From spiraling claim volumes to more stringent payer requirements and increasing reporting obligations, today's health practitioners face higher challenges than ever. As a result, diagnostics providers across the country are effectively looking for new revenue streams, improved payer relations, cost-cutting opportunities, and more predictable reimbursement rates. For example, high-quality and carefully designed data sets facilitate improved analytics, and the use of Artificial Intelligence (AI) can expedite the Revenue Cycle Management (RCM) process while also enhancing financial and operational performance. Council for Affordable Quality Healthcare, Inc. (CAQH) used data from medical plans representing nearly half of the US insured population to find that electronic prior authorizations adoption rose by just one percentage point to 13 percent from 2018 to 2019. For years, visionary healthcare providers have been using technology to improve care for people suffering from sleep problems, eye illness, cancer, and now, even COVID-19.

The global pandemic resulted in numerous changes in healthcare, both in terms of practice and behind-the-scenes procedures. As we head into the new normal where technology has become the way of life, healthcare organizations are rethinking their strategies, thus making artificial intelligence (AI) in healthcare and revenue cycle management a hot topic. It is no mystery that revenue cycle management has gotten more challenging. Increased patient financial responsibility, convoluted payer contracts, and the shift to value-based payments are just a few of the factors that make RCM more difficult. AI is no longer just a buzzword in the revenue cycle; it is a strategy leveraged to enhance the efficiency of RCM and the associated outcomes.