AKASA™, the only Unified Automation™ company for healthcare revenue cycle management, released findings from a recent survey highlighting the rapid adoption of automation among hospitals and health systems. The survey found 78% of health systems are currently using or are in the process of implementing automation in their revenue cycle operations – a 12 percentage point increase compared to results of last year’s survey. The findings signify automation in healthcare is no longer an emerging trend but is mission-critical for driving efficiency and cost-effectiveness in revenue cycle operations.
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. The survey also found that 37% of organizations currently not using automation plan to do so this year or sometime in 2022.
“The findings underscore that automation serves as a backbone for healthcare financial leaders looking to streamline complex staff workflows,” said Malinka Walaliyadde, co-founder and CEO of AKASA. “The opportunity going forward for provider organizations is to expand their ambitions and scope for automation. Instead of identifying dozens of small, discrete use-cases and never getting past the first few due to high setup and maintenance costs, leaders should consider solutions that can be deployed rapidly with minimal disruption. The goal is foundational, end-to-end automation for entire functions, driving giant leaps in efficiency.”
Commissioned by AKASA, the survey fielded responses from nearly 400 chief financial officers and revenue cycle leaders at hospitals and health systems across the United States through the Healthcare Financial Management Association’s (HFMA) Pulse Survey program between May 27, 2021 and June 28, 2021. The national survey was designed to assess the adoption of automation in revenue cycle operations at hospitals and health systems across the U.S.
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?
More than 66% of Health Systems and Hospitals Use Automation Tools for Revenue Cycle Operations, According to Survey.
Survey respondents who do not use automation were also asked
Does your organization plan to automate any functions in your revenue cycle operations in the future?
At AKASA, we believe every dollar spent on healthcare matters because healthcare matters to everyone. The only Unified Automation™ company for healthcare, AKASA uses the same machine learning approaches that made driverless cars possible to provide health systems with a single solution for automating revenue cycle operations. AKASA’s unique expert-in-the-loop approach, Unified Automation, combines modern machine-learning with human judgment and subject matter expertise to provide robust and resilient automation. Unified Automation™ adapts to the highly dynamic nature of revenue cycle operations and has been purpose-built for healthcare. AKASA enables health systems to decrease their cost to collect so they can invest more in patient care and be better stewards of the healthcare dollar. AKASA is based in the heart of Silicon Valley. Learn more at www.AKASA.com.
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