Studies estimate that the Healthcare industry collectively spends a stunning $2.1 billion each year on poorly performed and error-prone manual tasks around provider data management alone! Likewise, insurance companies spend somewhere between $6 million to $24 million annually to rectify poor provider data quality.
The systems in the Healthcare domain that can benefit from RPA are highly inefficient, so much so that it has started impacting every aspect of the industry. From PDM and claims operations to customer support and billing. Every manual process has inefficient functioning, errors, and inaccurate data transfer.
Even though we can anticipate the financial losses occurring due to operational inefficiencies, it is hard to ascertain the exact costs when considering the inefficiency caused when these systems are not automated. This means that the actual value can be much more than our expectations.
Many research reports have revealed that in the following decade, more than 50% of the interactions will be automated through RPA. This also means that Healthcare and other providers that don’t keep up with the industry trends will face financial downfall eventually. Their customer loyalty will reduce, customer experience will decline, and competitive advantage will suffer.
Ineffective Healthcare systems still depend on manual tasks and processes, which are unsustainable and weak. Robotic Process Automation in Healthcare can reduce unproductive processes and tasks by automating complex actions based on judgment. RPA can further offer a seamless execution of front office tasks such as:
- Billing and enrollment
- Claims management
- Finance and revenue functions
- Data management
- Administrative actions