What You Should Know:
– Crosby Health, a healthtech company pioneering proprietary AI to automate administrative tasks, today announced the launch of its clinical large language model (LLM), Apollo, alongside $2.2M in pre-seed funding led by Amplo Ventures, with participation from NOMO Ventures and angel investors.
– Apollo is the most advanced LLM for medical reasoning, outpacing other clinical models including Google’s Med-PaLM and Meditron with a larger capacity and higher medical knowledge scores. Crosby Health’s newly launched Apollo boasts innovative use cases through the analysis of unstructured clinical documentation such as automating clinical appeals from start to finish, from generating the initial appeal to submitting and tracking results. Amplo Ventures’s investment will accelerate Crosby Health’s overarching mission to revamp the denial management and revenue cycle management (RCM) in healthcare through automation.
Revolutionizing Healthcare Revenue Cycle Management with Apollo: A Game-Changer in Denial Management and Automation
Apollo, an innovative solution, addresses the significant challenge hospitals face in combating claim denials, which amounts to nearly $20 billion annually. Half of these denials are overturned after a strenuous appeals process, resulting in $10 billion spent to rectify incorrect denials. To tackle this inefficiency, Apollo automates revenue cycle operations like medical coding and denial management through AI-driven analysis of clinical documentation. By deploying state-of-the-art AI technology, Apollo streamlines insurance denial management, saving over 98% of the time typically required to generate robust appeal letters. This frees up clinician resources to review and edit appeals, thereby enabling healthcare providers to pursue 100% of denials instead of selectively choosing which ones to appeal.
Moreover, Apollo boasts an impressive context window of over 200k and achieves an outstanding 91.8% score on medical license board exam questions, surpassing every other clinical LLM available. Beyond claim denial management, Apollo supports AI medical coding, chart reviews, and more, ultimately unlocking additional revenue for healthcare providers while reallocating clinicians to where they are most needed.
Crosby Health offers Apollo’s capabilities to organizations either by onboarding them to its denial management platform or through partnerships tailored to organization-specific use-cases. For instance, since licensing Apollo, community-wellness focused startup EmpowerMe has accelerated their denial appeals process by 300% compared to traditional, human efforts.
Looking ahead, Crosby Health is positioned to continue leading innovation in denial management and revenue cycle automation, driven by its overarching mission to enhance revenue and streamline operations for healthcare providers. By expanding partnerships, enhancing Apollo’s capabilities, and broadening the scope of denial recovery across the healthcare industry, Crosby Health aims to achieve benchmarks in efficiency, accuracy, and cost-effectiveness, thereby transforming the landscape of healthcare revenue cycle management.
“Partnering with Crosby Health and having access to Apollo has completely revamped our organization and saved us time and team bandwidth. Apollo and Crosby Health are helping to build our clinician’s trust in AI being used in the healthcare space,” said Dr. Jody Mitchell, Chief Medical Officer of EmpowerMe. “Using Apollo has enhanced our appeal team’s efficiency and streamlined our revenue cycle management tasks at hyperspeed. We’re able to write appeals at three times the speed, allowing our team to focus on higher leverage tasks.”
