May 28, 2024 | 2 min read

OpenBots Agentic AI Accelerates Account Receivable Follow-up Process by 50%, Leading to Significant Cost Savings

Industry: Healthcare
Region: Americas
Department: Accounting
Products: OpenBots RPA

50%Faster Claims processing:

Overview

By automating Account Receivable Follow-up process, Revenue Cycle Management (RCM) service providers minimize errors, expedite payments, and efficiently handle high volumes of claims. By leveraging OpenBots RPA, RCM service providers streamline workflows, free up provider’s time, reduces costs, and accelerates the Account Receivable follow-up process. Real-time data from automation helps optimize processes and prioritize claim settlement, ultimately speeding up the Account Receivable follow-up process.

Challenges

The RCM service provider had to review 700 daily no-response claims (for one carrier), causing backlogs and potentially slowing down the Account Receivable follow-up process..
Logging into web applications and manually extracting claim details like paid amount, billed amount, copay, deductible etc. added unnecessary steps, hindering overall processing efficiency for high claim volumes.
The manual process amplified the risk of human error in data entry and account receivable follow-up, especially with such high daily claim volumes.

Let tailored solutions and proven automation strategies level up your RCM.

Solution

Free up SMEs’ hours by automating the Account Receivable follow-up process.
Prioritize critical issues with RPA-driven claim review, ensuring that the most important cases are addressed promptly.
Automate the identification of all no-response claims using OpenBots RPA, freeing up SMEs for complex cases and reducing backlogs for RCM service providers.
Automate repetitive tasks like data entry, claim details extraction, and status updates to reduce human error and ensure accuracy.
Integrate error-checking functionalities to identify inconsistencies and maintain data integrity throughout the automated processes.