Jorie Healthcare, a revenue cycle management business based in Chicago, is using artificial intelligence (AI) tools to transform the healthcare industry. CEO Sal Lo and his team have developed automation technology that streamlines revenue collection processes, helping hospitals operate more efficiently and reduce waste.
Revenue cycle management (RCM) is the process of billing and collecting payments for healthcare services. It involves navigating complex payer-provider relationships and ensuring proper reimbursement. Currently, the administrative burden associated with revenue cycle management accounts for approximately 20% of healthcare spending in the United States.
Jorie Healthcare’s automation technology tackles this issue by analyzing and applying thousands of complex billing rules. Rather than relying on human memory and manual processes, the AI-powered system automates claim filing and optimizes revenue collection. The technology not only reduces administrative burden but also improves accuracy and efficiency.
The success of Jorie Healthcare’s automation technology has attracted major healthcare stakeholders, including Walmart Health. The company was chosen as the RCM provider for Walmart Health due to its unique combination of healthcare expertise, global revenue cycle organization, and technological capabilities. By leveraging their knowledge of healthcare operations and AI technology, Jorie Healthcare has been able to deliver substantial cost savings to health systems, including their own hospitals.
Jorie Healthcare’s automation technology operates through a program called Chat GPT. This AI-powered program acts as a virtual human, mimicking human thinking processes. It automatically interacts with insurance companies, submitting documentation, filing claims, and following up on denials. The technology’s ability to connect and analyze data makes it a powerful tool in improving healthcare processes.
One key pain point addressed by Jorie Healthcare’s technology is identifying and addressing short balances. The automation system can pinpoint outstanding balances and take necessary actions without human intervention. This level of efficiency and accuracy is difficult to achieve manually.
Jorie Healthcare’s innovative use of AI technology is revolutionizing revenue cycle management in healthcare. By automating cumbersome tasks and streamlining processes, Jorie Healthcare is helping health systems worldwide improve efficiency, reduce waste, and optimize revenue collection.
Definitions:
1. Revenue cycle management (RCM): The process of billing and collecting payments for healthcare services.
2. Artificial intelligence (AI): Technology that enables machines to mimic human intelligence and perform tasks that traditionally required human intervention.
Sources: Excerpt from an interview with CEO Sal Lo, personal knowledge.
