The Financial Potential of Workflow Automation
Cutting costs in the medical industry is a topic of much discussion, but little action when it comes to a patient-by-patient process. With the most recent data, experts agree that there could be a huge payday coming simply through focusing on the concept of workflow automation.
What would workflow automatic mean for operation in the industry?
There is already automation in the medical industry, of course. This has helped save approximately $120 billion already. With the addition of more automation, it’s estimated that an additional $16 billion could be added to that number.
How would automation be best used for ROI?
To be as effective as possible throughout the entire medical industry, the use of automation has to be focused on where it’s actually needed, and considered to be most valuable as far as time, manpower, and ease of use. Studies and statistic report the following for workflow automatic in the medical industry itself:
Authorization protocols have the lowest rate of automation: To date, only a scant 21% of medical plans offer fully electronic transactions, meaning there is time and effort wasted through the need for administrative work, including verifying coverage, claim submissions, etc. By prioritizing workflow automation in these areas, authorization will happen faster, easier, and streamline the experience on both sides.
Administration has plenty of potential for cutting costs: Automation can take the strain off of many in the world of administrative roles. For example: the completion of common business transactions (namely, sending or receiving payments), verifying insurance coverage (especially cost-sharing), prior authorization verifications, submitting claims and requesting (and inputting) supplemental information. By switching these “paperwork jobs” to automated equivalents, it can help cut administrative waste in both physical supplies as well as manpower hours.
It’s worked before: Those in leadership positions who use workflow automation at every opportunity share that it’s one of the best ways to reduce stress on the system and also make sure that the information changing hands from insurance systems to patients, and back, is as accurate as possible for the best effect. Saving stress, time, and large amounts of money, it’s critical for the industry to survive in the digital world.
Savings are a positive impact of workflow automation
While there are some who feel as though automation will eliminate job positions for admin workers, the reality is that it will improve the administrative system on both sides, and all result in savings for those on both sides. The less work and supplies used, the better the rate, after all, since those costs won’t need to be budgeted in.
For providers, those savings are expected to be just shy of $30 per encounter. FOr plans, that would be a little shy of $14 per encounter. These costs will help lower premiums, etc in an already expensive industry.
Full workflow automation is already popular in medical services such as dental providers and this is going to increase as more become aware of just how much it can save them, both monetarily and in stress and efforts.
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