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Transforming Patient Billing: Collectly's AI Agent and RCM Integration

Introduction

In an era where healthcare providers face increasing financial pressures, managing revenue cycles efficiently is paramount. Collectly, an innovative technology company specializing in patient billing and revenue cycle management (RCM), has launched an AI-powered platform that not only streamlines this process but also enhances patient engagement. Recently, this platform became available in the Connection Hub on the Epic Showroom, providing seamless integration for thousands of healthcare organizations across the country.

A Game Changer in Healthcare Finance

For over 3,000 healthcare facilities, Collectly’s innovative approach has redefined patient billing by leveraging artificial intelligence. Through its latest integration with Epic, a widely used electronic health record system, Collectly offers a comprehensive solution to the significant challenges faced in the revenue cycle management sector. The simple integration allows health systems, hospitals, and large medical groups to enhance patient collections and automation without disrupting established workflows.

Addressing Revenue Cycle Challenges

Patient responsibility, which represented approximately 5% of total revenue a decade ago, has surged to around 20% today. Projections indicate this figure could reach as high as 30% by the end of the decade. This shift presents substantial challenges for providers who typically lose a significant portion of revenue due to inefficiencies in the collection process. With costs associated with chasing payments and managing overdue accounts soaring, automating the billing process has become crucial. Collectly’s integration with Epic provides a timely solution for these persistent issues, allowing organizations to unify patient data, payment activities, and balance statuses in a single comprehensive platform.

The Innovative Features of Collectly

Dynamic Patient Engagement

One of the most significant advantages of Collectly's Epic integration is its ability to customize the patient billing experience. Instead of sending out standard statements on a fixed schedule, the platform dynamically segments patient populations. This capability enables providers to tailor patient financial journeys according to their unique situations—determining when, how, and what messaging should be used to reach them. The result? Enhanced patient engagement through personalized communication, whether via text, email, voice, or mail, leading to an expedited collections process.

Introducing ‘Billie’ – The AI Billing Assistant

A standout feature of Collectly’s platform is Billie, an AI agent designed to resolve patient inquiries related to billing effectively. Operating 24/7, Billie can handle a myriad of queries related to coverage, payment statuses, and deductibles. This automated solution empowers patients to find answers and take actions—like making payments or setting up flexible plans—without having to wait for human assistance. By handling routine inquiries, Billie allows the healthcare staff to focus on more complex cases, thus optimizing resource allocation within healthcare organizations.

The Benefits of Automating Patient Billing

Kevin Lunn, Collectly's Vice President of Partnerships, notes that adopting an agentic model significantly improves both the patient experience and operational efficiency. With reductions in staffing workloads from automating follow-ups and routine queries, healthcare teams can redirect their attention to patients needing more personalized care. Furthermore, organizations utilizing Collectly have reported remarkable improvements in collection rates, often receiving payments within two weeks—a stark contrast to traditional practices that could take much longer.

Conclusion

As patient billing complexities continue to evolve, tools like Collectly's AI-enabled platform become invaluable for healthcare organizations. With its intuitive integration with Epic, Collectly not only enhances the financial experience for patients but also reinforces the operational integrity of healthcare providers. Collectly's commitment to creating a more transparent and engaging billing process reflects the critical need for continuous innovation in revenue cycle management within the healthcare industry. By bringing AI capabilities to the forefront, Collectly stands as a testament to the transformative power of technology in addressing one of healthcare's most significant challenges—patient billing.