Maximizing Profits with Machine Learning

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About the Customer

The MYR Corporation is a medical billing & Revenue Cycle Management (RCM) company created by physicians, for physicians. Founded in 2005, this physician-centric company began with a primary objective: to reduce doctors’ overhead while increasing their productivity and profitability, by providing the tools and knowledge needed to maximize reimbursements. MYR has a successful track record of enabling timely reimbursements with full transparency to doctors.

The Challenge

MYR’s core mission is to remove bottlenecks within the billing cycle through accurate coding, expeditious submissions to insurance companies, and timely follow-ups for any denials. MYR has been able to accomplish these tasks through their legacy Revenue Life Cycle Management software. However, this legacy software did not provide deep insights out-of-the-box but rather, required manual analysis and laborious tracking. This manual effort was neither cost-effective nor scalable. MYR required a modern analytics platform that would provide deeper insights into the inhibiting bottlenecks within the RCM cycle and areas for growth in maximizing their clients’ reimbursements. 

The Solution

The solution included extracting data from MYR’s legacy billing software and importing into the Capitis AWS analytics and visualization platform. Capitis engineers were able to extract, transform, and load this collections data into AWS QuickSight SPICE engine. In addition, Capitis was able to import data from national physician reimbursement benchmarks using the Centers for Medicare & Medicaid Services published fee schedules. Within a week, Capitis data engineers and scientists were able to create powerful dashboards with KPI’s at scale, offering actionable insights using QuickSight advanced capabilities. QuickSight Machine Learning (ML) enabled MYR analysts to identify anomalies and perform root cause analysis. 

The technologies used for this solution are:

  • Amazon QuickSight
  • Amazon QuickSight SPICE
  • Amazon QuickSight ML
  • Amazon QuickSight Forecasting
  • Amazon QuickSight Mobile Applications
  • Amazon QuickSight Email Sharing
  • Amazon S3

The Benefits

  • Eliminates the manual effort of creating specialized reports in Excel
  • Identifies anomalies within charge and revenue trends, enabling root cause analysis for bottlenecks
  • Provides the highest degree of transparency, timely report generation, and actionable KPI’s
  • Uncovers valuable information previously hidden in large legacy data sets to harness competitive intelligence
  • Forecasts future revenues for physicians, allowing them to scale-up operations to align with predictions
  • Allows physicians to easily monitor the efficiency of their practice and pinpoint areas for growth based on variables of their choosing