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RCM Bots

EqualizeRCM’s RCM Bots: Optimizing Revenue Cycle Management through Intelligent Automation

At EqualizeRCM, we’ve developed ”intelligent” RCM Bots designed to automate and streamline routine tasks throughout the Revenue Cycle Management (RCM) process. Where other companies start with software development, we start with detailed RCM knowledge and infuse it into our custom Bots to deliver a more cost-effective and efficient process for our clients. By leveraging the deep expertise of our teams, we are able to build and maintain more successful outcomes.

Key Areas of Impact for Equalizercm’s RCM Bots

Our RCM Bots provide automation across several key areas of the revenue cycle:

• Benefits Verification and Discovery
  Verifying patient benefits and insurance eligibility is crucial to the success of the revenue cycle. EqualizeRCM’s AVID (Automated Verification and Insurance Discovery) Bot automates this process, ensuring accurate insurance verification at the point of service or post-registration depending on the need. AVID helps reduce claim denials and maximizes the likelihood of proper reimbursement. It also identifies hidden or secondary insurance coverage, reducing the burden of uncompensated care.

• Payment Posting
  Despite modern practice management systems and ERAs, manual payment posting still exists and can be slow and prone to errors, especially when dealing with a mix of electronic and paper-based payments. The AMP (Automated Manual Posting) Bot automates the posting of payments and adjustments by accurately processing both ERA (Electronic Remittance Advice) files that fail the practice management system and manual remittances. AMP Bot ensures faster, more precise posting, allowing staff to focus on resolving truly unique payment issues and other high-priority tasks.

• Claims Status Monitoring and Automation
  Our Claims Status Automation Bot simplifies the tedious process of gaining claim statuses. It automatically monitors submitted claims on a schedule defined by the claims status itself. It then removes claims not needing human follow up while routing those that do to specialized agents based on the claim status. This automation reduces the need for manual follow-ups, speeding up the resolution process and ensuring faster reimbursement.

The Benefits of EqualizeRCM’s Bots

• Improved Efficiency: By automating routine tasks, EqualizeRCM’s Bots free up staff to handle more complex, value-added activities, boosting overall productivity.
• Faster Reimbursement: Our bots reduce claim errors, automate follow-ups, and speed up payment postings, helping healthcare organizations receive reimbursements faster and with greater accuracy.
• Lower Denial Rates: Through real-time eligibility verification, claim scrubbing, and advanced error detection, our bots drastically reduce the likelihood of claim denials.
• Cost Savings: By minimizing the need for manual intervention and reducing the risk of errors, our RCM Bots help lower administrative costs.
• Enhanced Compliance: With built-in capabilities to adhere to the latest payer guidelines and regulations, our bots help you avoid costly denials, audits, and penalties.