Lifemed AI, which develops technology for the healthcare sector, has forged a strategic partnership with the leader in electronic health records, MEDITECH, becoming a new Accelerator member of the MEDITECH Alliance.
The integration of Lifemed’s unique deep learning platform, DeepClaim, into the MEDITECH health system environment happens nation-wide. Using a non-generative neural network technology, the product allows to automate revenue cycle management procedures, prevent claims denials prior to claims submission, and generate additional revenues from the previously unreimbursed claims.
Covercoming the Technology Gap in Healthcare Claims Adjudication
Hospitals and health networks lose billions of dollars annually as a result of denied claims due to mistakes in the process of patient intake, which is often a result of the manual and time-consuming process of registration, coding, and submission of claims.
While insurance companies use sophisticated algorithms and analysis systems for the processing of claims, healthcare organizations are still relying on an outdated process. This technology gap leads to further problems for the hospital finance team, which already operates with tight margins.
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Lifemed’s platform resolves these revenue cycle exposures in a single, end-to-end two part platform from patient access to final settlement of an account:
DeepClaim (Back-End Claims Ruling): an under-writing engine that ingests non-generative deep learning neural network algorithms to analyze claim details, line by line, before submission. DeepClaim applies payor-specific rules on its own for error correction before submission, identifies more complex claims for human interaction, and automates the entire appeals and resubmission process when a claim is denied.
Gateway (Front-End Patient Access): a centralized access point for all patient registration services that connects directly to MEDITECH. It automates the validation of insurance eligibility, finding coverage and registration processes at the earliest point of service to keep bad data out of the billing pipeline.
Frictionless Integration and No-Cost Denial Analysis
In an effort to make adoption more consistent across the MEDITECH customer base, Lifemed, and MEDITECH provide the platform integration at no software implementation costs to the health systems. Healthcare organizations may also request a free DeepClaim audit to uncover existing revenue leakage sources, identify denial root causes, and estimate revenue recovery potential.
The integrated technology is designed to allow health systems to improve clean-claim submission, decrease A/R cycles, reduce administrative processing cost, and synchronize providers’ billings with payer expectations.
“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.”
“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.”
Scale Operations within Healthcare Infrastructures
This collaboration marks a major leap towards shifting the conventional and reactive revenue cycle management model to a more pro-active and automated financial infrastructure. This is because of the integration of the automated claims adjudication process within the EHR system by MEDITECH and Lifemed AI.
