March 1 by Sharath Beedu
The landscape of the Healthcare industry seems to be in constant motion. Whether changes are coming from external forces such as the political climate or from the introduction of new technology, the one constant truly is change. Providers and Payers alike should look at this optimistically, as the catalyst for improving processes, efficiency and ultimately, profitability. The top trends that we are seeing emerge in Contract Management for Healthcare starts with an increasing adoption of cloud applications which then leads down the path of self-service and ultimately to intelligent agents.
The concept of cloud computing has been in existence for over 50 years, starting with what J.C.R. Licklider, Director of Behavioral Sciences Command & Control Research at the U.S. Department of Defense, Advanced Research Projects Agency, almost jokingly called an “Intergalactic Computer Network” where he discussed many ideas that exist in todays’ internet: user friendly interfaces, digital libraries, e-commerce, and online banking.
Cloud computing is commonplace today, and has been for many years now. It has enabled hundreds, if not thousands of businesses to utilize technology to speed revenue growth, enhance regulatory compliance, provide rich customer experiences, and much, much more. And yet, adopting the cloud is still a relatively new and different thing for certain industries. As more healthcare companies move to operating in the cloud, concerns over data privacy and compliance with regulations are gaining focus.
For IDNS and Hospitals, cloud-access concern means being able to source and manage a high-quality network of physicians and staff, including managing every aspect of the relationship with complete control and security. Add in self-service capabilities, which allows providers to efficiently onboard physicians and other practitioners, include credentialing criteria as well as manage network affiliations. Through self-service, providers will have access to accurate information, and be able to easily update critical information and improve compliance with regulations. With added business process automation, even contract amendments and acknowledgments can be handled with e-signatures.
For healthcare payers like insurance companies, self-service brings efficiency to onboarding of brokers and agents web portals available 24 hours a day from any device. Brokers can initiate new quotes, negotiate renewals and submit RFPs for new business.
Chat Bots / Intelligent Agents
Artificial intelligence, machine learning and natural language processing have converged in the form of chat bots and intelligent agents allowing healthcare operations to be streamlined with more automation and ease than ever before. For payers, this means connecting critical business processes starting from the broker and inquiry, to assessment, and quote proposal generation, all the way to premium billing and policy renewals. All done through an intelligent agent using a conversational user experience designed to increase productivity, simplicity and efficiency throughout the entire process.
Change in inevitable. How you react to the change defines you and shapes how your business will grow. Apttus Quote-to-Cash solutions can enable your organizations to embrace this change and empower you to grow and thrive during uncertainty. Leading payers, IDNs and hospitals have improved visibility and control over provider onboarding, contracting and claims validation with centralized contracting and provider network management solutions built on Apttus Intelligent Cloud.