ElectrifAi, a leader in practical artificial intelligence (AI) and prebuilt machine learning (ML) models, has announced a collaboration with St. Barnabas Hospital, the flagship of the SBH Health System, which provides healthcare to an underserved population in the Bronx.
With this collaboration, SBH will be able to realize operational efficiencies, cost savings, spending control, increased revenue, and risk reduction. The company will use ElectrifAi’s prebuilt machine learning models for spend, contracts, revenue capture, claim denials, patient engagement, and leakage, among others.
Ed Scott, CEO of ElectrifAi, “For years, our customers in financial services, telecom, and retail have improved their business processes through our practical machine learning technology. Now our clients in healthcare are benefitting from our integrated pre-built machine learning models tailored to the business of running hospital systems more cost-effectively.
He added, “Now, SBH Health System and its peers can accelerate the implementation of machine learning to drive revenue uplift, reduce costs, increase profit and improve general performance amid a fast-changing business environment. We are thrilled about our collaboration with SBH.”
Through the creation of strategic digital assets, SBH can now leverage vendor terms, discover inappropriate charges, missed discounts and uncover additional findings. SBH will be provided detailed views of spending by a doctor, physician group, facility, and other fields as discovered through spend analytics from various sources. Besides identifying missed charges, SBH will also be able to discover missed charges through revenue cycle management systems of vendors as well as billing and re-billing opportunities.
ElectrifAi’s experience in machine learning and spend analytics can help SBH optimize operations and improve the way the company does business and make the company the most innovative in the greater Tri-State medical community.
Dr. Eric Appelbaum, Chief Medical Officer of SBH, shared, “We are very excited about our collaboration with ElectrifAi. The challenges of running a hospital system efficiently in today’s fast-paced world can be daunting; but through the help of ElectrifAi’s leading-edge practical machine learning models, we look forward to rapidly implementing operational efficiencies that will help us keep pace and continue to serve our patients and community at the highest levels.”