These last few months, we’ve seen COVID-19 have an effect on various industries across the world. With the abrupt halt of elective surgeries that are now slowly returning and millions still unemployed without any healthcare, providers are facing new financial challenges.
To dive a bit deeper, we spoke with Infinx Healthcare, a provider of innovative and scalable patient access and RCM solutions for healthcare providers, hospitals, imaging centers, and laboratories. They combine intelligent, cloud-based software driven by artificial intelligence and automation, with exception handling by certified prior authorization and billing specialists.
This helps clients preserve and capture more revenue, enabling them to shift focus from burdensome administrative details to billable patient care. Since the pandemic, Infinx has been there for its clients, providing tools and information on how to increase revenue during and post-COVID-19.
Q&A with David Byrd, VP of Growth & Strategy at Infinx Healthcare
Q: What are some of the issues around the current state of revenue cycles and how is Infinx using AI and automation to modernize RCM solutions?
RCM is complex with multiple stakeholders in the patient, provider and payer workflows. There is little price transparency and it involves significant manual work and follow-up. Over the last 6 years, Infinx has addressed some of the most challenging business processes within RCM by leveraging automation, artificial intelligence, and machine learning. Our solutions have significantly improved turnaround times and helped our provider partners preserve and maximize their revenue while reducing burdensome and wasteful administrative costs.
Q: Has COVID-19 made any of these issues worse or brought on new issues?
COVID-19 has stressed the finances of all healthcare providers. Patient visits have reduced significantly due to a pause on elective surgeries, procedures and tests. Unemployed patients have lost health benefits along with a general sense of fear of visiting a physician office. With lower patient visits, provider revenues have decreased significantly and there is a sense of urgency to maximize the cash collection on all rendered procedures. Many physician groups are facing possible insolvency and an improved approach to revenue cycle may yield some much-needed cash relief.
Q: What is Infinx doing to help companies combat the effects of COVID-19?
Infinx is actively working with its provider partners to ensure our solutions are meeting the demands of current times. Our AR Optimization Solution product is positioned to enable providers to recover delayed payments and convert bad debt into cash. In addition, we have scaled our operations to address the increased post-COVID-19 prior authorization surge.
Q: Why should healthcare companies switch to Infinx?
Quite simply, Infinx partners with our healthcare providers to enable them to efficiently capture maximum revenue when billing their procedures to payers. We enable physicians to practice medicine and focus on patient well-being.
Q: What are your plans for the future of Infinx?
We are excited to continue our journey and expand our capabilities to cover more healthcare specialties. Today we are market leaders in radiology, orthopedics, cardiology, labs, and long-term care pharmacies. We are entering the dental and vision markets and also evaluating oncology and physical therapy.
If you’re interested in learning more about Infinx Healthcare, you can visit https://www.infinx.com/.