What You Should Know:
– Standard Practice, a voice-AI platform that automates medical practices’ outbound calls to insurance and pharmacies, today announced its official re-launch into the healthcare market since pivoting from Nibble Health.
– Co-founded by reformed investment banker Steven Greene and technical product and engineering leader Phil Markunas, Standard Practice offers a transformative healthcare solution designed to streamline administrative tasks and enhance revenue generation in medical practices across the nation.
Revolutionizing Healthcare Administration: Standard Practice Streamlines Operations for Medical Providers
Steven and Phil established Nibble Health in 2021 with the aim of offering a no-cost healthcare solution and employee benefits. The venture attracted $8.5M in funding from investors like Wing, Tiger Global, A* Capital, and Expa. However, through conversations with numerous healthcare professionals and practice administrators, they identified a critical market gap: the extensive time spent on insurance-related phone calls daily.
The conventional administrative processes in healthcare exhibit significant inefficiencies. Approximately 1 million healthcare professionals spend around 4.5 hours on phone calls each day, with 90% of practice leaders reporting shortages in billing staff. Addressing these challenges directly, Standard Practice utilizes a human-like voice to automate tasks such as prior authorization, claims management, doctor credentialing, and medication checks. This automation enables practices to enhance revenue generation efficiently.
Standard Practice caters to various verticals and specialties, including GI, dermatology, vision, cardiology, dental, orthopedics, behavioral health, and physical therapy. Under development since December, the platform has received highly positive early feedback, with clients commending its speed, adaptability, and natural interaction. Moreover, Standard Practice prioritizes data security, boasting a HIPAA-compliant infrastructure to safeguard patients’ sensitive information.
Looking ahead, Standard Practice envisions its platform becoming indispensable for healthcare providers of all scales. By democratizing access to advanced technology and operational expertise, Standard Practice endeavors to empower healthcare practices to excel in an increasingly complex landscape.
