AI to become widespread in hospital revenue cycle by 2023

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AI to become widespread in hospital revenue cycle by 2023

Press releases may be edited for formatting or style | January 19, 2021 Artificial Intelligence
NASHVILLE, Tenn.--(BUSINESS WIRE)--Artificial Intelligence (AI) will transform the way doctors, hospitals, and healthcare systems identify, collect, and manage their revenue cycle over the next three years as healthcare organizations evolve from day-to-day use to strategic integration within their systems, according to a new study by Change Healthcare. Two-thirds of hospital and health system executives report using AI in some revenue cycle capacity and nearly all expect to be using it within three years. However, familiarity with AI and its impact varies wildly among executives, IT, and revenue cycle leadership—and there are budgetary, security, privacy, and accuracy concerns complicating AI adoption.

These findings and more are detailed in Poised to Transform: AI in the Revenue Cycle, a national study of 200 revenue cycle, IT, finance, and C-suite decision makers commissioned by Change Healthcare (Nasdaq: CHNG) and conducted by market researcher ENGINE Insights. The study polled healthcare executives to understand their knowledge of and familiarity with AI, discover areas for improvement, and learn how the technology is used now and will be used in the future.

“AI is primed to transform revenue cycle management for those providers who understand how to use it strategically,” said Luyuan Fang, PhD, chief AI officer at Change Healthcare. “Providers that close the gaps revealed by this research will be well-positioned to reap financial, operational, and clinical gains from the technology—including improving the end-to-end revenue cycle, claims accuracy, denial reduction, clinical insights, level-of-care prediction, and more. But this potential can only be realized when executive stakeholders are aligned on strategic deployment of AI and how to measure success.”

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The research focused on healthcare executives with decision-making authority from the executive, financial, revenue cycle management, and IT departments at U.S. hospitals and health systems. Key research findings include:

Nearly all U.S. hospitals plan to be using AI pervasively across the revenue cycle within three years. About two-thirds of all respondents (65%) report that they now use AI in RCM (compared to 89% of those in RCM roles), but AI’s application is limited, and rarely spans the end-to-end revenue cycle. While only 12% of respondents consider their AI implementations to be mature today, 35% expect their implementations to be “early mainstream/fully mature” by 2023. By 2023, 98% of healthcare leaders anticipate using AI in RCM, and 81% have conducted a tech evaluation, reviewing AI technology providers, solutions, or software systems aimed at improving RCM processes.

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