Robotic process automation (RPA) uses artificial intelligence to automate routine tasks. Businesses that embrace new technologies like RPA improve productivity and lower costs. With Robotic Process Automation (RPA), organizations can better evaluate their current operations and streamline activities by helping their employees perform medial tasks, assist with intelligent processes, and improve their bottom line.
According to research carried out by Deloitte, ninety-five percent of organizations that have implemented robotic process automation (RPA) say that it has improved productivity. The study also found that 93% of those who have implemented RPA believe it has improved compliance, 81% say it has recused costs and 77% claim it has provided better management information.
DRS Imaging provides software applications for Accounts Payable, Claims Processing, Healthcare, and Finance industries. Our solutions improve your systems, analyze your information, and strengthen your customer relationships. To find out how we can help your business, contact us today for a free assessment.
Why Robotic Process Automation works
The advantage of RPA over traditional robots is its reliance on artificial intelligence and machine learning to adapt to changing circumstances and decisions. Businesses that use RPA technologies can free up their employees to focus on more complicated tasks like project planning, creative marketing solutions, and customer engagement. Robotic Process Automation can handle
- Transaction processing and maintenance
- IT management
- Data research, collection, and recording
- Automated online assistants
RPA in Accounts Payable
The drive to improve Accounts Payable departments has standardized certain processes. With a larger wave of automation across business processes, RPA provides the following benefits:
- Reduce manual labor costs
- Reduce human errors in manual data entry
- Improve cash flow management with accurate information and visibility
- Process invoices and purchase orders faster to avoid late fees
- Prevent fraud through tighter controls and compliance
Working RPA into existing processes is easy to do with any business infrastructure. Although RPA tools provide better speed and accuracy while shrinking costs, integration does not fundamentally change how processes are run. Radical change requires effective management combined with a deep transformation of procedures.
RPA in Claims Processing
Insurance companies deal with a large number of claims every single day. RPA software can help them deliver faster and more efficient services. Since the majority of claim processes are repetitive, RPA can automate multiple operations and workflows, including:
- Manual data input
- Form registrations
- Claim updates
- Policy cancellations
- Compliances and regulations
Saving processing costs is the most common reason why insurance companies convert their claim management tasks to RPA. Automating the majority of claims with RPA allows employees to spend more time researching specific regulations and policies for complex or unique claims.
RPA in Healthcare Payer
Ineffective healthcare systems still depend on unsustainable manual tasks and processes. RPA software improves productivity by automating front office tasks like
- Appointment scheduling
- Account settlement
- Claims management
- Patient onboarding
- Discharge instructions
- Audit procedures
- Prescription management
Implementing RPA systems for medical services provides more value for healthcare payers. With laws, regulations, and procedures updated regularly, RPA software helps healthcare providers adjust to the requirements, and eliminate penalties or fines. HIPAA penalties can range from $100 to $50,000 per violation depending on the nature and severity of the offense.
RPA in Finance & Banking
Banking and financial services are complex systems with several processes running in unison. RPA streamlines services like collections, customer service, underwriting support, opening accounts, deposits, and compliance.
Benefits of using RPA in the banking and financial services industry:
- Scalability – to manage high volumes during peak business hours
- Operational efficiency – making processes faster, productive, and efficient
- Cost-effectiveness – saving on time and labor cost
- Risk and compliance reporting – generating audit trails
- Availability – working 24/7 to complete tasks
Putting an RPA solution in place begins with identifying accurate processes. For banks and financial institutions to benefit from these automation tools, they must review their processes and invest in improvements needed to reach their company goals.
How to Get Started with Robotic Process Automation
DRS Imaging provides a complete line of outsourcing services, such as Document Scanning, Document Imaging, Document Management Software, ECM Software, SaaS Cloud ECM, Electronic Forms, Data Capture, Facilities management, equipment maintenance, and Microfilm service. DRS Imaging also provides turnkey document management systems, document scanners, and OCR & ICR capture platforms.
DRS Imaging is dedicated to helping you improve your business with software solutions, RPA implementation, and digital transformation technologies. Let us help you save time, streamline your processes, and lower your expenses. Contact us today for a free assessment.