A new white paper explores the implications of automation.
CHICAGO – February 3, 2023 – The American Health Information Management Association (AHIMA) and Nym released the Revenue Cycle Management: Connecting Technology, People, and Processes white paper today. A panel of health information (HI) and revenue cycle management (RCM) experts met to explore the implications of revenue cycle automation, assessing the impact on clinical and non-clinical workflows and future use cases.
According to an article in JAMA, administrative costs account for up to 25 percent of US health expenditures, and medical billing and coding are among the top drivers of these expenses. Chronic medical coding challenges and RCM staffing shortages have forced healthcare organizations to identify time- and money-saving solutions that also ensure coding accuracy and compliance.
Autonomous coding technology has emerged as a new solution that solves many of the challenges healthcare organizations and HI professionals face. Such solutions, which automate the medical coding process, carry minimal risk, the panel states, as the level of coding accuracy meets or exceeds that of manual coding.
“Revenue cycle leaders trying to make a case for revenue cycle automation should conduct a coding productivity assessment to identify their unique needs and challenges in this increasingly complex healthcare environment,” said Keith Olenik, AHIMA chief information officer.
The white paper uncovered three key findings to help healthcare organizations make a case for revenue cycle automation:
The panel recommends that organizations conduct periodic audits of their automation technology to ensure it consistently delivers high-quality results and to make necessary updates to address changing payer and regulatory requirements.
AHIMA is a global nonprofit association of health information (HI) professionals with more than 71,000 members and more than 100,000 credentials in the field. The AHIMA mission of empowering people to impact health® drives our members and credentialed HI professionals to ensure that health information is accurate, complete, and available to patients and providers. Our leaders work at the intersection of healthcare, technology, and business and are found in data integrity and information privacy job functions worldwide.
Nym is the leader in transforming clinical language into actionable information, which can remove inefficiencies that add billions to the cost of care. By combining industry-leading technology with clinical expertise and a deep understanding of medical language, Nym is able to accurately decode medical charts in a way that is fast, explainable and compliant. The Company’s innovative solution for revenue cycle management (RCM) takes provider notes within patient charts and translates them into accurate diagnostic and billing charge codes, all within a matter of seconds and with zero human intervention. Along with over 96% accuracy, Nym’s RCM solution delivers audit-ready, traceable documentation for every code it generates, ensuring total visibility into why each code was assigned. The Nym solution can be quickly deployed and scaled based on volume and workflow needs, easing administrative burdens and allowing clinical teams to spend more time focused on patient care.
Based in New York City with R&D capabilities in Tel Aviv, Nym is building an interdisciplinary team of specialists including technologists, physicians, mathematicians, computational linguists, engineers, medical coders and more. Investors in Nym include Addition, GV, Bessemer Venture Partners, Dynamic Loop Capital, Tiger Global, Zach Weinberg and Nat Turner. To learn more about Nym, visit nym.health.