When people evaluate bots, they usually initially look at them as a cost reduction tool. We actually viewed bots the same way when we started. However, one of the things we’ve learned is that, very often, significant bot ROI comes from revenue improvement in addition to cost benefits.
One of the reasons is bots don’t just autonomously perform the same tasks humans do - they often do them better. A bot will do something the same way the first time as it does the millionth time, with no fatigue. Because bots can accomplish so many tasks quickly and error-free, they can increase productivity and prevent things from falling through the cracks. All of this translates to more revenue for your company.
Below are just a few of the way bots can help your company maximize revenue:
Reduce denials for services delivered to clients who were ineligible at the time of delivery.
Handle authorization compliance
Flag appointments where an authorization will be consumed or expire by the time of delivery and then notify providers to re-authorize. As a result, bots help prevent denials.
Find unbilled/underbilled appointments and submit the claims.
Identify clients who have not used all of their authorized services and facilitate a workflow to get them scheduled.
Schedule appointments with minimal downtime/administrative disruption to maximize revenue on a per-provider basis.
Collect patient responsibility
The odds of collection go down with time. Bots can collect patient responsibility automatically to increase receipts.
The bottom line is that most people know what their revenue is, but few really know what it should be. Simple Fractal can help you audit your operations, identify opportunities for automation, and create custom bots to increase your revenue.