Newly patented AI automates claim follow-up for healthcare providers
Cincinnati, Ohio (May 21, 2024) – Spark Health Partners (Spark), the market leader in end-to-end revenue cycle outsourcing for mid-sized to large healthcare organizations, announced today the United States Patent and Trademark Office has granted Spark its tenth patent for its latest innovative technology to drive frictionless revenue cycle operations. The latest patented technology, named Next Best Action, predicts, optimizes and automates the next action in a healthcare claim workflow.
“This is a huge step forward in revenue cycle automation and efficiency,” said Pieter Schouten, Chief Innovation Officer at Spark. “Our proprietary Next Best Action technology simplifies processes by integrating payor adjudication responses into provider workflow to ensure that accounts are resolved quickly and accurately. We’re excited about the potential impact this innovation will have on providers’ bottom line.”
Spark was awarded its first of ten U.S. patents for innovative process automation and data exchange capabilities in early 2021 and currently has five additional patents pending for technological advancements in EIQ®, Spark’s revenue cycle intelligence engine, and the use of Generative AI in revenue cycle. The firm has invested more than $100 million and 2 million development hours over the past decade to build and refine EIQ to help eliminate barriers preventing fast, accurate payment for healthcare organizations. EIQ transforms data from billions of transactions into actionable insights, automating workflows and guiding operator actions in various systems to expedite the payment process.
“Spark’s approach to innovation involves pairing expert operators with engineers and data scientists to codify best practices, fine-tune models, rapidly test new capabilities like generative AI and seamlessly infuse enhancements directly into operator workflows,” said AbdurRehman Sarwar, Founder, President and CEO of Spark. “This latest innovation is another example of how we’re putting that approach into action to drive financial performance improvement for hospitals and health systems. We’re customizing our technology to the needs of unique healthcare providers so they can elevate the quality of every patient interaction and maximize the value of every operational transaction.”
This announcement comes on the heels of several other recent accomplishments for the firm, including its expanded partnership with Microsoft to accelerate continued innovation of EIQ, its partnership with Epic in the newly launched Epic Rev Cyclers Program and its fourth year being ranked #1 in KLAS for end-to-end revenue cycle outsourcing by healthcare executives. These accomplishments are a testament to Spark’s position as the leading RCM firm in the industry, underscoring its ability to operate consistently high-performing revenue cycle operations, meet or exceed client expectations, and enable healthcare organizations to deliver exceptional care in their communities.
Spark manages $32 billion in annual net patient revenue, partnering with more unique health systems than any other firm to improve revenue cycle performance through end-to-end managed services. Spark focuses on delivering value quickly and sustaining high performance, meeting 100% of year-one client goals, exceeding 102% of year-one cash collections and delivering 5% average net revenue improvement each year across clients.
To learn more about Spark, visit SparkHP.com.
About Spark Health
Partners
Spark Health Partners
is a full-service revenue cycle management
company, delivering holistic financial health
for hundreds of healthcare organizations across
the country. Through a combination of 10,000+
certified revenue cycle operators, data-rich
intelligence and AI-infused decisioning,
Spark helps healthcare organizations sustain
best-practice revenue cycle operations and
maximize their current technology, so providers
can focus on delivering exceptional care in
their communities. For more information, visit
SparkHP.com.