Technology is having a profound impact on the entire healthcare revenue cycles of everything from large health systems and independent hospitals to large physician groups and small practices alike. The types of technologies vary widely, too, from existing tried-and-true technology that is being reapplied in innovative ways to brand new artificial intelligence solutions that are being invented in near-real time today.
When an eight-hospital system required assistance resolving claim denials, health system leaders reached out to Meduit. After analyzing the issues, the Meduit team leveraged its artificial intelligence (AI) solutions to process coordination of benefits denials in less than 60 days.
To resolve one of the hospital system’s largest denial reasons, the MeduitAITM team developed and released a second application, a targeted Modifier 25 Appeal Process. This application was released within the first 90 days of the contract. The team is developing two additional applications within the next four weeks. These two applications will handle:
In case you missed Meduit’s third podcast of our three-part series, Employing Predictive Analytics to Work Smarter Revenue Cycle Management, you can now download the transcript for easy reference here… and you can still listen to it below.
In this podcast, Jason covers how providers can utilize advanced predictive analytics to:
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Topics: Meduit One
In case you missed Meduit’s second podcast How Web Bots Solve Healthcare RCM Problems, you can now download the transcript for easy reference here… and you can still listen to it below.
In this podcast, Jason Petrasich, Senior Vice President of AI for Meduit, takes you through game-changing tools that are designed to work hand-in-hand with staff to maximize results across the board. By aligning the right tasks with AI and RPA technologies, providers can generate cash faster, increase efficiencies and lower cost.
In case you missed Meduit's premiere podcast Artificial Intelligence Will Save the Revenue Cycle, you can now download the transcript for easy reference here... you can still listen to it below.
In the first podcast of our three-part series, Jason Petrasich, Senior Vice President of AI for Meduit, takes you through best practices of utilizing AI solutions to positively impact the revenue cycle and overcome the financial challenges of today's healthcare environment. Jason covers:
COVID-19 has resulted in an increasing number of patients losing health coverage and hospitals losing revenue associated with uninsured patients. At the same time, more patient encounters qualify for reimbursement than ever before due to the passage of the Affordable Care Act and its impact on Medicaid availability. In addition to Medicaid, there are dozens of federal, state and private programs that cover the uninsured that are not being utilized effectively.
As healthcare providers continue to grapple with the impact of COVID-19, the landscape is beginning to shift into what the recovery phase will look like - both clinically and financially. In the February 2021 edition of Meduit's RCM digital magazine Cycle Up, we focus on opportunities and risks in revenue cycle management, including how to employ artificial intelligence to work smarter and drive cash more efficiently.
Our goal with Cycle Up is to provide compelling information that helps your organization solve today's revenue cycle challenges. Here's an overview of what you'll find in this edition:
Topics: Cycle Up
Meduit’s SARA Family of Web Bots launched approximately six months ago to solve a specific task problem within the revenue cycle for a Meduit client. Her initial task was to retrieve granular status of a claim from a payer via their portal and then report that status back to the patient file.
SARA stands for Supervised Autonomous Revenue Associate. She was built as an autonomous web bot that functions with true machine learning skills. Like all “smart” technologies that leverage artificial intelligence (AI), SARA learns over time, and she is doing so at a faster rate than anticipated while handling more complex challenges.
Since her birth in mid-2020, SARA has gone from one to a dozen applications of her problem-solving AI skills. She completes the work of two to four employees for every 10 working today. For example, with 15 employees working a specific process such as preauthorization or A/R claim status, the addition of SARA to the job would be the equivalent of adding three to six employees to the task.
“In one case study, SARA picked up the work of 10 employees for a single organization and created an annualized value of $500,000 for that provider,” said Jason Petrasich, Senior Vice President of Meduit. “She is able to help generate results faster than ever before by functioning in tandem with staff while absorbing additional workload to keep the momentum going.”
SARA is a revenue cycle game-changer that delivers month after month after month. To date, these are the tasks that SARA has mastered: