In part 1 of this series, Robotic Process Automation Revolutionizes the Healthcare Revenue Cycle, we examined how Advantum’s Robotic Process Automation (RPA) achieved efficiencies in automating the processes for submitting and following up on claims. In this post, we look at the advantages of our automated reporting.
Advantum is leading the healthcare industry in the use of Robotic Process Automation in revenue cycle operations and medical credentialing verification processes. RPA automates repetitive, high-volume, rule-based processes to shorten cycle time, improve efficiency, reduce errors, and streamline operations. Using BOTs (robots), our technology efficiently aggregates information across multiple data sources and integrates third-party tools with no need for expensive interfaces.
Advantum Health understands the importance of accurate reporting and analytics to effectively measure success for both our clients and our company. To that end, we leverage bots for our clients to create custom dashboards that reflect their organization’s most important metrics. Additionally, Advantum utilizes an internal Management Dashboard to track and trend our performance and staffing as a company.
Custom Client Dashboards include:
- Key Performance Indicator (KPI) Dashboard
- Detailed KPI Dashboard
- Statistics Dashboard
- Charges Dashboard
- Payments Dashboard
- Denials Dashboard & Trends
- A/R Summary Dashboard & Trends
- CPT Trend Analysis
- Patient Dashboard
Payment Velocity Reports
Advantum Health’s payment velocity report tracks daily collections for each organization against the predicted collections (calculated using historical charge data and payer payment trends). Measuring actual against expected payments allows Advantum staff to recognize potential cash flow issues or specific payer issues for a client. At the start of the month, this model predicts the collections for that month for each customer, allowing benchmarks to be developed for performance.
Advantum Health Management Dashboard:
- KPI Summary by Client
- Monthly & Yearly Reports by Client
- Employee Mapping & FTE Utilization
Using BOT technology, Advantum reduces manual effort by 23% for checking No-Response Claims.
Advantum relieves physicians of administrative burden by managing credentialing and provider enrollment tasks. We also use bots to manage Licensing and Sanction check, which are part of credentialing, which typically earns an ROI of roughly 75%. This automation allows physician offices to focus on managing patient care rather than managing paperwork associated with billing for medical services provided to patients. BOTs help reduce or eliminate much of the repetitious work and liberate the most valuable industry assets, human intelligence.
Bots are not a cure-all, but they are proving to be a treatment for the industry’s poor efficiency symptoms.
Advantum is excited to provide our customers access to revenue cycle solutions that include this industry-leading technology. We anticipate continuing to rollout RPA across additional processes in 2019 and expand machine learning technologies later this year.