A new report from KLAS Research highlights the ability of SmarterDx's clinical AI software to deliver rapid revenue cycle improvements for hospitals and health systems. The report, titled "SmarterDx 2023 –– Driving Revenue Cycle Outcomes through Proprietary Clinical AI," sheds light on the remarkable impact of SmarterDx's technology, with feedback from customers indicating a 100% satisfaction rate.
The report examines feedback from SmarterDx customers, who cited immediate positive outcomes from implementing the AI-powered prebill auditing solution. These include increased revenue, improved Case Mix Index (CMI) reflecting care complexity, and better risk adjustment capturing patient health status.
In the United States, hospitals spend a staggering $350 billion annually on revenue cycle management, diverting resources that could otherwise be directed toward patient care. A significant portion of these expenses arise from the labor-intensive process of reconciling clinical data with billing information, commonly known as Clinical Documentation Improvement (CDI) and Medical Coding. Even minor errors or omissions in this process can lead to missed, rejected or underpaid claims, ultimately resulting in substantial revenue loss or protracted efforts to rectify the situation.
SmarterDx utilizes artificial intelligence to harmonize billing data with underlying clinical data. In the short term, this translates to increased revenue for hospitals. In the long term, it establishes a cleaner data foundation that drives improved healthcare operations, facilitates research, and enhances patient outcomes.
The company helps hospitals and health systems capture potentially lost revenue through its clinical AI engine at the prebill stage, before claims submission, with no impact on discharge not final billed (DNFB). The solution reviews charts and detects missed documentation and coding opportunities to ensure accurate clinical and financial representation.
SmarterDx customers interviewed by KLAS report that the solution instantly drives attributable revenue lift, improved Case Mix Index (CMI), and better risk adjustment. Respondents also appreciated the company’s attentiveness and commitment to evolving the product based on user feedback. They see SmarterDx not just as a service provider but a partner with the technological and clinical knowledge to ensure a highly satisfactory customer experience.
Per the KLAS report, 100% of interviewed SmarterDx customers are "highly satisfied" with faster results and newfound revenue sources. All respondents reported immediate outcomes from the platform, including:
- Elevated Case Mix Index (CMI).
- Comprehensive chart audits that reveal CDI opportunities.
- Capture of all diagnoses before billing, eliminating the need for re-billing.
- Enhanced quality outcomes, including improved risk adjustment.
- Increased revenue and financial gains.
Customers highlighted SmarterDx's clinically focused team and responsive development as advantages. The physician-founded company is seen as an insightful partner in enhancing revenue integrity. The team’s background equips the company with a deep understanding of the clinical aspects of healthcare, ensuring an intuitive user interface, seamless implementation, and a high-quality product.
SmarterDx CEO Michael Gao, MD, emphasizes that revenue cycle gaps cost hospitals billions in missed or denied claims. The clinical AI solution aims to revolutionize accuracy and efficiency through its comprehensive auditing.
The KLAS report validates SmarterDx's ability to rapidly boost hospital financial performance through advanced revenue cycle analysis. With tight margins, providers need innovative ways to ensure every dollar is captured appropriately for care delivered. SmarterDx's AI solution earned top marks from users for optimizing this process.