Advata, an advanced healthcare analytics software company, introduces a new revenue cycle management (RCM) product called Advata Smart AR. This proprietary software as a service (SaaS) solution enables healthcare providers to improve accounts receivable (AR) management by automating processing and advising staff on the next recommended action. The technology can uniquely look up and process enormous volumes of historical claims data to help AR teams operate more productively, especially while understaffed.
Smart AR is built on a bedrock of industry expertise and leverages predictive analytics to streamline workflows and optimize staff time. The product combines artificial intelligence (AI) and robotic process automation (RPA) to review AR tasks and guide teams on future steps. In 30 days, Advata’s solution can analyze an organization’s data and determine the combination of bots and tasks to prioritize for staff members to get more cash from AR. This review process produces a roadmap that AR teams can implement to increase cash collections by as much as 1%.
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“AR management is often a complex, manual, time-consuming task,” says Corinne Stroum, Advata Senior Vice President, Head of Product. “Smart AR exemplifies how advanced data analytics and automation can transform healthcare management and operations. Our customers use this core technology to make their Accounts Receivable team operate smarter.” To date, Advata’s foundational technology has generated over $500M of net patient service revenue (NPSR) benefit to its customers.
The new AR solution analyzes critical financial information and finds opportunities to increase cash collections. Advata’s prioritized action plan, analytics, and bots increase NPSR, supply actionable financial data, drive decision-making, and automate many AR processes. To learn more, please click here to view our eBook.
Connect with Advata Smart AR product experts at Booth #: 527 during the seventh annual Becker’s Health IT + Digital Health + RCM Annual Meeting from October 4-7 in Chicago, IL.