AUSTIN, Texas - July 27, 2020 - (Newswire.com)
Iodine Software today unveiled its AwareCDITM Suite for hospitals and health system finance and health information management leaders, powered by its proprietary Cognitive EmulationTM approach. The new software suite is designed to address clinical documentation integrity (CDI) and coding issues throughout the mid-revenue cycle in order to capture earned reimbursement and drive increased quality.
Today, mid-revenue cycle management encompasses multiple steps across clinical documentation, coding, charge capture, pre-bill reviews, and other claims preparation processes. However, ensuring the entirety of the patient encounter is accurately and compliantly reflected in the final code set submitted for reimbursement requires clinical judgment derived from years of experience in the field. Today, incorrect or incomplete coding leads to revenue leakage of up to $11.3 million annually per 250-bed hospital.1
To solve these challenges, Iodine has pioneered a new approach called Cognitive Emulation which uses proprietary AI technology and machine learning algorithms to think the way a clinician thinks and emulates clinical judgment. Iodine's Cognitive Emulation approach powers the AwareCDI Suite, which delivers true clinical documentation reliability and a significant reduction in condition and revenue leakage across the entire mid-revenue cycle. To date, the Iodine ConcurrentTM module within the AwareCDI Suite has helped nearly 500 hospitals recognize $1.5 billion in additional appropriate reimbursement annually.2
"Since its founding, Iodine Software has focused on reimagining the way hospitals and health systems can tap into the power of artificial intelligence and machine learning to transform finance operations, accelerate financial return, and improve quality. Given the complexities of the mid-revenue cycle, it's clear that a new approach was needed to drive better results," said William Chan, CEO and co-founder, Iodine Software. "With our new AwareCDI Suite, we are uniquely positioned to help hospitals and health systems go beyond cost containment and build revenue-accretive strategies for short- and long-term financial resiliency."
A new way to think about the mid-revenue cycle
The AwareCDI Suite emulates the judgment of clinicians throughout the mid-revenue cycle to reliably identify areas of potential reimbursement opportunity while accelerating financial return, productivity, data accuracy, and quality metrics. It includes:
- ConcurrentTM: Leveraging the Iodine SmartList feature, Concurrent helps CDI teams increase query volumes by prioritizing charts likely to contain inconsistencies between clinical evidence and documentation.
- RetrospectTM: Going beyond DRG mismatches, Retrospect allows reconcilers to prioritize, review, and track post-discharge records through final reconciliation and billing to capture additional revenue and minimize denial risk.
- ForecastTM: Eliminates administrative burden and enables case managers and finance teams to plan ahead with accurate, real-time, and automatic forecasted final DRGs at the beginning of an inpatient stay -- without relying on final coded data.
- IntelligenceTM: Used in conjunction with Concurrent and Retrospect, Intelligence leverages pre-populated, high-confidence queries identified via Cognitive Emulation to further support CDI efficiency and improve physician response. Intelligence also contains embedded clinical guidelines and knowledge to support query writing and increase CDIS confidence in query justification.
- InteractTM: Drives faster collaboration, shorter response times, improved response rates and increased physician satisfaction with seamless delivery of queries to physicians via an integrated EMR interface, with mobile integration forthcoming.
- IntrospectTM: Empowers AwareCDI Suite users to access deep, configurable, and actionable insights in order to facilitate evidence-based management across all aspects of documentation reliability.
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About Iodine Software
Iodine Software is a healthcare AI company that has pioneered a new machine learning approach -- Cognitive EmulationTM -- to help healthcare finance leaders build resilient organizations. Founded in 2010, Iodine's technology unifies clinical concepts, evidence-based medicine, and deep machine learning to power revenue cycle solutions that maximize capture and data accuracy. To date, the Iodine AwareCDITM Suite has helped nearly 500 hospitals recognize $1.5 billion in additional appropriate reimbursement annually. To learn more, visit iodinesoftware.com.
Contact: Adrienne Chen for Iodine Software, achen@iodinesoftware.com
(1) The Advisory Board, 2016
(2) Figures are based on a $6,000 modeled base rate and actual measured MCC capture performance from the 2019 Iodine Performance Cohort Analysis of 339 facilities that compared measured MCC capture and CMI impact for the Iodine usage period 9/1/2018-8/31/2019 against pre-Iodine baseline performance.
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Original Source: Iodine Software Unveils AwareCDI Software Suite to Solve Mid-Revenue Cycle Leakage and Drive Financial Resiliency for Health Systems
