Platform Can Increase Revenues for Most Medical Practices Without Audit Risk
A new AI-driven optimization platform developed by Exdion Solutions is pioneering new ways for medical practices to optimize coding and increase revenue.
Known as ExdionACE, the platform interfaces with a medical practice’s EMR systems either through a process automatic route using bots, or through various application programming interfaces (APIs).
Before the platform is fully deployed, it will analyze about 100 recent patient encounters to determine how each medical practice approaches coding. The practice is then informed how it can make changes to improve their overall performance. All recommendations are compliant with state and federal guidelines and will not trigger audits from Medicare or commercial health plans.
In the case of an urgent care clinic in Memphis, ExdionACE’s AI automation concluded that nearly 100% of all patient encounters were being improperly coded. As a result of a few tweaks in the way its medical staff documented patient encounters, missed revenue opportunities were cut by more than 80% within three months and claims lag time was cut by two-thirds. The practice’s overall revenue increased by 25% as a result – a crucial antidote to the crushing loss of patient traffic it endured during the early months of the COVID-19 pandemic.
“The use of electronic medical records has been perhaps the biggest advance in healthcare delivery in the past 25 years and a crucial tool in ensuring patient safety,” said L.S. Ram, Exdion’s Chief Executive Officer. “Now, as computing power has grown in leaps and bounds and has led to the development of rules-based learning and AI, the EMR may now be used for the financial safety of medical practices.”
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.
