ST. PAUL, Minn., June 24,
2024 /PRNewswire/ -- Solventum (NYSE:
SOLV), [formerly 3M Health Care]
today announced a new artificial intelligence (AI)-driven payment
integrity and revenue cycle solution,
Solventum™ Revenue Integrity System. In
collaboration with Sift Healthcare, this solution is designed to
help health systems not only reduce potential denials but prevent
them and ensure timely and accurate payer reimbursement.
With tight margins and reduced resources, claim denials from
payers are a persistent challenge across the healthcare industry,
leading to significant revenue loss and increased administrative
costs. Healthcare organizations cited claim denials as the greatest
revenue cycle management challenge, with more than half of
respondents (58%) giving it a top rank, followed by "specific payer
challenges" (44%), staffing (41%) and cost of collections
(26%).
Targeting clinical documentation integrity (CDI), coding and
utilization review workflows, Solventum aims to transform denials
prevention by integrating machine learning-based interventions,
coding and prebill validation into the front end of the healthcare
revenue cycle.
"As healthcare systems continue to face increased write-offs due
to the growing denials burden, the current reactionary approach of
relying on claims data to reverse engineer denials isn't working,"
said Garri Garrison, president,
Health Information Systems, Solventum. "Our new solution, developed
in collaboration with Sift, will help equip health systems to move
from a reactionary stance to a proactive strategy, ultimately
preventing denials in the clinical workflow."
With this technology, healthcare providers are empowered to
optimize payment outcomes by predicting reimbursement at every step
of the patient's clinical journey. Functioning as an integrated
artificial intelligence (AI) agent within clinical workflows,
Solventum Revenue Integrity provides health systems with near real
time insights into reimbursement likelihoods and offer strategic,
compliant and actionable recommendations for intervention.
"Our objective in collaborating with Solventum is to reshape how
healthcare systems handle denials prevention and, more broadly,
support a timely and accurate payer reimbursement outcome," said
Justin Nicols, founder and CEO of
Sift Healthcare. "This solution facilitates near real time
intelligence and guides data-driven decisions, truly empowering
providers to optimize payment outcomes."
The Solventum Revenue Integrity solution complements Solventum's
existing suite of healthcare information system software that
supports the entire journey, from the first patient visit to the
final payment. To learn more about the Health Information Systems
business of Solventum, visit www.solventum.com/his.
About Solventum
At Solventum, we enable better, smarter, safer healthcare to
improve lives. As a new company with a long legacy of creating
breakthrough solutions for our customers' toughest challenges, we
pioneer game-changing innovations at the intersection of health,
material and data science that change patients' lives for the
better — while empowering healthcare professionals to perform at
their best. See how at Solventum.com.
About Sift Healthcare
Sift Healthcare is an
industry-leading healthcare payments analytics and data science
company. Sift's Payments Intelligence Platform, AI solutions and
advanced analytics enable healthcare providers to fully leverage
their payments data to reduce write-offs, accelerate insurance
reimbursement, improve patient payment strategies and optimize
revenue cycle efficiency. To learn more about Sift Healthcare,
visit www.sifthealthcare.com.
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SOURCE Solventum