What You Should Know:
– Anatomy, a leading platform for automating financial operations in healthcare, today announced the launch of its innovative AI-powered Healthcare Lockbox.
– This solution tackles a significant pain point for healthcare organizations by automating check digitization and converting Explanation of Benefits (EOBs) into standardized 835 electronic remittance advice documents.
The Problem of Manual Payments in Healthcare
Traditionally, processing healthcare payments involved a significant amount of manual effort. Anatomy reports that a staggering 27% of healthcare payments are still received and processed manually, a figure that has actually increased in recent years (up from 24% three years ago). This reliance on manual processes creates a bottleneck for healthcare organizations, leading to:
- Increased labor costs associated with data entry and check processing.
- Delays in cash flow due to slow processing times.
- Potential errors in data entry.
Anatomy’s AI-powered Solution
The Anatomy Healthcare Lockbox tackles these challenges head-on by leveraging the power of artificial intelligence. Here’s how it works:
- Automated Check Processing: Paper checks are securely digitized, eliminating the need for manual data entry.
- AI-powered EOB Conversion: Anatomy’s AI technology automatically converts Explanation of Benefits documents into standardized 835 electronic remittance advice documents (ERA).
- Streamlined Reconciliation: The system facilitates automated reconciliation, ensuring accuracy and minimizing errors.
Strategic Partnership with CheckAlt
To enhance its solution, Anatomy has partnered with CheckAlt, a recognized leader in secure and efficient lockbox solutions. This collaboration brings together Anatomy’s expertise in AI-powered data extraction with CheckAlt’s proven track record in check processing and HIPAA-compliant facilities.
Benefits for Healthcare Organizations
By automating the tasks associated with payment processing, the Anatomy Healthcare Lockbox offers a range of benefits for healthcare organizations, including:
- Reduced Labor Costs: Free up staff from tedious data entry tasks, allowing them to focus on more strategic initiatives.
- Improved Cash Flow: Faster processing times lead to quicker access to funds.
- Enhanced Accuracy: Automation minimizes human error in data entry.
“We are thrilled to partner with CheckAlt to deliver this transformative lockbox solution to the healthcare industry,” said Sasha King, Co-CEO of Anatomy. “In healthcare, a quarter of insurance payments to providers are on paper checks. With an AI-powered lockbox, we can enable full digitization of financial workflows for healthcare organizations. We were looking for a technology forward lockbox partner who is continuing to invest in their lockbox technology, and CheckAlt’s technology platform and customer centricity are best in class.”
