Jordan Levitt, President and CEOMedical billing, the lifeblood of a successful healthcare provider, ensures cash flow for operations and a high quality of care to continue seamlessly when payments for services rendered are timely. However, claims often get denied for various reasons—with human error playing a major role—costing healthcare providers revenue losses. This presents the question, how to minimize errors and streamline billing to reduce losses and maximize clean and timely claims? Waveland, a healthcare data curation company, solves the problem by delivering accurate and complete patient information through its proprietary Healthcare Data Curation, or “HDC”, solution, thus helping expedite the medical billing process and eliminate potential errors that cause payment delays and require significant rework. “At Waveland, we make the most accurate and up-to-date patient data available to healthcare providers, billers, and vendors,” says Jordan Levitt, President, and CEO, Waveland.
The company’s data-as-a-service solution, HDC, verifies, finds and corrects data attributes such as patient demographics, medical insurance information, missing medical beneficiary identifiers, and even detailed benefits. Waveland has even figured out how to provide the highest accuracy propensity to pay indicators and financial assistance and subsidy qualification without the traditional data source of credit reports. The solutions ensure maximizing clean claim submissions, reduced edits and eliminates the need to manually manage discrepant data, allowing staff to perform more value-
value-added tasks within the organization. Waveland leverages artificial intelligence (AI), robotic process automation (RPA), and in-memory analytics to validate patient information in fastest possible real-time. “Billing processes that normally take anywhere from an hour to 30 days can be accomplished in a matter of seconds with Waveland’s HDC solution,” says Dean Paluch, CRO, Waveland. In addition, Waveland HDC integrates directly into the host system using different APIs and ANSI standard transaction sets.
Dean Paluch, CRO
While most vendors are focused on selling their various services or software to replace people or other systems, Waveland is dedicated to data curation and integration, rather than having to replace a client’s current system. but rather enhancing its functionality and automated throughput. This was made clear during the pandemic when hospitals, labs, and other healthcare providers were strained to keep up with the demand for COVID-19 testing. They had to scale up their ability to process and bill for tests while remaining compliant with the complicated CARES Act. Without having to increase their staff, Waveland enabled labs to handle significantly higher volumes of testing by instantaneously securing accurate patient data while supporting CARES Act compliance and streamlining the billing and reimbursement process. It was common for Waveland’s clients to quadruple their testing volume, yet clear their claims backlog, without a single keystroke. Waveland works behind the scenes to eliminate the need for manual data correction and collection through its sophisticated algorithms and library of data sources.
Moreover, Waveland becomes a client’s data partner by identifying their data needs and leveraging them to help maximize efficiency and profitability. In terms of implementing Waveland’s HDC, the process is relatively quick since it leverages AI for automatic data mapping and data integration into a client’s system; often reaching production in 10-25% of the time of other data clearinghouses. In addition, the cost to implement is only a fraction of what the company’s competitors charge as less time is taken. For instance, Waveland only required 9 days to replace a patient eligibility and discovery data solution for a client, which their previous vendor had required 96 days to implement.
Looking ahead, Waveland is building solutions to help its clients better prepare for Medicaid and Medicare reforms and also providing additional data sets that will be valuable in simplifying reimbursement. The company also aims to automate a wider range of revenue cycle processes that are manually intensive and help maximize revenue while keeping costs low. As the healthcare sector adapts to new ways of doing business with AI and RPA, Waveland continues to guide them in their data-driven journey.
