Infinx Launches an AR Recovery Optimization Solution for Radiology Groups
Using advanced machine learning to improve AR recovery resulted in a 60% reduction in write-offs reported in recent pilot
SAN JOSE, Calif., February 4, 2020 (Newswire.com) - Infinx Healthcare announced today the launch of its AR Optimization Solution (AROS) which provides radiology groups and imaging centers with the power to analyze, predict and realize maximum revenue from their outstanding aging payer accounts receivables (AR). The new artificial intelligence (AI) solution uses advanced machine learning capabilities to turn data into actionable insights that optimize AR recovery and significantly decrease costly write-offs.
“The inability to predict recoverability of aging AR impacts the revenue cycle leading to ineffective efforts and poor recovery,” said Navaneeth Nair, Infinx’s Vice President of Product. “With the Infinx AR Optimization Solution, radiology groups will benefit from higher cash flows, faster recovery time and reduced aging, and benefit from improved margins and shareholder value. It’s all about working smarter, not harder with proven results.”
Infinx AROS provides real-time analytics, predictive recovery insights, and performs intelligent prioritization of the outstanding charges, that significantly improve recovery over manual management of the AR with limited analytics. The scalable infrastructure of Infinx AROS acts as an extension of your AR team, reducing costs and inefficiencies. With machine learning technology, Infinx AROS will increase cash flow from operations and profitability.
Here’s how the Infinx AR Optimization Solution streamlines the AR recovery process:
• Automatically examines outstanding AR, including denied claims data, and performs calculations to forecast collectibles and collection timelines accurately.
• Provides accurate collectability of each individual charge through machine learning prediction based algorithms.
• Combines recovery predictability with other factors like timely collections and cost of collection to recommend charge recovery prioritization.
• Maximizes follow-up activities by prioritizing charge recovery to capture every possible dollar, optimize cash flow, and prevent claims from missing timely filing limits.
A recent pilot of the Infinx AROS with a large radiology group demonstrated significant results, including*:
• A 26.1% increase in denial collections
• A 60% reduction of >120 days aged AR in 6 months
• An improvement of 12% in first-pass payments
• A 60% reduction in cost to collect
The Infinx AROS seamlessly integrates with existing billing systems that manage AR follow-up activities. “With our AR analytics, radiology revenue cycle teams will now have access to insights that provide transparency into aging AR recovery efforts and revenue improvements,” said Nair. “These pilots have proven our technology scales, but more importantly, demonstrates the benefits of AI and machine learning technology in the recovery process by yielding better AR results for the radiology provider and their patients.”
For more information about Infinx AROS for radiology groups or to learn about enrolling in an Early Adopter Program for other specialties, click here.
*Based on a case study of a radiology group with an average billing of $71M per month and $25.7M average collections per month.
About Infinx Healthcare
Infinx Healthcare provides innovative and scalable prior authorization and revenue cycle management (RCM) technology solutions for healthcare providers, hospitals, imaging centers, cardiology and orthopedic practices, and laboratories. Combining intelligent, cloud-based software driven by artificial intelligence and automation, with exception handling by certified prior authorization and billing specialists, Infinx helps clients preserve and capture more revenue, enabling them to shift focus from burdensome administrative details to improving patient care and experience. For more information, visit www.infinx.com.
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Source: Infinx Healthcare