Introduction
Administrative functions within healthcare take an extensive amount of time and complexity to handle. Thoughtful AI was developed specifically to address the challenge of automating essential functions throughout a healthcare organisation’s revenue cycle; thereby allowing for increased efficiency by streamlining processes, decreasing the likelihood of mistakes, and providing for better-than-average bill collection rates.
Through the implementation and use of its AI-enabled solution set, Thoughtful AI enables healthcare provider teams to devote increased amounts of time focusing on providing quality patient care and increasing productive team effort by enhancing overall workflow.
What is Thoughtful AI?
Thoughtful AI is an intelligent automation platform that was developed for revenue cycle management in healthcare. The platform will analyze and process large amounts of both clinical data and administrative data to identify any gaps and streamlining those tasks while also making sure the healthcare organization bills accurately.
Through automating those repetitive workflows, identifying areas for revenue opportunity and improving the financial health of healthcare organizations, Thoughtful AI assists those organizations in being more efficient in managing their revenue cycles.
Key Features of Thoughtful AI
- Automated Revenue Cycle Management: The main objective of Thoughtful AI is to automate the core RCM functions of coding, claim processing, and billing to reduce the number of tasks that must be handled by hand.
- Smart Data Analysis: The platform will analyze millions of data points and identify any missing documentation for claims or billing issues, as well as where coding errors have occurred.
- Workflow Optimization: Thoughtful AI will streamline complex administrative processes of multiple teams and improve overall efficiency and effectiveness.
- Predictive Insights: Thoughtful AI uses predictive insights to help organizations identify potential revenue risks or growth opportunities ahead of time.
- Seamless Integration: The Thoughtful AI platform can be easily integrated with existing EHR and billing systems, minimizing project interruptions associated with implementation.
- Compliance Support: Maintaining complete and accurate data will assist Healthcare Organizations by ensuring they remain compliant with applicable industry standards and regulations.
Pros and Cons of Thoughtful AI
Pros:
- Reduces the amount of manual labor and administrative work.
- Improves the accuracy of billing.
- Provides comprehensive insight to assist in making better decisions.
- Streamlines revenue cycle work.
- Supports compliance efforts and reduces the risk associated with non-compliance.
- Easily integrates into existing Healthcare Systems.
Cons:
- Training may be required for teams to fully utilize the software.
- Pricing may be high for smaller medical practices.
- The success of the software relies heavily on quality of data.
- The software is designed to be used specifically in the healthcare industry.
How to Use Thoughtful AI
The steps involved in a typical workflow with Thoughtful AI are:
- Connect the Thoughtful AI platform to your current electronic health record (EHR) or billing software.
- Set up the workflows for Thoughtful AI to use in accordance with your revenue cycle management (RCM).
- Upload or synchronize data for Thoughtful AI to process.
- Evaluate the results of your data analysis for opportunities to increase your revenue and identify gaps in revenue.
- Use Thoughtful AI to automate repetitive processes such as coding, preparing claims, and billing.
- Utilize the dashboards in Thoughtful AI to monitor performance improvements.
Once your system is set up and integrated into the Thoughtful AI ecosystem, staff members have more time to work quickly with minimal human error.
Who Can Use Thoughtful AI?
Thoughtful AI is ideal for:
- Hospitals
- Clinics and private practices
- Healthcare billing companies
- RCM teams
- Medical coders
- Healthcare administrators
- Multi-specialty healthcare organizations
Anyone involved in managing billing, coding, or compliance can benefit from this tool.
What Makes Thoughtful AI Unique?
Healthcare Revenue Cycle Management is an area of significant specialization for Thoughtful AI. There are a multitude of automation tools that provide general automation for multiple different types of business processes, but this tool was developed only to support workflow within Healthcare.
The ability to review and analyze tens of thousands of data points on a per patient discharge basis is what uniquely positions this product to maximize revenue integrity and accuracy. This combination of automated, predictive insights, and healthcare-centric design deliver a unique value proposition to meet Healthcare provider’s need to improve financial performance.
Pricing & Plans
Customized pricing from Thoughtful AI is determined by the size and unique needs of each healthcare organization. The cost of utilizing Thoughtful AI’s services is based on factors such as the number of automated workflows required, the number of system integrations needed, and the volume of use. Users are able to request a demonstration in order to get a customized quote based on their individual needs.
Conclusion
AI models by Thoughtful are an excellent way for healthcare companies to manage their revenue cycle operations more efficiently, as they allow them to automate routine administrative functions, plus provide detailed analytical data allowing them to improve operational accuracy, decrease expenses and increase their productivity. In addition, although there is some capital investment and implementation time required, the long-term advantages offered by Thoughtful provide substantial value to any organisation’s goal of increasing operational efficiency, thus providing more efficient solutions to maximise their financial outcome.
