Billing Company Adopting AI and RPA

Billing Company Adopting AI and RPA

Does it take your company a while to jump on new technology trends? Are your revenue cycle automation systems outdated and highly reliant on people? It might be time to rethink your strategy. This blog details why…

Watch this video to learn about the technology adoption lifecycle curve and how when you adopt new technology impacts the success of your company.

The Technology Adoption Lifecycle Curve

The technology adoption lifecycle curve is, essentially, a model describing how new products or innovations are adopted or accepted. Regardless of the benefits of new technology, not everyone immediately adopts it. People accept and adopt new technologies in different phases, broken down into 5 categories:

Innovators

The innovators are the first people who adopt new technologies. They tend to be risk-takers who like trying new things.

Early Adopters

The early adopters are the second people to adopt new technologies. Their opinions generally make an impact on those around them. They pay attention to what’s coming and the information backing it and make their decisions quickly but not hastily.

Early Majority

The early majority is, essentially, the group of people that waits to see how everyone else likes it and then signs up. The early majority takes longer to sign up and is slower to adopt, and aren’t often in positions where their opinions impact those around them.

Late Majority

The late majority could also be called skeptics. They come to the party late, adopting a new technology after the majority of people already have. 

Laggards

The laggards are the very last category to adopt innovations. They have, generally, a strong aversion to change.

Okay, so why does this matter for revenue cycle management companies? Let’s say you’re a billing company, or you’re outsourcing to a billing company that isn’t AI and automation-enabled. But your competitor is. They’re operating faster, with higher margins and fewer employees. Plus, they’re getting better and better customers because those customers are looking for technology that you don’t have. You’re not an early adopter, but it’s time to become one.

The new AI and RPA tools emerging on the market will only be new for so long, and if you don’t get in soon, you’re risking being in one of the last three categories. Resisting the switch to AI and automation is risking going out of business in the next 5 years, while your competitors rise to the top.

Check out this free guide for reducing labor costs department by department today!