Latest claims related tech news from the USA;
Roots Automation has announced the upcoming 2022 launch of a new product, Iris. Iris will be the first niche SaaS platform to accurately extract data from CMS-1500 medical claim forms for insurers and insurer-affiliated organizations.
Iris will automate the data extraction of medical claim forms with an industry-leading straight-through processing rate, meaning information is pulled from CMS-1500 claim forms without any human intervention. The SaaS product utilizes proprietary Machine Learning and custom Optical Character Recognition (OCR) to read CMS-1500 forms at 95%+ accuracy while maintaining security and HIPAA compliance. Iris will be the fastest, most precise data extraction SaaS for medical claim forms on the current market.
Historically, data extraction software has been unhelpful in extracting information from medical claim forms, citing issues with poor quality scans and improperly completed or incomplete fields. This problem affects both the healthcare and insurance industries, and it’s nearly impossible to estimate the full financial impact – though, the American Medical Association once estimated economical losses ranging between $21 billion and $210 billion annually as a direct result of medical claims processing inefficiencies. Roots Automation presents an affordable solution for a costly problem in the form of Iris.
Iris is not the company’s first product for the insurance industry. In 2018, Roots Automation launched its Digital Coworker product, a form of Cognitive Process Automation (CPA). CPA is an advanced form of Robotic Process Automation (RPA) that combines traditional scripted automation with artificial intelligence and cognitive computing, allowing for the automation of unstructured data and processes. These bots, affectionately referred to as Digital Coworkers, are customizable solutions for workflows across a variety of industries, departments, and functions.
An economical solution for insurance carriers, third-party claims administrators, and business process outsourcers, Iris is a more niche, accessible platform for medical claims processing.
Roots Automation was founded on two main principles: that humans are happier when they’re free to focus on meaningful, impactful work; and that automation should be available to organizations of all sizes,” says CEO and co-founder Chaz Perera. “We’re proud to release a tool we’ve used internally with great success to further support the insurance industry in the form of Iris.”
Chaz Perera, CEO & Co-founder of Roots Automation
Small and middle market organizations have difficulty sourcing the budget for process automation, a necessary tool for employee engagement and smooth workflows. Roots Automation democratizes automation via the availability of Automation-as-a-Service, or their Digital Coworker product. The launch of Iris, the new SaaS platform, is a natural progression of their offerings to the insurance and healthcare industries.
Interested parties can be added to the product’s waiting list here, or find additional information at https://www.rootsautomation.com/iris-the-document-assistant.
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