Read this article about Acuity Eyecare Vision (AEG), Finalist in the Best Achievement in Operational Excellence to deliver Digital Transformation, selected by the independent judging panel, for the 2021 Digital Transformation & Operational Excellence Industry Awards program.
Revolutionizing Revenue Cycle Management with Intelligent Automation
AEG Vision is growing 35% YOY growth and consists of the finest eyecare professionals operating in
230 optical practices across the U.S. With an ambitious goal to reach 500 stores in the next two
years and a focus on delivering top-notch eyecare services, we are on a journey to revolutionize
Revenue Cycle Management (RCM).
Daily processes that are decisive to RCM, including patient appointment booking, insurance eligibility
for patients coming through scheduled appointments, claims management across 30 plus insurers,
were demanding 30% of the days’ time of our skilled resources. With the rapid acquisitions of
eyecare groups and independent optometrists, we had to manage islands of information systems
manually; inflexible core systems lacked system-wide integration capabilities. Manual operations
caused unnecessary delays in patient care, cash flow issues, and depleted customer experience. Any human errors could lead to further missed revenue.
Intelligent automation technologies are perfectly suited to automate manual tasks while improving
our cash flow, patient care, and operational efficiency.
We partnered with Nividous, a global intelligent automation company, to develop a unified RCM
solution that is built using their platform. It natively combines the capabilities of Artificial Intelligence, Robotic Process Automation, and a workflow engine. This combination of technologies has enabled us to achieve a $4M ROI in a year.
The Nividous intelligent automation platform was deployed to automate a series of cross-functional
RCM operations that require the involvement of doctors and administrative staff and transcribing
data between multiple legacy systems.
The program was delivered iteratively with an initial focus on deploying Nividous Bots to automate
checking of patients’ claims eligibility on one insurer’s website and then replicating it for a pool of 30
insurer’s websites. Over 28 processes, including end-to-end claims submission, claims posting, and
reconciliation, aged claims adjustments were automated to save thousands of staff hours per
month. The holistic approach to achieving operational excellence across all critical business
functions led us to eventually create a center of excellence.
It has been more than two years, and the project benefits have left a tremendous impact on the
overall business practices and dependant operations. Each successful document processing by
Nividous Bot using natively embedded AI capabilities takes only 5 minutes and saves $15 per hour.
The efficiency of the claim processing cycle was improved by more than 80%, which enabled faster
customer communication and the ability to upsell the services 10 times effectively.
• 10% YoY increase in patient appointments without an increase in call center FTE
• 250K Hours of valuable time every year is saved for highly skilled staff
• $75M Claims payments per year
• $6M plus worth claims are adjusted yearly
• 40% Improvement in time to integrate new acquisition
• 9 Days DSO Reduction in claim to cash
• $4M yearly savings
This is an excellent example of how a holistic approach towards automation can enable you to
transform end-to-end processes at scale achieving quicker ROI at the lowest cost of ownership. AEG
Vision will continue to use the disruptive platform while enjoying an unparalleled competitive edge.
Digital Transformation & Operational Excellence Industry Awards 2021
About the Awards
The Digital Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding achievements through the application of Business Transformation, Digital Transformation, Operational Excellence & Innovation Excellence programs. Click here to view the Press Release.
The winners will be announced at the Awards Ceremony at The Digital Transformation & Operational Excellence World Awards (DTOES) on Wednesday, December 15th, 2021, from 6:30 PM at Renaissance Orlando at SeaWorld®.
The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Business Transformation, Digital Transformation, Operational Excellence & Innovation Excellence programs to deliver outstanding business results.
The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2021 on December 15, 2021, at the Renaissance Orlando at SeaWorld®. Click to access the agenda, view the current speakers, and watch the highlights video from last year.
Speakers
Agenda
Highlight Video
BTOES.com
BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.
With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.
Quick Links
Speakers
Agenda
BTOES Awards
There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.
The agenda is designed to encourage active meaningful conversations through all day enhanced networking and interaction opportunities, including
For more information please email info@proqis.com