Finding Millions of Dollars in
is Easier Than You Think
Finding Millions of Dollars in Untapped Revenue is Easier Than You Think
Abax Health – Kevin Sleeper – Chief Growth Officer
Each year, physicians refer patients for secondary procedures, second opinions, additional treatment and more. Even with the best of intentions, a majority of patients don’t follow their doctor’s orders. This creates two major problems - patients can experience significant health-related issues resulting from missed care and organizations lose millions of dollars in missed treatment revenue.
What if “fixing” this problem was a win-win scenario for both the patient and the healthcare organization? That is the question the founder of Abax Health, Scott Friesen, asked himself after putting off his own colonoscopy year-after-year despite the cautionary warnings from his doctor. He thought, “If only I had my own personal healthcare concierge to make this appointment for me so I don’t put this off again...” And with that, Abax Health was launched.
Abax Health’s AI powered clinical analytics and patient engagement platform, Clarity, is dedicated to ensuring that health systems can access all of the “untapped revenue” sitting on their clinical books. “Untapped revenue” is referrals that physicians provide to their patients, but for whatever reason, the patient does not schedule the care that their physician said they needed.
Abax’s AI powered solution, Insight, uses advanced artificial intelligence and machine learning to identify when a patient has a “missed referral” for a procedure and ensures that the procedure gets scheduled. The platform analyzes millions of patient records to find missed referrals, quantifies the financial impact of the missed procedures, and then uses a concierge team of patient outreach specialists get to work reminding the patient of the procedure, educating the patient on its necessity, and then conducting all of the administrative scheduling and financial clearance steps (Patient Access functions) involved in getting that patient financially cleared and scheduled for the appointment.
Abax understands that patients want convenience, just like they experience with Amazon or Netflix. As a result, Abax implemented an AI powered multi-channel, automated outreach platform that uses text, email, and live human-powered phone calls to connect with the patient based on the patient’s preference. Abax’s goal is to meet the patient’s health needs on their own terms. The result is added convenience for the patient, improved patient satisfaction and outcomes and the procedure actually gets scheduled, resulting in otherwise missed revenue for the provider. It’s that simple and a win-win for both the patient and the provider.
It may sound too good to be true, so we let our results speak for themselves. For a recent client engagement, Abax analyzed over 2 million rows of untapped referral data and identified a $200 million untapped revenue opportunity. Even if only a small percentage of those appointments were scheduled, the immediate financial impact and ROI is significant.
Healthcare organizations traditionally thought that revenue improvement opportunities had to come in the form of cost cutting, reducing staff and/or increasing services. Abax Health has created a new category of accessing untapped revenue that is sitting there waiting to be tapped.