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Bets invoicing software12/7/2023 ![]() Huntington and Veuu expect to launch their medical billing solution in the first half of 2024.Used by 100, 000 small businesses to create, personalize and send professional-looking estimates and invoices to clients within a matter of seconds and the touch of a few buttons. Banks trade receivables every day, that's very common, but nobody trades pools of medical receivables." "We're going to be trading these receivables in the future. "This is going to be the new commercial paper market," Storer said. "It changes the current state," Storer said. Storer, who has worked in health care banking since the early 1990s, remains confident it will prove game-changing. Huntington decided to invest in Veuu after viewing a presentation by Mills and his team at the bank's Columbus, Ohio, headquarters earlier this year. In February, CodaMetrix, a Boston-based fintech, received $55 million from venture capital investments to boost development of a rival AI-powered billing solution. It's by no means the only one in the works. ![]() ![]() The machine needs to be built in a particular way to be able to flesh out the important nature of what the doctor said."Ī team of nearly 50 software engineers worked full time for nearly five years to develop Veuu's solution, Mills said. "That's a problem for humans," Mills said. The next doctor comes along and the diagnosis could be buried in a paragraph of 25 words." Coders must then select the proper classifications from approximately 67,000 diagnosis codes to generate a bill. Coding is derived from practitioners' diagnoses, "and all doctors differently," Mills said. It's more about can we improve the number of claims that are otherwise coded improperly to code them correctly, and can we get them paid."Īccording to Mills, the problems with medical billing stem from language. "We've found there's one way to measure accuracy in coding health care claims and that is specifically based on adjudication - did get paid or not," Mills said. The solution works by studying medical claims that were successfully paid. In one pool of claims initially processed by a participating hospital's in-house billing team, Veuu improved the accuracy rate from 61% to 92%, saving thousands of work hours, in the process. While it's still in the trial phase, Veuu's software has produced significant improvements in coding accuracy, Terence Mills, the fintech's CEO, said Friday. To borrow against outstanding bills, health care providers have turned to nonbank lenders who typically charge higher rates, Storer added. … There's just so much variability with the value of that asset," Storer said. "We might give a line of credit to a really strong hospital, but we're really not taking their receivables. The issue has affected the way Huntington and other banks approach health care lending. It just stretches out the payment cycle." "You know there are going to be adjustments. "You never pay your first statement," Storer said. Indeed, according to one study cited by Becker's Hospital Review, as many as 80% of medical bills contain at least one coding error. It didn't say how much of the company it acquired.Ĭoding errors, Storer said, have long been a pain point for hospitals, health systems, doctor practices and outpatient surgery centers, the target market for Veuu's software, so much so that many patients routinely delay paying bills while insurance reimbursement is up in the air. Huntington disclosed its equity investment in Veuu Thursday in a press release.
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