While the healthcare industry has grown leaps and bounds in delivering advanced medical treatment and care to its patients, it still has a lot of ground to cover in maximizing revenue capture, mitigating missed charges, and improving bottom lines. With the massive growth of digital data, hospitals have invested heavily in solutions that claim to be powered by Machine Learning (ML) technology. But in reality, they are rule-based and misleading! With a rule-based approach, coupled with audits, the entire revenue cycle system becomes resource-intensive, expensive, and continues to miss charges yet to be identified or codified as rules.
With missed charges being a widespread challenge across the healthcare industry, there’s an urgent need for innovative, cutting-edge solutions to recover the billions of dollars typically lost yearly. The current state of the healthcare industry, with high costs and limited labor, makes this an opportune time to stop missing legitimate charges. That's where ML can help hospitals look across staggering amounts of data, analyze patterns and look at outliers to deliver extraordinary insights. State-of-the-art technology today allows scanning of the entire revenue cycle, covering administrative and clinical operations that capture and manage patient services revenue. As a result, they navigate the complexities of billings, coding mistakes, insurance claims, payer denials, and the collection process to identify missed charges and plug unnecessary revenue leakages.
At ElectrifAi, we call this Consequential Ai!
Yes, that's right! Not months or years, but in 6-8 weeks. RevCaptureAi harnesses the power of ML and AI to analyze data from disparate hospital and physician systems to uncover anomalies and draw insights to maximize revenue capture. It helps achieve operational excellence by identifying potential sources of the leaks and then fine-tuning the processes to avoid such leaks in the future.
No more reinventing the wheel. No more heavy investments from scratch that yield results after several iterations. No more replacing your existing systems with a new one that doesn't guarantee a predictable outcome. RevCaptureAi's pre-built, containerized capabilities make it easy to deploy and can be implemented on-premises or hosted as a service while supporting leading EHR or EMR software. The model prioritizes predictions for revenue realization using payer contract data and historical payments data. Every dollar invested in the solution typically yields 8X in return.
What's more—it has an intuitive, modern, and aesthetic user interface, giving a smooth and seamless user experience. Its highly customizable dashboard enables users to access, slice and dice, and analyze data to draw comprehensive, meaningful, and actionable insights to power your operations.
ElectrifAi: US' leading ML solutions provider
ElectrifAi is one of the US' leading ML solutions providers, with an extensive library of pre-built ML solutions enabling our clients to capture tangible benefits quickly. We work with the C-suite to understand and solve business problems through data and machine learning in diverse industries such as Higher Ed, BFSI, Life Sciences, Hospitality, Retail, Chemicals, Oil & Gas, Telecom, Insurance, etc. The insights generated by our ML solutions, such as HigherEdAi, SpendAi, ContractAi, HospitalityAi, RevCaptureAi, and InspectionAi, have helped our clients realize savings in 6-8 weeks.
Our solution does not require investment in a new platform or infrastructure. Instead, we leverage the data existing in your system to power the ML models to deliver business outcomes.
We are the last-mile solution that sits on the top to solve specific business problems and bring about savings. Contact us to learn more!