Nividous‘ customer, AEG Vision, secures the ‘Best Achievement in Process Automation’ Award at BTOES 2021 for revolutionizing its revenue cycle management process using the Nividous Intelligent Automation Platform.
“A very complex challenge with a very impressive ROI. Well planned approach. Impressed by the quick results,” one of the judges from a jury of 35 members commented.
“This project created value internally to business and to your clients (patients). I loved the end-to-end/holistic approach. Congratulations on the significant ROI, “another respected judge has appreciated the impact on value generation.
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A few more remarks from esteemed judges for AEG Vision success include, “Leveraged a combination of RPA, AI, and Workflow to support process improvements that improved cash flow, customer experience and ease of integration to support business growth,” and “The team leveraged automation to scale as a key attribute to drive innovation and business results,”
These comments uphold the victory of AEG Vision, out of hundreds of global contenders, at the BTOES awards 2021. These awards are established to showcase the most outstanding Business Transformation & Operational Excellence achievements globally. The elite awards are focused on the evaluation of the results achieved by organizations through the successful implementation of digital transformation and operational excellence.
AEG Vision, a leading eye care group with ~230 eye doctor practices, operates in 12 states providing best-in-class comprehensive eye care to more than a million patients. With an ambitious goal to reach 500 stores in the next two years with rapid acquisitions and a focus on delivering top-notch eye care services, the group partnered with Nividous to develop a unified RCM solution.
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The solution is built using the Nividous platform that natively combines the capabilities of Artificial Intelligence, Robotic Process Automation, and a workflow engine. The combination of these three technologies has allowed the group to achieve $4M ROI in a year, including other benefits that include:
- 10% YoY increase in patient appointments without an increase in call center FTE
- 250KÂ Hours of valuable time every year is saved for highly skilled staff
- $75MÂ Claims payments per year
- $6MÂ Claims are adjusted yearly
- 40% Improvement in time to integrate a new acquisition
- 9 Days DSO Reduction in claim to cash
Satish Dave, CIO of AEG Vision, says, “We wanted to automate as many manual operations as possible that are part of our overall RCM process to eliminate the risk of human errors, missed revenue, and free up our highly skilled resources for delivering improved patient care. Nividous platform-enabled process automation has proven to be a game-changer to support our rapid growth.”
“Each successful document processing by Nividous Smart Bot using natively embedded AI capabilities takes only 5 minutes and saves $15 per hour. The efficiency of the claim processing cycle was improved by more than 80%, which enabled faster customer communication and the ability to upsell the services ten times more effectively. It has been over three years, and the project benefits have tremendously impacted the overall business practices and dependent operations.”
Kaushal Mashruwala, Co-Founder of Nividous, says, “Many healthcare providers are faced with challenges that include ineffective utilization of limited skilled resources, inflexible core systems that lack the system-wide integration capability and high dependency on manual labor. These challenges lead to higher bad debt rates, increased delays in cash to claim, and impaired cash flows. AEG Vision faced similar challenges and a few more specific to their business model.”
“Nividous’ unique and well-thought-out strategic approach to holistic automation guaranteed high scalability and quick ROI with the lowest total cost of ownership. Nividous intelligent automation platform was deployed as a standardized platform to automate a series of cross-functional RCM operations.”
