FinThrive Announces Expanded Portfolio Focused on Predictive and Preventative Revenue Cycle Management
Increased investment in predictive analytics and automation to empower financial
stability and decrease the strain of denials and underpayments on healthcare
providers.
ORLANDO, Fla., March 11, 2024 /PRNewswire/ -- FinThrive, Inc., a healthcare revenue cycle management software-as-a-service (SaaS) provider advancing the healthcare economy, announces it is deepening investment across its platform to provide healthcare financial leaders with predictive and preventative revenue cycle management solutions to address the root cause of revenue loss.
FinThrive's intelligent Revenue Management (RM) Platform is built to predict and prevent revenue losses. The platform holistically analyzes end-to-end revenue management performance and enables leaders and their teams with industry-leading intelligent solutions integrated into the right workflows, at the right time, to improve performance across the revenue cycle and maximize financial outcomes. As a result, FinThrive predicts and proactively prevents revenue loss for customers. Today, the company announces three important solution enhancements.
FinThrive Analyze
FinThrive has continuously delivered proven customer value through its integrated analyzers. The company has now identified a unique opportunity to close a gap in the industry by building more solutions for analytics that will prevent revenue leakage and give its customers insights from across their revenue cycle with an end-to-end view.
The expanded FinThrive Analyze offering is designed to break down data silos to give a holistic view into all revenue processes, enabling more predictive and proactive revenue management while expanding its plans to bring end-to-end intelligence to its RCM Platform Technology. FinThrive Analyze is transforming the way healthcare teams can visualize and use revenue data with the industry's first, true enterprise-grade data lake built for revenue teams. The modern architecture creates a truly first-of-its-kind intelligent data platform for healthcare revenue leaders. This solution provides the ability to combine data from all FinThrive solutions with EHR and other third-party data to give healthcare organizations an end-to-end view of revenue processes, targeting specific revenue leakage drivers with actionable insights to improve the bottom line.
Core components and capabilities of FinThrive Analyze include:
Insights Hub: A Machine Learning (ML)-based data visualization solution built to support advanced end-to-end intelligence, KPI tracking, predictive modeling and performance forecasting, benchmarking, leveraging data from multiple sources.
Integrated Analyzers: Easy-to-use, modular analytics solutions embedded into FinThrive platform workflow solutions, complete with KPIs, charts and graphs to efficiently identify performance and results.
Data Hub: A FHIR-enabled data lake aggregating data from both FinThrive and third-party applications, including EHR and RCM solutions.
FinThrive Real-Time Insurance Discover + Active Insurance Discover
FinThrive's Real-Time Insurance Discover and Active Insurance Discover ensure the right coverage information is available to all revenue teams within every workflow across the revenue cycle. Today, FinThrive announces its plans to roll out Active Insurance Discover, which brings #1 Best in KLAS coverage detection to proactively run full coverage searches on all accounts starting at the point of schedule.
FinThrive Real-Time Insurance Discover and Active Insurance Discover work to capture all available coverage prior to care, ensuring patients are properly financially counseled and preventing eligibility-related denials before they can happen. The solution also leverages machine learning scoring models that focus back-office revenue teams on accounts with the highest probability of delivering revenue, significantly reducing eligibility-related revenue loss.
In early testing, one health system realized a 53% improvement in revenue capture derived by Insurance Discover end users after migrating to the Machine Learning-based worklist prioritization.
FinThrive Authorization Manager
FinThrive Authorization Manager is now available as part of the company's patient access suite of solutions. Adding to the predictive capabilities across FinThrive's portfolio, Authorization Manager brings predictive analytics and automation to front office teams, helping to streamline each stage of the authorization process, from determination to submission to status monitoring and successful approval – driving significant time savings.
Authorization Manager also leverages machine learning to predict when a prior authorization will be required for a patient. This ML technology is trained on trillions of unique datapoints from the FinThrive Clearinghouse, improving front office compliance with prior authorization capture and ultimately preventing patient access-related denials.
"I trust the other products that we use from FinThrive, so it was a no brainer to partner with them for Authorizations. FinThrive takes a unique approach to development, in that they ask their customers for regular feedback during the planning process to ensure the solutions they build will fit our need. Now that an actual solution is installed in our hospital, we couldn't be more excited. It's clear when they told us they were building an RCM Platform designed by revenue professionals, for revenue professionals, they meant it." - Jessica Howell, Director of Patient Financial Services, Midland Memorial Hospital
About FinThrive
FinThrive helps healthcare organizations increase revenue, reduce costs, expand cash collections, and ensure regulatory compliance across the entire revenue cycle continuum. Providing one of healthcare's most comprehensive revenue cycle management SaaS platforms, FinThrive's holistic approach to revenue management offers patient access, charge integrity, claims management, contract management, machine learning & robotic process automation, data & analytics, and education solutions. More than 3,200 healthcare providers are using FinThrive today. For more information, visit finthrive.com.
Media Contact:
Audra Murphy
VP, Strategic Communications, FinThrive
(717) 476-4864
amurphy@finthrive.com
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SOURCE FinThrive
