ElectrifAi uses machine learning (ML) and natural language processing technologies to transform how organizations operate. One of the most powerful applications of these technologies is in helping businesses find and recover revenue.
One recent ElectrifAi client used the ElectrifAi solutions to fix major issues with revenue leakage.
The client, a small regional hospital system, had limited resources to address the revenue leakage problem. The hospital system’s existing solution did not yield good results with a high percentage of false positives. The high costs of these resources led to millions of dollars squandered in lost net revenue.
ElectrifAi deployed a global model that worked with other hospital system information. The initial work helped identify missed charges. Next, ElectrifAi worked with hospital system staff to identify challenges in the billing system processes. Adjustments to various thresholds were made as a result.
ElectrifAi also provided user-friendly dashboards that give insights into potential issues in various areas and can be used to help educate users across departments.
The results were significant. The ElectrifAi solutions helped identify more than $14 million in confirmed missed charges after analyzing 100 percent of all outpatient accounts. The hospital system also was able to create and deploy automated pre- and post-bill processes to identify revenue at every stage of the billing lifecycle.
Revenue Capture Solutions Result in Significant Financial Gains
Missed revenue can have multiple impacts on hospital systems and other companies. First, there is the financial impact of lost revenue opportunities. In addition, when revenue clawbacks are deployed, customers and clients can be frustrated and distrustful, resulting in lost business.
There are also compliance issues if regulators hone in on faulty systems and processes. In short, revenue shortfalls can have a significant impact on an organization’s bottom line.
With ElectrifAi’s RevCaptureAi, companies can begin to recapture lost revenue in weeks. Using machine learning-powered technologies, RevCaptureAi helps capture missed charges, improve the integrity of revenue cycles, and ensure compliance.
ElectrifAi revenue solutions allow companies to predict, find and capture claims the first time with machine learning. The self-learning technologies improve over time, with more revenue success through the consumption of more data and more interactions with users.
Compliance audits will go smoother with ElectrifAi revenue tools. Operational and clinical areas will receive high marks and there will be better documentation and metrics to support enhancements that keep regulators satisfied.
RevCaptureAi is easy to deploy and can be installed on-premises or as a cloud-based service. The solution is compatible with leading electronic health record (EHR) and electronic medical record (EMR) providers without any hidden costs or ongoing consulting needs.
Data today comes from multiple sources. RevCaptureAi can function effectively with structured, unstructured and scattered data.
The results are significant and immediate. Most organizations begin to realize 2 percent to 4 percent savings within 6-8 weeks of use. RevCaptureAi offers flexible business options, either as a subscription or gain share model. Revenue is a critical area of focus for any organization. With adaptable, learning technologies that improve over time, you can stop revenue leaks and maximize profits