Since its inception in 2020, CorroHealth has been at the forefront of revolutionizing healthcare technology through the use of AI-driven solutions. Led by CEO Pat Leonard, the company has focused on reshaping clinical revenue cycles and tackling various challenges faced by the healthcare industry, including skilled worker shortages, complex revenue cycles, and operational inefficiencies. One of the key areas CorroHealth has addressed is the issue of erroneous payer denials, which have been plaguing healthcare providers.
Denial rates in the healthcare industry have been on the rise, with the 2022 Revenue Cycle Denials Index published by Change Health indicating that denial rates reached nearly 12% in 2022. This has posed a critical challenge for healthcare providers, particularly those operating in the red, as 82% of denials are avoidable. The increase in denial rates can be attributed to pre-authorization issues and administrative complexities, highlighting deeper systemic problems within the industry.
In response to these challenges, CorroHealth, under the guidance of Pat Leonard, has developed AI technologies such as VISION and PULSE. These tools have transformed denial management into strategic avenues for revenue recovery. VISION, with its sophisticated algorithms and nuanced DRG methodology, has improved revenue ten times for some of the largest U.S. health systems. On the other hand, PULSE, an automation platform for medical coding, has seen up to a seven-times improvement in productivity, automating 90% of charts for a leading hospital system’s emergency department and contributing to a significant $504 million revenue increase.
AI technology has witnessed significant advancements over the past decade, evolving from simple, rules-based algorithms and robotic processes to complex language models. This shift has paved the way for advanced, intelligent solutions that address the industry’s problems. CorroHealth leverages these advancements, utilizing LLMs (Language and Logic Models) and logic-driven applications to enhance operational efficiency and develop sophisticated AI platforms that tackle clinical revenue cycle challenges for top U.S. health systems.
Despite the advancements in AI technology, Leonard emphasizes the importance of the human element in healthcare. CorroHealth collaborates with over 300 healthcare professionals, including physicians and clinicians, to develop their technology. This synergy enables the company to effectively address the challenges faced by healthcare providers, and their AI platforms complement internal teams working to solve critical clinical revenue cycle challenges.
CorroHealth offers flexible models to adapt to the varied needs of healthcare organizations, including full Software as a Service (SaaS) options, complete service solutions, or hybrid models. Their AI-powered technology allows them to efficiently manage various aspects of healthcare operations, from regulatory oversights to payer strategies, clinical documentation, medical coding, and specialized account receivables. The company’s advanced healthcare analytics ensure comprehensive coverage and power their solutions.
VISION, CorroHealth’s advanced DRG and revenue integrity platform, aids in pre-bill clinical case reviews, significantly enhancing DRG capture and reimbursement accuracy. Clients using VISION have achieved an average ROI multiple of 6.7 times, with ranges between four and 10 times. This improvement stems from VISION’s ability to instantly score and prioritize clinical cases, coupled with dynamic benchmarking for coding and documentation improvements. The platform not only ensures higher compliant reimbursements but also increases monthly revenue findings by up to 102% compared to pre-VISION implementation.
PULSE, the next-generation medical coding platform from CorroHealth, transforms coding efficiency and productivity up to seven times across a wide range of medical services. PULSE automates over 90% of charts in a leading U.S. hospital system, making most coding tasks touchless. It significantly boosts productivity and has contributed to a remarkable $504 million revenue increase. With its deep learning capabilities and universal EHR integration, PULSE excels in both simple and complex coding scenarios, making it a critical tool for healthcare providers. CorroHealth’s AI solutions, like PULSE, continuously evolve to enhance performance and ensure operational excellence in healthcare.
CorroHealth’s AI journey, led by CEO Pat Leonard, has positioned the company as a valuable healthcare technology and solutions partner. Their success lies in innovation, deep medical expertise, and a profound understanding of the market’s needs. By combining cutting-edge technology with clinical insight, CorroHealth’s VISION and PULSE platforms are solving today’s challenges and shaping a more financially resilient healthcare industry. These AI solutions usher in a new era of revenue integrity, making healthcare operations more efficient and effective. With CorroHealth’s leadership and commitment to innovation, the future of healthcare technology looks bright.
