Red Sky Health Unveils Its Powerful AI Platform Daniel -
Enables Healthcare Providers to Secure Lost Revenue by
Recapturing Denied Claims
Leveraging machine learning, new solution analyzes historical claims data to identify errors, streamline resubmissions and recover lost income
New York, NY – April 8 , 2024 – Red Sky Health, providers of an AI-driven platform designed to optimize healthcare claims management, today announced the immediate availability of Daniel, a proprietary AI-solution that helps healthcare providers recover earned revenue by identifying the root causes of claims errors, fixing them in real time, and resubmitting claims. Daniel enables providers to recover lost revenue with unmatched efficiency by using advanced machine learning and generative AI algorithms to analyze historical claims data, identify and correct errors, and streamline the resubmission process.
This latest news follows closely on the heels of the Company’s recently announced and oversubscribed seed funding round which indicates a clear need for solutions that address a critical issue in the U.S. healthcare system: the staggering amount of insurance claims that are denied annually, costing providers an estimated $262 billion in lost revenue.
Utilizing advanced AI algorithms, Daniel improves health insurance claim denial remediation. The solution automates denials analysis by identifying the reason behind the rejection and fixes it in real time. Once corrected, the solution then automatically resubmits the remediated claim to the insurance company on behalf of the provider, which helps them recapture money from claims that were previously denied. To learn more read this blog here.
“With more than $4.5 trillion in insurance claims each year, healthcare denials can have a significant impact on a provider's revenue cycle. The time it takes to be reimbursed is also increasing, as 84% of healthcare organizations said they would make reducing denied claims a top priority,” said Jai Pillai, COO, Red Sky Health. “Unlike other offerings, Daniel uses advanced AI algorithms so our customers can view the recommendations to remediate the denials. Using large denial datasets as inputs to our proprietary algorithms, Daniel programmatically makes corrections to denied claims and resubmits corrected claims to the payer to optimize revenue recovery.”
Denials impact not only the provider's revenue cycle but also patient care, which is why the amount of money left on the table is hard to ignore. The historic claims data in Daniel also helps to improve population health initiatives by recommending specific, reimbursable procedures according to a patient's diagnosis and covered benefits provided by the payer, and by identifying patients with unmet conditions.
About Red Sky Health
Red Sky Health is the creator of a proprietary AI-platform called Daniel that makes recommendations to reduce claims denials. Daniel identifies claims issues, provides guidance to fix them in real time, and programmatically resubmits the claim. Red Sky Health was formed by healthcare and technology startup veterans with a mission to ensure a more direct focus on patients, while making sure healthcare providers are properly paid for their services. The first step in the Company’s mission is to make sure that health insurance claims denials are rapidly and comprehensively resubmitted and paid. To learn more, visit them on the web or follow them on LinkedIn
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Chris McCoin or Richard Smith
McCoin & Smith Communications Inc.