By using prior authorization software with AI and predictive analytics, you can expect approvals in as little as 20 minutes.
With robotic process automation, pre-certifications are authorized and received within a small window, allowing your patients to be scheduled with reimbursement assured.
Pre-certifications can be managed by exception through highly trained specialists that, when coupled with automated approvals, deliver resolution on over 99% of patients.
It has become far too costly in the changing healthcare payment lifecycle to process prior authorizations manually. According to the 2020 Index Annual Report from the Council for Affordable Quality Healthcare (CAQH), only 21% of hospitals and providers have adopted an automated pre-certification process. Continuing to manage healthcare provider pre-certifications, in the same way, is no longer viable.
Recertification requirements mandated by insurance payers continues to be a heavily-criticized endeavor–unnecessarily expensive, burdensome, and contrary to outstanding care delivery and an enhanced patient experience. As an oft-quoted “Health Affairs” article estimates, the annual cost to the healthcare industry is between $23 billion – $31 billion, possibly more.
The Case for AI and Insurance Precertification
Precertification should not be allowed to hinder patient care, but that’s easier said than done. Healthcare providers have historically found the precertification process to slow down patient care and create volumes of manual work for clinical and business staff.
By using prior authorization software with artificial intelligence (AI) and predictive analytics, healthcare providers can expect their same-day appointments approved within four hours and emergency or STAT approvals in as little as 20 minutes.
Conquering Payer Rules
Utilizing robotic automation software with AI and machine learning ensures a system that’s entirely up-to-date and current on payer criteria, rules, and guidelines. This significantly lessens the risk of denied or rejected claims. The corresponding RCM workflow team then no longer needs to use resources on researching, gleaning, and disseminating information to workflow participants—often well after requirements take effect.
Additionally, prior authorization software is seamlessly integrated with each payer’s utilization department and selected Medical Benefit Management (MBM) broker so that the pre-certification process does not get bogged down with middle-man regulations and excess diversions. With AI-supported software, these ever-changing relationships can be tracked, and claims redirected in real-time.
Efficient Medical Records Extraction
When assessing the efficiencies brought by automation, one of the primary benefits of utilizing AI software is the dramatically accelerated extraction of pertinent medical information from the integrated EHR. Error reduction is realized through a variety of ways, including less manual rekeying and reduced misinterpretation from non-clinical staff members.
With routine tasks being automated, vital patient access staff can be redeployed to higher level endeavors that enhance the patient experience; a must in the coming years.
AI and Real-Time Workflow Automation
With robotic process automation, information sharing accelerates. Most pre-certifications are authorized and received within a small window, allowing the patient to be scheduled for their visit with an assurance that their obligations have been addressed with the payer.
For those precertifications requiring further monitoring, automated status-checking optimizes approval time through an established channel with the insurance payer. As outliers are further identified, those precertifications can be managed by exception through a team of highly trained specialists that respond quickly delivering resolution on behalf of over 99% of patients.
When addressing financial viability in today’s healthcare market, healthcare providers around the country are looking to gain actionable insights into financial systems and areas impacting the healthcare payment lifecycle.
The time for a dedicated patient access effort is here. AI-enhanced Prior Authorization+ Software, as offered by Infinx, brings a comprehensive patient access program into play by including insurance verification, patient pay estimation, CDSM, and insurance discovery. Healthcare providers practice excellent patient care–let’s make sure you get the maximum reimbursement for the work accomplished.
Contact Infinx today to schedule a demo that will improve your precertification workflow and ensure that you get approvals to get your patients scheduled without delay.