What are the Returns on Intelligent Process Automation?

What are the Returns on Intelligent Process Automation?

What are the Returns on Intelligent Process Automation?

What’s the return on intelligent automation? How impactful is this technology in accelerating a business? For that, we’ll look at a case study. Artsyl’s intelligent process automation platform, called docAlpha, is embedded with digital transformation technologies like AI, machine learning, intelligent data capture, robotic process automation, recognition software including OCR/ICR/OMR, and business process automation. These technologies help configure task-specific workflow and capture automation to process a host of document-dependent functions including accounts payable, order processing, medical claims processing, check remittance handling.

We look at Artsyl medical claims processing software called ClaimAction. This is a prepackaged vertical solution built on top of docAlpha that drives straight-through claims processing, with minimal human intervention.

We look at how ClaimAction proved to be a game-changer for one business process outsourcing provider, invested in the healthcare, insurance, manufacturing, mortgage, retail/distribution, and transportation sectors. FutureVision Technologies is a leading BPO provider specializing in document imaging, digital conversion, and workflow management solutions. The company was looking to revamp its existing medical claims processing system with a powerful advanced capture automation solution. Their existing workflow automation system did not have the requisite data extraction features to capture critical medical forms including UB04 and NUCC. They were also looking for additional capabilities in the new medical claims processing software that supported powerful data identification and extraction of a diverse range of complex medical claims forms.

Part of the disadvantage with existing capture automation technologies available in the market is the limitation on the scope and extent to which the software can capture diverse unstructured or semi-structured documents. The ‘intelligence’ in Artsyl’s intelligent process automation platform is utilized to ‘self-learn’ new document types. This opens up the range of document formats that ClaimAction can capture, with little to no human intervention.

ClaimAction employs machine learning as the primary data extraction method, showing a higher performance than most capture solutions in the market, with an 85-90% first-time match. In the rare instance when some of the data is ‘missed’ or not captured, as would be the case with a completely new claim document, for which the solution does not have a built-in logic, self-learning comes into play. The solution learns user keystrokes performed to enter the ‘missed’ data the first time, and applies that meaning when it encounters a claim form of similar format. This way, ClaimAction adds to its vast database of document capture logic. ClaimAction’s self-learning technology helps capture diverse types of claim documents with little human intervention. The ability of the solution to accommodate for document variability proves its great flexibility to meet the unique business needs of companies, and is one of the factors why FutureVision Technologies decided on Artsyl to revamp their medical claims processing system.

Some of the immediate returns on their investment can be seen in the process transformation that ClaimAction provided

Some of the immediate returns on their investment can be seen in the process transformation that ClaimAction provided:

  • Fast Deployment & Implementation: the company began servicing customers within a few months of deploying ClaimAction
  • Instant Scalability: FVTech has been using ClaimAction to process around 8 million medical claims forms per month
  • Powerful Data Recognition & Extraction: according to FVTech, the identification rate for UB04 forms, from being non-existent has now risen to 85-90%

Another notable client of Artsyl, Medical Development International (MDI), a specialist in correctional healthcare, summed up the cumulative benefits of ClaimAction:

  • Accelerated Claims Processing: a nearly 40% increase in claims processing capabilities
  • No addition manpower required in spite of scaling operations
  • Low double data entry work — reduced keying needs by 50%
  • Fast turnaround times
  • Straight-through processing of HCFA, UB92 and UB04 paper medical claims from capture, extrication, validation, and approval of data from these forms, and export of approved data to their connected claims management suite.
  • Capture of 12 to 15% of duplicate claims

Intelligent automation brings in digital and business transformation at the operational level, enabling companies to lower operating and labor costs even as they scale their business.

Book a demo of Artsyl’s ClaimAction to learn the full impact of intelligent process automation on your business.

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