The SSI Group Announces New Machine Learning Capability Allowing Hospitals and Health Systems to Predict Payer Remittance
06.24.19 • Press Release
The SSI Group (SSI), a leader in financial performance solutions for providers and payers, today announced a new predictive analytics capability that uses machine learning to predict when provider clients will receive payments from payers, within a few percentage points.
Several SSI clients are already using this new capability, which further increases the degree of accuracy through machine learning. Unlike competitors, SSI aggregates all remittance data that comes through the company’s clearinghouse and builds patient encounter logic for each patient, giving clients a full view into what is happening.
“SSI is committed to equipping clients with essential financial information by providing leading edge machine learning technology,” said Eric Nilsson, CTO at SSI. “Without predictive analytics, hospitals and health systems are left guessing when they will receive payments. Our software allows these healthcare organizations to determine when they can expect to get paid – down to the day and time.”
Without a predictive analytics solution like this, hospitals and health systems must manually build their own, less accurate spreadsheets to predict when they will receive claim payments – equating to several hours of staff time per month. Now, with SSI Claims Analytics, clients access an easy-to-read graph that predicts when they will get paid for the claims they’ve submitted. SSI makes predictions on a wide variety of claim payments including institutional, professional, in-patient and out-patient claims.
“Using SSI has helped give us more visibility into information we use to drive our business. Knowing when, and how much, we will get paid is of the utmost importance,” said Christopher Richmond, Manager, Business Office Services at Northside Hospital. “With this tool, we’ve reduced both manual efforts and uncertainty in understanding our cash expectations.”
Currently, SSI Claims Analytics provides predictions on claims remittance payments, but SSI plans to expand and offer predictive analytics for claim denial rates and audit rates in the future.