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BPA Automation in Healthcare: Navigating Compliance and Financial Processing
BPA Automation in Healthcare: Navigating Compliance and Financial Processing
Healthcare is one of the most highly regulated sectors. Compliance with all these regulations is essential in all aspects of healthcare, including financial processing, yet it is a challenging and resource-intensive task. Attention to detail, investment of time and money, and careful data management are vital in this field.
Business process automation (BPA) software can streamline financial processes in a variety of industries, and healthcare is no exception. When implementing BPA software in such a highly regulated industry, though, there are additional concerns with compliance to consider.
With the right BPA software automating financial processing, healthcare organizations see significant return on investment. Research supports the benefits of automation in healthcare and other heavily regulated industries, demonstrating that automation improves compliance while streamlining financial processes. Automating can also save money, reduce errors, and help keep Protected Health Information (PHI) secure.
Research on Benefits and Cautions
Research examining the effects of process automation on highly regulated industries, including healthcare, shows significant benefits. One example is Isabella Bryant’s article, “Investigate Techniques for Automating Compliance Checks and Documentation in Highly Regulated Sectors like Finance and Healthcare” (published in 2018 in the International Journal of Artificial Intelligence and Machine Learning in Engineering).
In this article, Bryant argues that automation in healthcare and similarly regulated industries can aid in complying with strict regulations (such as HIPAA) that must be followed for safety and security reasons. The regulations are important, but the high level of accuracy required and frequent updates to regulations make managing them challenging for many organizations. Automation software provides a solution that “can reduce operational costs, enhance regulatory adherence, and minimize risks associated with non-compliance, positioning them to adapt to future regulatory demands more efficiently” (Bryant 2018).
Bryant also highlights concerns that organizations must consider when implementing automation software. In particular, “Organizations must carefully navigate concerns surrounding data privacy, security, and system integration.” They must also make sure that their BPA software solution is adaptable as regulations change, to keep up with new regulatory requirements.
A Real-World Case Study
In “Optimizing Regulatory Compliance: Automation Techniques for Finance and Healthcare,” Tobiloba Kollawole Adenekan presented a case study illustrating the effect of automation in a healthcare organization (published in 2020 on ResearchGate). This case study involved “A leading U.S.-based hospital network” facing the task of “Managing HIPAA compliance across multiple facilities.”
In this case study, the hospital implemented software designed “to automate compliance documentation, reporting, and monitoring.” Adenekan reported that these automation efforts “Improved accuracy in compliance reporting to 99.8%.” It also reduced manual work for employees and set up “real-time alerts for potential violations, mitigating risks before escalation.” For this hospital, automation software resulted in a high level of accurate regulation compliance while lifting the burden on employees.
Streamlined, Cost-Effective Workflows
BPA software supports hospitals, clinics, pharmacies, private practices, and others in the healthcare industry to create efficient financial processing systems that comply with industry regulations and keep PHI secure. In her research, Bryant examined multiple case studies and summarized her findings.
Bryant found that by automating many aspects of compliance checks and documentation, organizations streamlined workflows. Automation replaced much of the routine manual labor associated with compliance, including data entry and preparing for audits.
Streamlining workflow and automating manual tasks frees up finance staff to focus on strategic initiatives like reimbursement optimization and cost containment. Automation also reduces labor costs and operational costs by minimizing the need for manual intervention to ensure compliance.
Improved Accuracy and Monitoring
BPA supports compliance with HIPAA and other healthcare regulations through secure, traceable workflows. With a financial process automation platform, organizations gain improved oversight with real-time compliance monitoring. Machine learning technology (a type of AI built into many BPA software systems) excels at analyzing large amounts of data and detecting inconsistencies, making it much easier for organizations to monitor compliance in real-time and detect issues early on.
BPA software also improves accuracy by eliminating human error. Fewer errors mean reduced legal and financial risks associated with noncompliance. This reduced risk is one of the benefits of automation in healthcare that Bryant highlighted in her article. Noncompliance with healthcare regulations can result in significant legal trouble, fines, and a damaged reputation. By implementing process automation, healthcare organizations have another tool to help mitigate those risks by ensuring continual compliance.
Adaptable, Secure Software Solutions
Data security is one of the central concerns of regulatory compliance in healthcare. Many people worry that digital record-keeping makes private information more vulnerable, but the reality is that software implementation often improves data security. That’s because BPA providers have the expertise and technology needed to secure vital data systems. Just make sure you pick a reliable, established software provider that’s ready to handle the unique needs of the healthcare sector.
You also want to choose a dynamic, customizable software platform. Healthcare regulations are frequently updated and revised, and your organization must be able to adapt to those changes. For the most flexibility, choose a cloud-based Software-as-a-Service (SaaS) platform for your BPA software. It is flexible, able to scale to changing needs, and you can update it much more easily than manual systems.
Here at NextProcess, our HIPAA-compliant intake process and software platforms allow you to process invoices without fear of compromising PHI. With our flexible software platform, you can easily configure special rules tracking pharmaceutical and referral source expenditures to ensure that you’re always in compliance with the latest rules and regulations. Contact us today to learn more and schedule a free software demo so you can see first-hand how our BPA platform can help you create an end-to-end financial processing solution that will help you navigate regulation compliance.
