Cost Predictor AlgoPack
by UCARE.AI
Award-winning AI-Powered Personalised Medical Bill Estimations
UCARE.AI’s award-winning Cost Predictor AlgoPack provides personalised, AI-powered pre-admission cost of hospitalisation estimations, empowering greater cost transparency and informed decision making on healthcare expenditure. It is a scalable plug and play system that provides high availability, fault-tolerance, and real-time processing of high-volume estimate requests that are more accurate than traditional techniques.
For HOSPITALS, the solution enables:
- Increased revenue through programmes such as price guarantee for common procedures
- Shortened payment cycles and reduction of bad debt by collecting accurate upfront payment from patients
- Better NPS (Net Promoter Score) and reduced customer complaints from building trust between providers and patients through greater price transparency
- More productivity by alleviating admissions staff workload by reducing the need of re-financial counselling
For INSURERS, the solutions enables:
- Improved efficiency and productivity through pre-authorisation automation
- Shortened claims processing cycles from straight through processing
- Know true-value of each policyholder through accurate forecasting of medical claims costs
The Cost Predictor AlgoPack can be integrated into your current front end tool such as SAP or used through UCARE.AI’s AlgoBox Platform.
Parkway Pantai Case Study
The system has been deployed at all four major hospitals in Singapore, namely Mount Elizabeth, Mount Elizabeth Novena, Gleneagles and Parkway East hospitals; owned by Parkway Pantai since November 2018. Since deployment, there have been no customer complaints and the Cost Predictor has achieved an average aggregate accuracy of 82%, a four-fold improvement in accuracy over Parkway’s previous bill estimation system.
After using the Cost Predictor for a year, Parkway Pantai’s launch of PGP indicates their confidence in UCARE.AI’s solution to provide highly-accurate predictions to offer guarantee prices for selected medical procedures. With the PGP, Parkway Pantai’s patients will be guaranteed prices for six common medical procedures, even if related complications arise and require additional treatment for up to seven inpatient days.