenue cycle operations.
Organizations with the highest net patient revenue are statistically more likely to have automation in their revenue cycle operations.
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 healthcare revenue cycle management. 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.akasa.com.