Pittsburgh–based PNC Treasury Management, a platform offering end-to-end technologies to help clients implement a cohesive cash management system, recently announced a new tool for healthcare organizations.
The artificial intelligence and machine learning-enabled solution, PNC Claim Predictor, helps proactively identify inaccurate or insufficiently populated insurance claims before submission. The goal is to save healthcare organizations time and expense and prevent lost revenue.
The tool uses historical data from submitted claims to predict which future claims will likely be rejected and what information healthcare organizations need. It can be integrated into an organization’s existing electronic medical record system.
“We saw that our healthcare clients could benefit from an efficient way to address the challenges they continue to face with submitting claims, which is exactly why we developed PNC Claim Predictor to help them tackle the issue,” Doug McKinley, PNC Treasury Management senior vice president and head of innovation, said.
Insurers reject nearly $5 million in claims annually per provider, according to a RevCycleIntelligence report.
It costs nearly $100 per claim to rework and resubmit claims, according to Becker’s Hospital Review.
A total of 45 percent of rejected claims are never resubmitted, according to a Medical Group Management Association report.