JERSEY CITY, N.J., July 8, 2021 /PRNewswire/ -- ElectrifAi, one of the world's leading companies in practical artificial intelligence (AI) and pre-built machine learning (ML) models, announced today its collaboration with St. Barnabas Hospital, the flagship of the SBH Health System, a teaching institution caring for an underserved population in the Bronx.
The collaboration will rapidly bring SBH operational efficiencies, cost savings, spending control, increased revenue and risk reduction. SBH will leverage ElectrifAi's pre-built machine learning models for spend, contract, revenue capture, claim denials, patient engagement and leakage, and many other applications.
SBH can now leverage vendor terms, uncover inappropriate charges, missed discounts and additional findings by transforming contracts into a strategic digital asset. SBH will receive detailed views of spend by doctor, physicians group, facility and other fields as discovered through spend analytics from various data sources. SBH will also be able to audit identified missed charges for billing and re-bill opportunities by uncovering missed charges from a vendor's revenue cycle management system.
ElectrifAi's 17 years of practical machine learning expertise with spend analytics, contract management, customer/patient engagement and machine learning models devoted to patient claims denials can help optimize and improve the operations of SBH and make SBH the trailblazer of the greater Tri-State medical community.
"For years, our customers in financial services, telecom and retail have improved their business processes though our practical machine learning technology. Now our clients in healthcare are benefitting from our integrated pre-built machine learning models tailored to the business of running hospital systems more cost-effectively," said Ed Scott, CEO of ElectrifAi. "Now, SBH Health System and its peers can accelerate implementation of machine learning to drive revenue uplift, reduce costs, increase profit and improve general performance amid a fast-changing business environment. We are thrilled about our collaboration with SBH," Scott added.
"We are very excited about our collaboration with ElectrifAi. The challenges of running a hospital system efficiently in today's fast-paced world can be daunting; but through the help of ElectrifAi's leading-edge practical machine learning models, we look forward to rapidly implementing operational efficiencies that will help us keep pace and continue to serve our patients and community at the highest levels," says Dr. Eric Appelbaum, Chief Medical Officer of SBH.
About ElectrifAi ElectrifAi is a global leader in business-ready machine learning models. ElectrifAi's mission is to help organizations change the way they work through machine learning: driving revenue uplift, cost reduction as well as profit and performance improvement. Founded in 2004, ElectrifAi boasts seasoned industry leadership, a global team of domain experts, and a proven record of transforming structured and unstructured data at scale. A large library of Ai-based products reaches across business functions, data systems, and teams to drive superior results in record time. ElectrifAi has approximately 200 data scientists, software engineers and employees with a proven record of dealing with over 2,000 customer implementations, mostly for Fortune 500 companies. At the heart of ElectrifAi's mission is a commitment to making Ai and machine learning more understandable, practical and profitable for businesses and industries across the globe. ElectrifAi is headquartered in New Jersey, with offices located in Shanghai and New Delhi. To learn more visit www.electrifAi.net and follow us on Twitter @ElectrifAi and on LinkedIn.
About SBH Health System St. Barnabas Hospital is the flagship of the SBH Health System, a teaching institution which cares for an underserved population in the Bronx. A major provider of ambulatory care services, with more than 200,000 outpatient visits annually, the 422-bed hospital includes a Level II trauma center, a stroke center and a hemodialysis center. SBH is also a major provider of behavioral health services through its various programs designed to support and meet the mental health needs of adults, teens and children in the borough.