It’s time for us to go out on a limb and provide our 2023 Revenue Cycle Predictions.
Punchline:
2023 will be the year that AI and automation have a material impact on healthcare revenue cycle management.
RCM Prediction #1:
There will be multiple acquisitions of revenue cycle AI service companies focused on niches like denial prediction, coding, automated end-to-end RCM, and others by larger RCM players like R1, Optum and Change Healthcare.
RCM Prediction #2:
AI services built on ChatGTP will play a major role in drafting claim appeal letters and other correspondence with payers. These AI-drafted letters will prove successful and give providers a much-needed win against major payers.
RCM Prediction #3:
The severe revenue cycle staffing shortage continues. Health systems and RCM companies are forced to look at technologies like RPA and automation to augment staff.
RCM Prediction #4:
Payers will continue to have the upper hand when it comes to denials. The only way to turn the tide is through targeted analytics and denial prediction before claim submission through AI.
Only time will tell if our predictions are right, but that’s the way we see things shaking out in the world of AI and revenue cycle management.
