The company’s data-as-a-service solution, HDC, verifies, finds and corrects data attributes such as patient demographics, medical insurance information, missing medical beneficiary identifiers, and even detailed benefits. Waveland has even figured out how to provide the highest accuracy propensity to pay indicators and financial assistance and subsidy qualification without the traditional data source of credit reports. The solutions ensure maximizing clean claim submissions, reduced edits and eliminates the need to manually manage discrepant data, allowing staff to perform more value-
value-added tasks within the organization. Waveland leverages artificial intelligence (AI), robotic process automation (RPA), and in-memory analytics to validate patient information in fastest possible real-time. “Billing processes that normally take anywhere from an hour to 30 days can be accomplished in a matter of seconds with Waveland’s HDC solution,” says Dean Paluch, CRO, Waveland. In addition, Waveland HDC integrates directly into the host system using different APIs and ANSI standard transaction sets.
Waveland Technologies : The Transformation of Data in Medical Billing
While most vendors are focused on selling their various services or software to replace people or other systems, Waveland is dedicated to data curation and integration, rather than having to replace a client’s current system. but rather enhancing its functionality and automated throughput. This was made clear during the pandemic when hospitals, labs, and other healthcare providers were strained to keep up with the demand for COVID-19 testing. They had to scale up their ability to process and bill for tests while remaining compliant with the complicated CARES Act. Without having to increase their staff, Waveland enabled labs to handle significantly higher volumes of testing by instantaneously securing accurate patient data while supporting CARES Act compliance and streamlining the billing and reimbursement process. It was common for Waveland’s clients to quadruple their testing volume, yet clear their claims backlog, without a single keystroke. Waveland works behind the scenes to eliminate the need for manual data correction and collection through its sophisticated algorithms and library of data sources.
Moreover, Waveland becomes a client’s data partner by identifying their data needs and leveraging them to help maximize efficiency and profitability. In terms of implementing Waveland’s HDC, the process is relatively quick since it leverages AI for automatic data mapping and data integration into a client’s system; often reaching production in 10-25% of the time of other data clearinghouses. In addition, the cost to implement is only a fraction of what the company’s competitors charge as less time is taken. For instance, Waveland only required 9 days to replace a patient eligibility and discovery data solution for a client, which their previous vendor had required 96 days to implement.
Looking ahead, Waveland is building solutions to help its clients better prepare for Medicaid and Medicare reforms and also providing additional data sets that will be valuable in simplifying reimbursement. The company also aims to automate a wider range of revenue cycle processes that are manually intensive and help maximize revenue while keeping costs low. As the healthcare sector adapts to new ways of doing business with AI and RPA, Waveland continues to guide them in their data-driven journey.