With a commitment to innovation, the hospital system embarked on a transformative journey by integrating AI and Machine Learning into their collections approach:
Customized Propensity To Pay Model (PPP): TeraCrunch, a pioneer in AI solutions, introduced its Propensity To Pay model, a predictive analytics solution customized and calibrated using the provider's historical data. This tailor-made approach ensured the highest accuracy levels in predicting patient behavior.
Expert Data Science Tailoring: TeraCrunch's team of world-class PhD Data Scientists and Engineers spearheaded the customization process. By harnessing their expertise, the solution was finely tuned to resonate with the unique nuances of the hospital system's operations.
Holistic Marketing Insights: In addition to PPP scores, the TeraCrunch solution offered invaluable marketing predictions. This empowered the hospital's collections team to segment patients intelligently for personalized marketing outreach. Marketing strategies encompassed outreach methods (phone, email, text), frequency (how many times & when to reach patients), and demographic insights such as income levels at the zip code granularity.
THE SOLUTION
RESULTS
TeraCrunch solution allowed the department to enhance efficiency, improve accuracy and improved customer experience
High accuracy:
Our accuracy levels were over 90% which allowed highly accurate targeting of patients with high propensity to pay
Collections improved by 35%:
By integrating AI and Machine Learning, our customized Propensity To Pay Model boosted collections by 35%, enhancing revenue and operational efficiency.
Optimized Resource Allocation:
The AI-driven insights enabled the hospital system to allocate resources more effectively, leading to operational cost reductions and workforce optimization.
Consistent ongoing improvement:
as more data was collected with this new solution, our team continuously improved the underlying prediction accuracy and marketing recommendations
