Technology Intellect and RCM Automation Accessibility
Last week, Derek Shaw, Invicta’s President, addressed the audience at the HFMA’s West Virginia Chapter Spring conference with a presentation focused on making technology and automation accessible in the Revenue Cycle Management process.
As Invicta’s President and a revenue cycle technology visionary, Derek leads the Company’s product development such as: Robotic Process Automation (RPA); Artificial Intelligence (AI) solutions; application programming interfaces (API); and interoperability design. He also plays a significant role in fostering connection between technology and human capability.
We asked Derek to share current industry insights, augmented by highlights from his recent presentation.
What are you seeing in the industry and in your own work these days?
In the 1971 film Willy Wonka & the Chocolate Factory, Gene Wilder had one of my favorite quotes as he corrected Veruca Salt’s disbelief in snozberries, “We are the music makers, and we are the dreamers of the dreams.” More than at any point in my past 20 years in healthcare, this quote finally applies to our industry today. Imagination and creative process have brought the emergence of artificial intelligence to the forefront of revenue cycle, guiding teams with fresh insights on how to be more successful. A few years ago, our message to our leadership and workforce was to strap on seatbelts and prepare for traveling at the speed of imagination. We knew then that the synergies we were developing with our own resources and through strategic partnerships with other tech-forward companies would change how we served our clients.
How can we approach this avalanche of change?
The challenge for many industry leaders is knowing where to begin their organization’s journey into this technological transformation. In my presentation last week, I touched on a few key subjects that are driving how we move Invicta forward and that I know help our clients and others to see that future. First, a review of the RCM workflow tech journey and how we arrived where we are today. Second, the power of both structured and semi-structured data. And third, the process of coaching tenured and new talent through what we can call “Invicta Technology Intellect.”
What is your interpretation of the workflow tech journey?
In the simplest terms, no one wants to be reminded of how we used to do things. We look at keystrokes – whether they are virtual or actual. How many steps did it take to get from the beginning to the end of a workflow process in the past? Which steps were or can be re-engineered in future through robotic process automation (RPA) and artificial intelligence?
We can break this into three central components: Process improvement analytics; Predictive models for cashflow; and Efficiency models for workflow. We must be dedicated to automating processes. For Invicta, our RPA technology has completely changed the way we do work. And it has yielded immense ROI for us in solutions such as claim status, patient eligibility, and out-of-state Medicaid billing.
Where does captured data fit in the revenue cycle picture?
Technology is the biggest interrupter to the status quo, and data is the cornerstone of productivity. I touched on this last year in our discussion on productivity. Managing, sharing, and interpreting data allows us to help our clients look ahead and see where we are going tomorrow, as opposed to what is happening today or yesterday in the rear view mirror. Well-harnessed data creates empowered and satisfied providers.
Our CEO Donny Zamora is known for saying that we should “challenge what IS.” We rely on Artificial Intelligence to analyze gross amounts of data for decision-making. The adoption of RPA to emulate tedious and repetitive tasks has opened the door to new efficiencies. I must tip my hat here to our partners in Information Technology. The dark days should be officially over for traditional enrollment operations. If they aren’t, talk to us.
What do you mean by the term “Technology Intellect”?
Fostering a culture of progressive innovation and technology is what many companies want to achieve and where most fail. Executive alignment coupled with training and education chip away at challenges and resistance. There is only one best path for each organization, and factors like fear of the unknown, skillset misalignments, research and development roadblocks make it more difficult. When we coach our team members on ways to reason and understand abstract matters objectively through the lens of what could be, we are actively cultivating talent that connects the best of human capabilities with the progression of technology. Our executives get so excited when we see that transformation occurring.
Contact info@invictahs.com today for more information on our capabilities.
LEARN MORE
Last week, Derek Shaw, Invicta’s President, addressed the audience at the HFMA’s West Virginia Chapter Spring conference with a presentation focused on making technology and automation accessible in the Revenue Cycle Management process. As Invicta’s President and a revenue cycle technology visionary, Derek leads the Company’s product development such as: Robotic Process Automation (RPA); Artificial Intelligence (AI) solutions; application programming interfaces (API); and interoperability design. He also plays a significant role in fostering connection between technology and human capability. We asked Derek to share current industry insights, augmented by highlights from his recent presentation.
What are you seeing in the industry and in your own work these days?
In the 1971 film Willy Wonka & the Chocolate Factory, Gene Wilder had one of my favorite quotes as he corrected Veruca Salt’s disbelief in snozberries, “We are the music makers, and we are the dreamers of the dreams.” More than at any point in my past 20 years in healthcare, this quote finally applies to our industry today. Imagination and creative process have brought the emergence of artificial intelligence to the forefront of revenue cycle, guiding teams with fresh insights on how to be more successful. A few years ago, our message to our leadership and workforce was to strap on seatbelts and prepare for traveling at the speed of imagination. We knew then that the synergies we were developing with our own resources and through strategic partnerships with other tech-forward companies would change how we served our clients.
How can we approach this avalanche of change?
The challenge for many industry leaders is knowing where to begin their organization’s journey into this technological transformation. In my presentation last week, I touched on a few key subjects that are driving how we move Invicta forward and that I know help our clients and others to see that future. First, a review of the RCM workflow tech journey and how we arrived where we are today. Second, the power of both structured and semi-structured data. And third, the process of coaching tenured and new talent through what we can call “Invicta Technology Intellect.”
What is your interpretation of the workflow tech journey?
In the simplest terms, no one wants to be reminded of how we used to do things. We look at keystrokes – whether they are virtual or actual. How many steps did it take to get from the beginning to the end of a workflow process in the past? Which steps were or can be re-engineered in future through robotic process automation (RPA) and artificial intelligence? We can break this into 3 central components: Process improvement analytics; Predictive models for cashflow; and Efficiency models for workflow. We must be dedicated to automating processes. For Invicta, our RPA technology has completely changed the way we do work. And it has yielded immense ROI for us in solutions such as claim status, patient eligibility, and out-of-state Medicaid billing.
Where does captured data fit in the revenue cycle picture?
Technology is the biggest interrupter to the status quo, and data is the cornerstone of productivity. I touched on this last year in our discussion on productivity. Managing, sharing, and interpreting data allows us to help our clients look ahead and see where we are going tomorrow, as opposed to what is happening today or yesterday in the rear view mirror. Well-harnessed data creates empowered and satisfied providers.
Our CEO Donny Zamora is known for saying that we should “challenge what IS.” We rely on Artificial Intelligence to analyze gross amounts of data for decision-making. The adoption of RPA to emulate tedious and repetitive tasks has opened the door to new efficiencies. I must tip my hat here to our partners in Information Technology. The dark days should be officially over for traditional enrollment operations. If they aren’t, talk to us.
What do you mean by the term “Technology Intellect”?
Fostering a culture of progressive innovation and technology is what many companies want to achieve and where most fail. Executive alignment coupled with training and education chip away at challenges and resistance. There is only one best path for each organization, and factors like fear of the unknown, skillset misalignments, research and development roadblocks make it more difficult. When we coach our team members on ways to reason and understand abstract matters objectively through the lens of what could be, we are actively cultivating talent that connects the best of human capabilities with the progression of technology. Our executives get so excited when we see that transformation occurring.
Contact info@invictahs.com today for more information on our capabilities.
LEARN MORE