Waterlabs AI Technologies: Exceptional Automation Capabilities for Healthcare Revenue Cycle Management Providers & Payors
President and CEO
Technologies like artificial intelligence (AI) and machine learning (ML) have significantly transformed various industries in the last few years. This has been possible owing to the consistent efforts of businesses that innovate using these latest technologies to simplify and automate processes. One company that has brought about such changes in the Healthcare revenue cycle management, insurance and financial services verticals is Waterlabs AI Technologies Pvt Ltd. The company facilitates AI-enabled robotic process automation for companies across these sectors that have been holding onto conventional processes and mundane tasks that demand more time and efforts that can otherwise be invested into more productive and meaningful tasks generating exceptional quality and revenues.
Waterlabs AI has introduced a fully AI enabled RCM workflow platform that allows its clients to automate their processes without access to data. As medical institutions are highly regulated and need to comply with several guidelines in terms of accessing patient data, Waterlabs AI has brought a solution that automates healthcare institutions’ processes without processing any critical data. In a conversation with CIO Insider, Waterlabs AI’s President and CEO, Kamal Raj and Chief Sales and Strategy Officer, Louis Victor talk in detail about their journey so far and the capabilities their AI-powered platform ensures for clients.
Could you tell us about Waterlabs AI Technologies’ inception story and the vision it is driven by?
Our company was founded in 2019 with a focus on AI-enabled RPA Solutions. The vision behind creating such a solution was to fill the gap prevailing in the healthcare space with regards to revenue cycle management(RCM). As strictly regulated entities, hospitals as well as insurance companies can’t access or share data freely and consequently, automation has always been a far-off possibility in these industries filled with very basic technologies for web status and practice management system automation.
Considering these challenges and restrictions, we decided to venture on a journey where in we could automate the basic processes within the hospitals, clinics and insurance companies that have to invest thousands of man hours in calling and requesting for claims, tracking them, resubmitting them and so on. Owing to the operational efficiencies ensured by our platform which helps you bring in immediate reduction to over 30 percent of man hours, we have been able to garner a vast client base in the US. In fact, 70 percent of our revenue comes only from the healthcare clients in the US.
We are the only organization that can automate healthcare RCM processes within a ‘no data’ environment
What capabilities does Waterlabs AI Technologies deliver to clients with its end-to-end platform?
We have AI bots that perform the entire end-to-end data processing including voice calling bots and streamline operations without any human intervention with maximum accuracy and efficiency.
This makes the healthcare institutions deliver care in a hassle-free manner and faster, thus keeping the load off the shoulders of the healthcare providers by ensuring timely reimbursements.
Having dealt with many healthcare and insurance businesses, we understand that ensuring flawless and efficient insurance management and payment processing as well as accurate diagnosis are some of the main challenges that they faced often. At Water labs AI, we have our own patented process flows and technologies and we apply the latest AI techniques such as NLP, neural networks, multilanguagespeech recognition. We have developed modules that can easily and effectively understand patient reports and provide accurate insights and diagnosis which will ensure there are no missed procedures or charges.
What are the various operational challenges faced by your clients in the healthcare & insurance sectors that Waterlabs AI Technologies addresses with its solution?
Many healthcare businesses have for a very long time carried out claim processing or even basic tasks such as converting data into invoices and forwarding them to insurance companies manually. Considering the massive number of patients that a
hospital deal within a day, it’s not possible for their staff to file all the claims manually in an efficient manner. It not only demands a lot of time and delays claims, but also leads to inaccuracies in filing them and many claims gets returned as frontend rejections. With our platform, we have automated all these processes. We have 1600 insurance companies integrated into our platform that hospitals and clinics can initiate the claims to.
Unlike the traditional process where professionals from a hospital’s billing department have to either check each patient’s claims through the insurance companies’ website or by reaching out to their customer care team via a voice call, we have it all embedded in our patented workflow platform. We can provide status of even one million claims in less than 48 hours. It allows our clients to track which claims aren’t processed and act faster on those pending payments as well as post payments to their practice management systems instantly using our work embedded AI enabled RPA which runs round the clock.
Could you tell us about the key distinguishing factors that keep Waterlabs AI Technologies ahead of other in this segment?
We are the only organization that can automate processes within a ‘no data’ environment. Our platform doesn’t access any data and simply screens the processes and automates them using our patented AI technology. We also offer workflow solution to hospitals and clinics that are already pre connected to 1600 insurance companies in the US. Thus, our work¬flow solution gives its users the ability to check the status of claims, resubmit them and get them processed efficiently and reduce their AR days.
We have been able to deliver these capabilities to our clients, which are majorly based in the US. It has been possible for us to deliver such automation support owing to our background in technology and our team’s subject matter expertise which also keeps us ahead of the rest.
What is the roadmap for Waterlabs AI Technologies for the next few years? Are there any specific areas that you are going to invest in, going forward?
In the next 24 months, we want to focus predominantly on the payor’s and provider’s side in the revenue cycle management space using our AI assisted applications. We’ll also be emphasizing on the financial services and banking segment because it is connected to what we do on the healthcare side. We are also planning to venture into the telecom and re¬tail sectors in the Middle East, and our sales team is already working on it.