Latest Innovative Technology Tracks Tens of
Thousands of Payor Policy Updates, Reducing Denials for Healthcare
Providers
Cincinnati, Ohio (December 9, 2021) – Spark
Health Partners (“Spark”), the industry leader in revenue cycle
management, announced today that the United States Patent and Trademark
Office has granted Spark another patent for its innovative automation
technology. The latest patented technology tracks payor policy updates,
resulting in reduced denials, improved coding accuracy and enhanced
productivity for healthcare providers. This is Spark’s sixth patent
approved by the United States Patent and Trademark Office in 2021.
“Spark
has tracked and documented more than 56,150 payor updates in 2021 alone. Not
staying up to date with these changes leads to delays in payment, loss of
revenue and extra work on the back-end of the revenue cycle for healthcare
providers,” said AbdurRehman Sarwar, Founder, President and CEO of Spark. “This
latest patented technology relieves providers of the burden of manually
tracking these policy changes, increases productivity and reduces denials,
allowing them to focus on what they do best— providing exceptional care to
their patients and communities.”
The new technology is capable of processing hundreds of thousands of payor policy updates every year. It drives workflow automation by:
- Receiving, maintaining and parsing plurality of payor policy updates.
- Assigning tags to payor policy updates based on predefined rules.
- Forwarding the relevant payor policy updates to the appropriate end users based on the assigned tags and applied rules.
Spark was awarded its first U.S. patents in early 2021 and currently has six additional patents pending for technological innovations by the Spark IQ (“EIQ®”) team. EIQ ® is a cloud-based analytics-driven revenue cycle operating platform that enables a highly efficient and intelligent workflow automation to apply our extensive domain expertise, automation and advanced critical intelligence to drive efficiency and yield. EIQ® is powered by an automation engine, which combines patent pending Note Wizard Automation with the latest intelligent data exchange technology, driving up to 60% productivity and 3-6% yield improvement.
“Today, most policy updates are distributed through newsletters or even
word-of-mouth, resulting in a delay of knowledge and inaccurate information.
Our mission was to develop a single point of origin tool, reducing
administrative time and educating associates efficiently, all while
increasing revenue for providers,” said Pieter Schouten, Spark’s Chief
Product Officer. “The EIQ® platform allows healthcare providers to be more
efficient, effective and accountable while also keeping the payor and
patient in mind. The EIQ® platform is continuing to grow substantially and
is redefining the possible in healthcare, with even more investment planned
going forward.”
Spark partners with more than 280 hospitals across
the United States to improve financial outcomes and patient experiences.
Spark works with its partners to create a hands-on approach to help
health systems forge a healthier path forward to improve financial
performance, the billing process and customer service, allowing providers to
focus on improving outcomes and reinvesting into patient care and the
patient experience.
To learn more about Spark, visit
SparkHP.com.
About Spark
Spark Health Partners is a leading provider of technology-enabled revenue
cycle management solutions for health systems, including hospitals and
affiliated physician groups. They offer end-to-end revenue cycle solutions
as well as a comprehensive suite of point solutions to clients across the
country.
Media Contact
Kendall Herold
859-620-1222
sparkhealthpartners@spark.com