One such breakthrough product is reforming healthcare revenue cycle management for doctors. Claimocity has designed the first and only all-in-one, AI-powered physician rounding software to enable a level of visibility into the RCM processes that puts providers and practice managers in a greater position of understanding and control. This helps physicians and medical practitioners gain added revenue by allowing complete insight into the claim management process from the point of care to the point of completion.
Typically, when physicians treat a patient, the claim created is sent to an insurance company, but everything after that is hidden from the physicians. They are completely unaware of the status of the claims— when was the payment initiated, whether it was paid appropriately, or how long it took. Claims go into a black hole and inefficient levels of payments come out. The inability to access any claim at any point in time to track its progress and outcome means there is no feedback loop for improving efficiency. This lack of oversight often leads to a flawed revenue management process, resulting in significantly lower revenue levels and profits for physicians.
A passionate advocate for doctors collecting 100% of what they have earned, Claimocity utilizes artificial intelligence and machine learning to ensure higher quality control and efficiency levels while unrivaled reporting and benchmarking helps hospitalists, internists, and physicians on the go monitor the entire flow of claims to not only get every single one of them captured and paid at its highest value but identify gaps and opportunities for improvement.
“Equipped with our robust, next-gen platform, our customers spend very little time doing administrative activities and focus more on what they do best—treating the patients,” states Jim Sholeff, Chief Executive Officer at Claimocity.
By building an elaborate rules engine into their medical practice management platform and investing heavily in user friendly mobile technology with built in business intelligence, Claimocity advocates an easy and elegant means of setting up custom smart filters, practice rules, management options, and functions personalized to your providers or practice. This, along with data-driven enhancements that augment a physician’s daily productivity, give providers and managers the advantages they are currently missing in the RCM process.
However, it is not only solving issues that Claimocity takes pride in. Since solving them in a timely fashion is also equally important, Claimocity offers KPIs, actionable analytics, and real-world data that help physicians gain a higher level of insight to identify gaps in the entire claims processing cycle and solve them.
Owing to their fierce attention to quality and adherence to compliance guidelines, it is quite unsurprising to know that Claimocity processes over 42 million claims per annum for thousands of practices at a value of over 10 billion annually. Among a profusion of successful projects, Jim recalls an instance when a customer was struggling with an error in their fee schedule for a particular set of claims. By implementing Claimocity’s AI-enhanced smart platform, they were able to rectify the error and generate a 15 percent revenue gain for those particular claims. He continues, “On another occasion, our professional RCM billing team helped a customer increase their revenue by 37 percent by fixing coding issues and unearthing 20 percent of the claims that were previously coded incorrectly, thereby saving the customer from a risk of audit.”
Steering ahead with innovation and strategic partnerships, Claimocity is set to further expand its pioneering AI-driven RCM services. The company will soon offer an updated version of its platform with lots of exciting new features. “We have some promising offerings lined up to launch this summer—powerful solutions that will continue to improve revenue generation in significant and measurable ways,” concludes Jim.