San Jose, CA. September 11, 2024
HealthFAX, a leader in AI Powered Revenue Cycle Management (RCM) solutions, is proud to announce the success of its implementation with a key healthcare RCM provider, demonstrating the transformative impact of its innovative RCM technology. A leading global medical billing company, known for delivering RCM services to healthcare organizations worldwide, faced significant operational challenges due to the high volume of daily transactions. The key issues identified were the need to accelerate the medical coding process and to secure real-time prior authorizations to enhance operational efficiency and scalability.
HealthFAX introduced its advanced automated coding solution, specifically designed to streamline ICD and CPT coding. By integrating cutting-edge AI and machine learning, HealthFAX provided accurate and efficient coding for medical procedures and diagnoses, significantly reducing manual errors and improving overall accuracy (92% +) across medical specialties and manual review was required in only about 8-10% of cases.
Additionally, HealthFAX offered a comprehensive automation solution for eligibility and benefits verification, as well as prior authorizations. Leveraging sophisticated algorithms and real-time data integration, HealthFAX enabled the automatic verification of patient coverage, identified necessary prior authorizations, and seamlessly generated all required documentation. This approach dramatically reduced the risk of claim denials and optimized the company's operational scalability, delivering a robust solution to their daily throughput challenges.
HealthFAX delivered a transformative solution by drastically reducing the time required for key processes. With HealthFAX's advanced automated coding system, the time to code a single medical note was slashed from 40 minutes to just 15 minutes. Additionally, the prior authorization process, which previously took 2-3 days when done manually, was reduced to under 3 hours.
This implementation provided several significant improvements to the medical billers existing process, such as:Improved Operational EfficiencyEnhanced RevenueStreamlined Back-Office OperationsFlexible CustomizationsImproved Care Quality
The Director of Engineering & Development for OptraHEALTH, Mr. Nitin Sharma, said, “We're thrilled with the success of this implementation. It presented unique challenges, but through strong collaboration, we were able to solve them efficiently. HealthFAX was already yielding impressive results, but the additional customer data allowed us to fine-tune our models even further and achieve exceptional outcomes.”
About OptraHEALTH : OptraHEALTH is a leading provider of AI based solutions for healthcare. HealthFAX RCM solutions are designed to address the complex challenges healthcare providers face in managing their revenue cycles. By leveraging state-of-the-art technology, HealthFAX helps providers maximize revenue, reduce administrative costs, and enhance patient engagement.
Media Inquiries Contacts:
Dr Ashwin Kotwaliwale || Product Owner
Email: info@optrahealth.com
Phone: +14085245300
Website: www.healthfax.ai || www.optrahealth.com
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