CloudMedx, the healthcare technology company featured everywhere from Newsweek to Nasdaq, has achieved a milestone that will transform one of the biggest challenges facing hospitals nationwide. Its back-office data automation tool has proven able to process one million healthcare records in less than 24 hours. It would usually take hundreds of people weeks of work to achieve the same result.
Much of this work is mundane and repetitive, requiring data extraction, cleaning and submission. Currently, hospitals have to commit many hours of staff time in back offices to handle this documentation. Furthermore, highly trained and qualified staff such as nurses and doctors have to spend countless hours contributing to this work as well. The many value-based contracts their hospitals have (MIPS, MACRA, HEDIS, etc.) require documentation, as do state and federal requirements for reporting, reimbursement and metrics tracking. These include Covid-related reporting needed to meet state and federal requirements.
All this work is currently a part of what has been called the “great healthcare bloat.” McKinsey estimates that administrative simplification could save the healthcare system $265 billion a year.
“With unique algorithms, our tool applies artificial intelligence, data analytics and natural language processing to one of the most onerous parts of running a hospital,” says CloudMedxPALO ALTO, Calif., CEO Tashfeen Suleman. “After working closely with stakeholders across the healthcare industry including hospital administrators, we recognized the pressing need for a back-office solution. At a time when hospitals are overwhelmed, this technology will free them of a tremendous and unnecessary burden.”
The tool extracts key information from electronic medical records (EMRs) and displays it in a final format ready for review and submission. In many cases, the submission process can be taken over by the CloudMedx team as well, using automation that further relieves the burden on health systems.
Part of the CloudMedx Financial Explorer, a cost analytics and financial reporting tool, the technology can operate around the clock with no human involvement. It arrives as numerous fields face a worker shortage amid a tight labor market and the “Great Resignation.” The healthcare industry is no exception. Low staffing can dramatically slow down crucial back-office work, and automation is a vital part of the solution. With the CloudMedx tool in place, people can serve other roles in hospital operations.
The technology also delivers unprecedented speed to the completion of reports and forms for hospitals to receive payments and reimbursements from insurance providers. Facilities that implement the tool will be able to receive funds more quickly than ever, boosting the bottom line.