The last few months have seen significant breaks from the medical sector with the ongoing COVID-19 pandemic radically altering how we view healthcare. At ABI Health, we have pushed out newer features to our ClaimBook platform to take it to the next level truly. In these times, when the medical system has been overwhelmed, Claimbook has helped automate the whole RCM process for one of India’s largest hospital chains during the pandemic and thereby clinched a half a million deal.
So how did we do it?
Rather than following the old-school method where photocopies of claims were sent to insurance companies, we decided to send them digitally, keeping in mind future requirements at hospitals and healthcare facilities. By going completely digital, time is saved, processes are automated, and we can also detect fraudulent claims faster. Cases are automatically tracked by both the payer and provider and the entire system is integrated into every system.
The key here is digitization reduces human intervention. With ClaimBook being a cloud-hosted solution, hospitals need not worry about hiring staff to handle the system or maintain it. All they require is a computer with an internet connection and we will do the rest. Communications is made simple with our virtual mailbox feature that enables anyone to compose and interact with claim-based messages. Since the data is stored in a central server, at no point does one have to enter it again; significant steps can be accomplished with a single click – from payments to the authorization of claims.
How does going digital help in the long run?
Now, this is an often-asked question that has a simple answer. Digitization helps reduce the workload, and that, in turn, makes it easier to get the job done. No more filling out multiple forms, making copies of them, sending them to insurance providers and then having to conduct follow-ups. It’s as easy as entering the data once, and everything after that is merely a one-click function.
Our AI models ensures that forms are filled out correctly in the first instance to ensure that they are free of errors. Since the form does not have to be filled out again – it is merely retrieved digitally – there are minimal chances of errors at later stages of processing.
We’ve seen ClaimBook bring about a 62% increase in staff productivity. The faster it is to process a claim, the less fatigued the staff are. Plus, with our fraud detection systems in place, there is a 92% reduction in revenue leakage. That is almost as good as having no leakage at all. And since it is digital, everything happens in real-time. No more waiting for documents to arrive. The result? A cool 30% reduction in overall collection time.
Is it the right time to focus on going digital?
The short answer is yes; the long answer is that there is no better time. Digitization and automation have the potential to overhaul any process completely and the healthcare industry is no different. What does stand out here is that the healthcare industry faces the most crucial deadlines and things that need to be taken care of with utmost priority. ClaimBook caters to the needs of every hospital and hospital chain in India. In simple terms, revenue cycle management or RCM is no longer something that a hospital should want but something every hospital should have. It’s times like these where we realize the value of better workflow and increased productivity.
There is no time like the present.