Administrative costs comprise 25% of a hospital’s total expenditures, and a many of these costs related to repetitive or unnecessary tasks. This is an insane amount of waste, the impact of which is magnified even more in current time of COVID-19 financial stresses. Heath systems of all sizes have initiatives to integrate digital solutions, to innovate and automate and decrease costs, but with a sea of vendors, evolving technology and ever-increasing urgency, finding the right resource to guide and help structure the processes of identifying and implementing the best tools is critical.
AVIA Health is the nation's leading digital transformation partner for healthcare organizations. AVIA provides unique market intelligence, proven collaborative tools, and results-based consulting to help solve healthcare’s biggest strategic challenges. Addressing the burden of administrative waste is the premise of AVIA's 25% Challenge. Through the 25% Challenge, AVIA’s goal is to help healthcare providers identify and integrate digital technologies that will fundamentally transform the way they operate and help them realize massive cost savings. The goal of the 25% challenge is to bring providers together with vetted vendors whose platforms and products help
- Reduce administrative costs
- Drive operational efficiency
- Unlock workforce capacity
- Improve financial performance
After a thorough vetting process based upon criteria set forth by AVIA health system members, AVIA recognized Sift Healthcare’s denials management product as an AVIA Vetted product in May 2020, indicating that it has been proven to address denials management challenges effectively, based on the needs and criteria set forth by AVIA Members. We are honored to have received the AVIA vetted badge, and we are incredibly proud of the continued recognition of Sift’s unique approach to denials management in a highly commoditized space.
Sift uses AI and machine learning to enable healthcare providers to prioritize their work efforts around denials. Healthcare providers have teams of people working a never-ending backlog of insurance denials. Sift makes this process more efficient and successful, using AI to enable healthcare providers to focus on denials that actually drive revenue. Sift’s approach accelerates insurance payments by prioritizing denials around likelihood of payment, in effect bringing the denials that provide the highest ROI to the surface, Our AI work is done behind the scenes and integrated directly into providers’ existing revenue cycle workflows. Sift’s denials solution allows providers to decrease denial rates, increase recovery rates and speed, as gain efficiencies with more strategic use of their existing workforce.
We’re excited to be a part of AVIA’s 25% Challenge and look forward to further the conversation around how focused AI and analytics can have a powerful impact for health systems, improving both operational and financial performance.
Learn more about Sift’s Denials Solution, here and find us on AVIA Connect.
