MEDITECH and Lifemed AI partner to accelerate revenue cycle automation for hospitals and health systems Lifemed AI, a healthcare technology company focused on non-generative AI, has formally announced its partnership with MEDITECH. The company has become an Accelerator-level member of the MEDITECH Alliance program. This collaboration will result in Lifemed AI deploying its DeepClaim platform to MEDITECH’s hospitals and health systems across the country. The platform employs deep-learning neural networks to help prevent claim denials, automate revenue cycle workflows and recover lost reimbursement.
MEDITECH also welcomed the partnership and emphasized its potential operational benefits for healthcare customers.
“We are thrilled to welcome Lifemed to the MEDITECH Alliance Program,” said Jeff Kimball, Associate Vice President of Business Development at MEDITECH. “Integrating Lifemed’s innovative non-generative AI technologies into the MEDITECH ecosystem strengthens our EHR platform, giving our healthcare customers improved financial visibility and boosted operational productivity.”
Healthcare Revenue Cycle Problems Solutions
Insurance claim denials cost healthcare organizations billions of dollars every year. There are a lot of mistakes that can be avoided that occur prior to the claim getting to payers that lead to denials. For example, manual systems in patient registration, medical coding and claims submission can lead to expensive errors. That results in denied claims, delayed payments and lost revenue for hospitals. Sometimes organizations just write off any outstanding payments rather than chase them.
The complexity of healthcare billing continues to grow. Insurance payers have spent big on analytics and automation to meet increasing administrative demands. But many health systems still rely on manual processes. This disparity is creating a growing technology gap in healthcare financial management.
Such inefficiencies pose substantial financial risk for hospitals that operate on narrow profit margins. They create administrative burdens and slow down reimbursement as well. Healthcare providers thus need reliable solutions that can enhance accuracy and streamline revenue cycle operations.
DeepClaim makes processing medical claims simple
Lifemed AI has a two-part platform to solve these problems across the full revenue cycle. Solutions range from the first point of patient contact through to final reimbursement for healthcare organizations.
Lifemed’s leading revenue cycle automation tool is DeepClaim. It uses a deep learning neural network that is non-generative to analyze each line item of a claim before it is submitted. The platform employs payer-specific smart rules and inference that identify potential problems.
Additionally, DeepClaim can automatically correct the problems it identifies and flag the rest for human review. This method provides healthcare providers’ claims process with an advanced algorithmic capability.
DeepClaim also automates appeals and resubmission of claims when there are denials. It identifies the root causes and channels the cases to the right resolution. Hence the healthcare organizations can reduce the manual intervention and enhance the efficiency of claims management.
The platform is meant to help providers avoid preventable denials by catching errors before they are submitted. It also has automated workflows that help to cut down on repetitive administrative tasks. This enables more efficient healthcare billing and revenue cycle management.
Gateway Enhances Patient Access and Registration
Lifemed’s AI can also perform as a patient access and registration solution called Gateway. The product is designed to work in tandem with the aforementioned DeepClaim, as it targets the front end of the revenue cycle to eliminate claim rejections due to administrative errors at the point of sale. The solution also directly connects to MEDITECH and automates such critical processes as insurance eligibility verification, insurance discovery, and patient intake to ensure that the correct information about payers is captured at the time a patient receives care.
This way, the reduced rate of claim rejections enables practices to receive reimbursements faster and improves the entire revenue cycle from the front end. Moreover, with fewer rejected claims and faster reimbursements, healthcare facilities witness a significant reduction in administrative costs associated with claim appeals and rework. Similarly, the elimination of avoidable claim rejections reduces costs for insurers by minimizing the need for administrative interventions. Therefore, by targeting different sources of claim rejections, it is possible to increase the accuracy of patient registration and ensure the seamless submission of claims, as well as faster reimbursements.
MEDITECH Alliance Partnership Expands Access
As an Accelerator-level member of the MEDITECH Alliance program, Lifemed AI will collaborate directly with MEDITECH’s sales and marketing teams. The companies will work together to introduce DeepClaim and Gateway to health systems throughout the MEDITECH network.
The partnership is designed to increase accessibility to revenue cycle automation for healthcare organizations. Both companies also have eliminated integration costs to lower adoption barriers. Health systems will not pay MEDITECH and Lifemed AI to integrate. This arrangement enables healthcare organizations to investigate the solutions without additional integration costs.
Lifemed AI also welcomes health systems to get a free DeepClaim analysis. The assessment uncovers the reasons behind claim denials and revenue leakage. It also provides a concrete projection of the possible impact that DeepClaim could deliver.
With this analysis, healthcare organizations can better understand their current revenue cycle challenges. They also can evaluate opportunities for improved claims accuracy, reduced avoidable denials and collection of outstanding reimbursement.
Leadership Highlights the Importance of Automation
Lifemed AI CEO and Co-founder Marco DeMello highlighted the growing complexity of healthcare billing and the need for better technology.
“Healthcare billing has become extraordinarily complex, and the tools most health systems use to manage it haven’t kept pace,” said Marco DeMello, CEO & Co-founder of Lifemed. “This partnership with MEDITECH helps close that gap. DeepClaim gives health systems a state-of-the-art nongenerative neural network, purpose-built for adjudicating Healthcare claims, that can not only reverse payer denials, but prevent them altogether. Partnering with MEDITECH isn’t just a milestone for Lifemed; it’s a signal that Revenue Cycle Automation is becoming foundational infrastructure. When claims are right the first time, providers are paid accurately and faster, payers spend less adjudicating avoidable errors, and the whole system runs with less friction freeing hospitals to focus on what actually matters: patient care.”
Advancing Healthcare Financial Operations
The organization MEDITECH and the startup called Lifemed AI enter into a partnership that allows the former to offer automated claims management solutions and patient registration to healthcare facilities. The companies plan to combine the capabilities of their DeepClaim and Gateway products to find solutions to multi-stage difficulties in the revenue cycle.
Moreover, both parties aim to enhance claim accuracy, reduce claim rejections, and accelerate reimbursements to facilities. This approach is expected to allow hospitals to minimize the administrative workload and increase financial oversight. As the process of healthcare billing becomes more complicated, automatic systems are extremely useful in solving the issue. Thus, MEDITECH and Lifemed AI announce their joint effort to improve hospitals’ revenue cycle and enable care providers to focus more on treatment.
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News Source: PRNewswire.com
