Company addresses critical staffing shortages and revenue deficits plaguing health systems with new intelligent automation capabilities for insurance discovery.
FinThrive, Inc., a healthcare revenue management software-as-a-service (SaaS) provider with the industry’s most comprehensive end-to-end platform, announced this week at the Becker’s Health IT, Digital Health and RCM Annual Meeting the introduction of new intelligent automation capabilities within its insurance discovery solution to alleviate critical staffing shortages for hospitals and health systems.
Healthcare providers need better solutions for insurance discovery and FinThrive’s new intelligent automation capabilities meet that demand. FinThrive’s new machine learning capabilities intelligently sort uncovered revenue opportunities based on probability of receiving payment on the claim. Leveraging this new algorithm, health systems prioritize which opportunities to pursue first. In testing, the model significantly outperforms existing worklist prioritization strategies, which traditionally pursue claims based on the dollar value of the claim alone.
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The new automation capabilities work with the company’s insurance discovery solution will seek to work 100% of found coverage by updating primary and secondary insurer information within the health system’s EHR and, when needed, automatically rebill the correct insurer for reimbursement.
The enhanced capabilities are added to one of the industry’s most trusted solutions. HFMA Peer Reviewed since 2009, FinThrive’s Insurance Discover is used by one third of the nation’s hospitals. Partnering with almost 1,300 U.S. healthcare facilities, to date the FinThrive solution has delivered $5.4 billion in net revenue & cash.
“FinThrive is on a mission to create the industry’s first autonomous, end-to-end revenue management platform,” said Mark Janiszewski, Chief Solution Officer at FinThrive. “A significant amount of revenue goes uncollected due to staffing shortages. With this solution, health systems can capture a sizeable portion of that lost revenue completely autonomously and confidently, improving financial performance and alleviating administrative burden for staff.”
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