Healthcare has long been a hotspot for new technologies and innovations, as cutting-edge devices and techniques are constantly enhancing care. But technology is improving healthcare outside the operating room as well. One of the biggest examples of this is the development of revolutionary new revenue cycle management software that automatically and intelligently optimizes RCM and claim reimbursement processes – a revolution being led by Medical Advantage’s partner, Ascent Healthcare.
Ascent’s Revenue Cycle Management Software
Ascent’s unique software is groundbreaking in that it uses machine learning to optimize and improve workflows related to billing and coding, revenue cycle management, and claims reimbursement. The software uses pattern recognition and a technique called Robotic Process Automation to look at how claims are approved, denied and processed.
The program then uses this data to continually improve the way claims are handled throughout the process – resulting in fewer touches to resolution, more efficient workflows, an elimination of costly labor, and increased returns on reimbursements.
“Through leveraging of machine-learning and artificial intelligence, we have built a platform that virtually eliminates about 65-70 percent of the humans within the Revenue Cycle Process,” said Bill Stone, Executive Vice President of Ascent Healthcare. “It’s like a self-driving car.”
While billing, coding and RCM have long been important topics – they have become even more important in the wake of COVID-19. With the pandemic depressing revenues, practices have been looking to get as much money as possible out of their reimbursement workflows.
Optimizing Practices RCM Workflows
Many practices have realized the how devastating it can be for revenue when coding staff and resources are out of office and less available. Ascent’s software tackles both these problems – by boosting revenue and establishing a centralized coding AI “mastermind” that’s always available and always improving. And the fact that it’s always learning and recognizing means that the software will work just as effectively for organizations large and small – as it tailors to their unique needs and workflows.
Further, with Ascent’s software being integrated with the expansive service and consulting offerings of Medical Advantage – including EHR optimization, performance and analytics dashboarding, private equity advising, telehealth advising, MIPS & MACRA consulting and more – users of the program will also have access to a range of services and solutions aimed at improving care quality and patient outcomes in-practice.
“We are so pleased to have partnered with Medical Advantage, and for the opportunity to partner with a professionally organization delivering services to thousands of physicians,” said Stone. “We’re excited for 2021, and for the opportunities thereafter.”
Medical Advantage, along with the overall resources of the TDC Group, can help your organization achieve peak efficiency and optimize RCM workflows. To find out more about Ascent’s software and Medical Advantage’s further service offerings, contact one of our coding experts today.