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.
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."
By automating and intelligently sorting found coverage worklists, FinThrive customers can more efficiently work the revenue opportunities uncovered by FinThrive's Insurance Discover – something that is a challenge for most health systems today amid staffing shortages and competing priorities. For more information on FinThrive's Insurance Discover solution visit https://finthrive.com/solutions/insurance-discovery.
FinThrive is advancing the healthcare economy. Our 1,600-plus colleagues rethink revenue management to pave the way for a healthcare system that ensures every transaction and patient experience is addressed holistically. We’re making breakthroughs in technology—developing award-winning revenue management solutions that adapt with healthcare professionals, freeing providers and payers from complexity and inefficiency, so they can focus on doing their best work. Our end-to-end revenue management platform delivers a smarter, smoother revenue experience that increases revenue, reduces costs, expands cash collections, and ensures regulatory compliance. We’ve delivered over $7.6 billion in net revenue and cash to more than 3,245 customers worldwide. When healthcare finance becomes effortless, the boundaries of what’s possible in healthcare expand. For more information on our new vision for healthcare revenue management, visit finthrive.com.