SHARE THIS
Originally Published in Healthcare Dive on January 22, 2024
Since its inception in 2020, CorroHealth has revolutionized healthcare technology with AI-driven solutions, reshaping clinical revenue cycles. CEO Pat Leonard has been pivotal in this journey, guiding CorroHealth to tackle healthcare challenges like skilled worker shortages, complex revenue cycles and operational inefficiencies. Their innovative approach also addresses issues like erroneous payer denials, which plague the healthcare industry.
Rising denial rates, reaching nearly 12% in 2022 as per the 2022 Revenue Cycle Denials Index published by Change Health, signal a critical challenge for providers operating in the red, particularly with 82% of denials being avoidable. This increase, driven by pre-authorization issues and administrative complexities, is a setback for healthcare providers and signals deeper systemic problems.
CorroHealth, under Leonard’s guidance, has responded with AI technologies like VISION and PULSE. These tools transform denial management into strategic avenues for revenue recovery. For instance, VISION’s sophisticated algorithms and nuanced DRG methodology improved revenue ten times for some of the largest U.S. health systems. Meanwhile, their touchless coding automation platform, PULSE, has seen up to a seven-times improvement in productivity, automating 90% of the charts for a leading hospital system’s emergency department with a $504 million revenue increase.
The last decade has seen AI technology evolve from simple, rules-based algorithms and robotic processes to complex language models, shifting the paradigm from conventional IT systems to advanced, intelligent solutions. This progression and the industry’s problems have laid the foundation to develop today’s sophisticated technologies, including the use of LLMs and logic-driven applications.
“These developments have enhanced operational efficiency and opened new doors to what’s possible in technology today,” says Leonard. “But the reality is that not everything can be 100% automated. We need that human element.”
Over 300 healthcare professionals, including physicians and clinicians, contribute their insights to develop CorroHealth’s technology. This synergy enables the company to effectively address clinical revenue cycle challenges for top U.S. health systems. The company’s AI platforms also complement internal teams as they work to solve critical clinical revenue cycle challenges for several of the top 20 health systems in the U.S. today.
“Seeing the efficiency and accuracy our AI platforms brought to our internal processes, we realized their broader potential,” Leonard remarks. “This inspired us to offer our advanced technology to the market.”
CorroHealth offers a range of flexible models to work with their technology, adapting to the varied needs of healthcare organizations. These include full Software as a Service (SaaS) options, complete service solutions or hybrid models. With AI-powered technology leading the way, this versatility allows CorroHealth to efficiently manage diverse aspects of healthcare operations, from regulatory oversights to payer strategies, clinical documentation, medical coding and specialized account receivables. Their advanced healthcare analytics power these solutions, ensuring comprehensive coverage.
CorroHealth uses AI to automate processes and improve DRGs, coding and analytics, offering intelligent, adaptive systems that learn and evolve.
VISION, an advanced DRG and revenue integrity platform, aids in pre-bill clinical case reviews, significantly enhancing DRG capture and reimbursement accuracy. Clients using VISION have seen an average ROI multiple of 6.7 times, with ranges between four and 10 times. This substantial improvement is due to VISION’s ability to instantly score and prioritize clinical cases, coupled with dynamic benchmarking for coding and documentation improvements. This process not only ensures higher compliant reimbursements but can increase monthly revenue findings by up to 102 percent compared to pre-VISION implementation, making it an invaluable asset in Clinical Documentation and Coding.
PULSE, the next-gen medical coding platform from CorroHealth, transforms coding efficiency and productivity up to seven times across a wide range of medical services. PULSE automated over 90% of charts in a leading U.S. hospital system, making most coding tasks touchless. It also significantly boosted productivity and contributed to a $504 million revenue increase. With deep learning capabilities and universal EHR integration, PULSE excels in simple and complex coding scenarios, making it a critical tool for healthcare providers. CorroHealth’s AI solutions, like PULSE, go beyond automation, evolving to continually enhance performance and ensure operational excellence in healthcare.
CorroHealth’s AI journey, spearheaded by CEO Pat Leonard, uniquely positions CorroHealth as an invaluable healthcare technology and solutions partner. Their success lies in innovation, deep medical expertise and understanding of the market’s needs, thanks to their team of experienced physicians, nurses and coders. By combining technology with this deep market and clinical insight, CorroHealth’s VISION and PULSE platforms are solving today’s challenges and shaping a more financially resilient healthcare industry, ushering in a new era of revenue integrity.
How AI is Improving Healthcare: An Expert PerspectiveWith artificial intelligence surging in the workforce, we asked Tami Knobbe for her perspective on how it really affects healthcare workers. With more than 25 years of healthcare experience, Tami Knobbe – Executive...
Why Cutting Costs Alone Won’t Save Hospitals Budget season can put health system leaders in a difficult spot. Costs must come down and every dollar has to be justified. But with denials rising, payer demands intensifying, and patient needs growing more complex, no...
What AI Really Means for Clinical Documentation Integrity Clinical documentation has long been one of the most demanding and consequential tasks in healthcare. But recently, artificial intelligence (AI) has begun to change that reality. What once required arduous...
Winning the Denials Battle How top systems leverage data & documentation for financial and patient-centered gains Originally published on Becker's Hospital Review.With rising denial rates and increasing complexity in reimbursement processes, healthcare providers...
CorroHealth Breaks Barriers with GenAI and Human-Like Reasoning
PULSE Coding Automation Technology™ by CorroHealth leverages cutting-edge GenAI and commonsense reasoning to solve the complexities of clinical documentation. By partnering with researchers at The University of Texas at Dallas (UTD), CorroHealth has enhanced PULSE’s capabilities, achieving 7X productivity gains, faster client onboarding, and unmatched coding accuracy. Discover how PULSE transforms medical coding and financial outcomes for hospitals.
👉 Explore the breakthrough or book a demo today!
Strategic Escalation in the Face of Rising MA Plan Denials Originally published on Becker's Hosptal ReviewRelationships between providers and Medicare Advantage (MA) plans have become more strained as payers aggressively deny claims. To ensure providers' financial...
From Cost Cuts to Revenue Gains: How Hospitals Can Turn Financial Pressures into Opportunities Originally Published on Becker's HealthcareImagine losing millions of dollars in potential revenue simply because of a classification error. For hospitals grappling with...
What does a strong CDI program look like? Learn how a robust program can help hospitals avoid penalties, reduce the risk of audits, and defend against accusations of fraud or malpractice lawsuits.
Hospitals are struggling with medical coding workforce shortages and revenue cycle delays. However, AI-driven coding offers immense promise in solving these challenges.
How well do you understand your hospital’s Case Mix Index (CMI) and its impact on hospital performance? Uncover the factors influencing this popular healthcare metric. Listen to Managing Director of Strategic Advisor Services Sam Dominik explain more…
How AI is Improving Healthcare: An Expert PerspectiveWith artificial intelligence surging in the workforce, we asked Tami Knobbe for her perspective on how it really affects healthcare workers. With more than 25 years of healthcare experience, Tami Knobbe – Executive...
Why Cutting Costs Alone Won’t Save Hospitals Budget season can put health system leaders in a difficult spot. Costs must come down and every dollar has to be justified. But with denials rising, payer demands intensifying, and patient needs growing more complex, no...
What AI Really Means for Clinical Documentation Integrity Clinical documentation has long been one of the most demanding and consequential tasks in healthcare. But recently, artificial intelligence (AI) has begun to change that reality. What once required arduous...
