CloudMedx processes a million records in 24 hours, taking on a $265 billion waste in the healthcare system.
PALO ALTO, Calif., March 25, 2022 /PRNewswire/ — CloudMedx, the healthcare technology company featured everywhere from Newsweek to Nasdaq, has achieved a milestone that will transform one of the biggest challenges facing hospitals nationwide. Its back-office data automation tool has proven able to process one million healthcare records in less than 24 hours. It would usually take hundreds of people weeks of work to achieve the same result.
Much of this work is mundane and repetitive, requiring data extraction, cleaning and submission. Currently, hospitals have to commit many hours of staff time in back offices to handle this documentation. Furthermore, highly trained and qualified staff such as nurses and doctors have to spend countless hours contributing to this work as well. The many value-based contracts their hospitals have (MIPS, MACRA, HEDIS, etc.) require documentation, as do state and federal requirements for reporting, reimbursement and metrics tracking. These include Covid-related reporting needed to meet state and federal requirements.
All this work is currently a part of what has been called the “great healthcare bloat.” McKinsey estimates that administrative simplification could save the healthcare system $265 billion a year.
“With unique algorithms, our tool applies artificial intelligence, data analytics and natural language processing to one of the most onerous parts of running a hospital,” says CloudMedx CEO Tashfeen Suleman. “After working closely with stakeholders across the healthcare industry including hospital administrators, we recognized the pressing need for a back-office solution. At a time when hospitals are overwhelmed, this technology will free them of a tremendous and unnecessary burden.”
The tool extracts key information from electronic medical records (EMRs) and displays it in a final format ready for review and submission. In many cases, the submission process can be taken over by the CloudMedx team as well, using automation that further relieves the burden on health systems.
Part of the CloudMedx Financial Explorer, a cost analytics and financial reporting tool, the technology can operate around the clock with no human involvement. It arrives as numerous fields face a worker shortage amid a tight labor market and the “Great Resignation.” The healthcare industry is no exception. Low staffing can dramatically slow down crucial back-office work, and automation is a vital part of the solution. With the CloudMedx tool in place, people can serve other roles in hospital operations.
The technology also delivers unprecedented speed to the completion of reports and forms for hospitals to receive payments and reimbursements from insurance providers. Facilities that implement the tool will be able to receive funds more quickly than ever, boosting the bottom line.
Changing work lives of doctors and nurses
In addition to its work revolutionizing the back office, CloudMedx has been working to transform the front office as well, where doctors, nurses, and other healthcare technicians have been facing tremendous frustration, exhaustion, and burnout during the Covid-19 pandemic — and leaving in droves.
MIT Sloan Management Review has published Suleman’s thought leadership on this. See The Nursing Shortage Shows Why Industries Must Choose Tech Carefully.
More than half of Americans are now feeling the effects of healthcare worker shortages directly, according to a recent poll. The problem shows no sign of letting up. A study led by the American Medical Association finds that one-in-five doctors and two-in-five nurses say they plan to leave their current practice within two years, and a third of doctors and nurses plan to reduce their clinical work in the next 12 months. This burden also leaves existing workers — particularly in overcrowded hospitals — especially fatigued and therefore prone to making mistakes.
New solutions from CloudMedx help free these healthcare workers from tasks that can be automated, such as front-office documentation, allowing them to spend more of their time caring directly for patients. One CloudMedx tool prioritizes patients by combining the most up-to-date information, so nurses don’t have to spend their time constantly piecing through data and charts to determine which patients are in most dire need.
The CloudMedx Explorer tools focusing on SDOH (social determinants of health) and Chronic Conditions provide unprecedented detail about populations in need, down to the county level, enabling healthcare leaders to develop new ways to serve patients and communities. And the CloudMedx Covid Command Center has become a hub for leaders across the healthcare industry. See all this and more at cloudmedxhealth.com/solutions.
It’s all part of a mission to turn vast amounts of information into critical insights that empower patients, providers, and payers. CloudMedx is committed to improving, simplifying, and increasing access to quality healthcare for everyone.
About CloudMedx: CloudMedx Inc. is transforming healthcare delivery using Artificial Intelligence, giving patients, providers and payers the information they need to ensure the best care, optimize outcomes, and save money. The company’s data platform collects and organizes vast amounts of information from public and proprietary sources, including clinical, social, and economic insights. With powerful data visualizations, predictive analytics, interoperable tools and a suite of application services, CloudMedx provides unified patient records, unprecedented understandings of health data in various populations, and automated workflows, yielding superior outcomes. Based in Palo Alto, California, CloudMedx is deployed at some of the largest provider and payer organizations in the country, working with their existing technology to pioneer a new era in which lack of information never gets in the way of patient care or operational excellence.