Welcome to a special edition of our readers’ favorite #ThingsCustomersSay series, featuring Hyperscience client Precision Medical Products. We spoke with Matt McGinley, their CIO, about how the company leverages technology to provide better outcomes for patients and the “holy grail” of intelligent document processing.
Precision Medical Products (PMP) provides the nation’s leading non-pharmaceutical take-home Deep Vein Thrombosis (DVT) prevention product, technology, and service. To effectively serve patients and provide them with postoperative products, PMP needs to quickly process sales orders that contain critical patient demographic data.
“As a company, we’re always looking to provide better outcomes for patients,” said Matt McGinley, their Chief Innovation Officer. “Finding a way to more quickly and effectively transcribe and extract handwritten data across all our order forms was the holy grail for us.”
PMP found what it needed in the Hyperscience Platform. Today, Hyperscience is being used to automate the classification and extraction of sales order forms with over 97% accuracy, resulting in fewer billing inaccuracies down the line. Since implementing Hyperscience, PMP has more than doubled its processing speed, reducing business costs and improving overall cash flow.
Precision Medical Product’s Journey to Hyperscience
Hyperscience sets the new standard.Matt McGinley, CIO
Prior to selecting Hyperscience, the company was manually processing every sales order form, which was not only time-consuming and expensive, but error-prone and slow for patients.
Manual data entry resulted in clerical errors and costly billing mistakes throughout the reimbursement process with insurance carriers. Additionally, the 5-7 days it took their team to manually process the order forms was slowing the business down and directly impacting their bottom line.
Half of the sales orders for each month arrive on the 24th or 25th. If a sales order isn’t processed by the end of the month, then it won’t be billed for that month. The influx of incoming orders created a backlog of documents that could not be processed in time, ultimately resulting in lost revenue.
With the company’s recent acquisitions and continued growth, they faced an ultimatum: either automate sales order processing or devote more resources to manual keying.
At the end of the day, we want to put people in a more value-adding position. We want to reduce that manual data entry and intervention to add more value to customers and the company. It’s a win-win.Matt McGinley
The company set their sights on finding an automation platform that would allow them to avoid the billing backlogs associated with manual processes and to streamline business operations and increase revenue.
Why PMP Chose Hyperscience
We chose Hyperscience because they are freaking amazing and can do magical Machine Learning.Matt McGinley
PMP wanted a solution that would increase payment processing by at least 50%. This would allow their sales team and field representatives to submit orders up to the last or second to last day of the month and still be able to bill – and book revenue – in that month.
The company needed a solution that would not only speed processing but do so without sacrificing accuracy. PMP sought out a vendor that could handle both messy handwritten and typed order forms (prescription orders are a blend of both) while reliably delivering more than 97% accuracy.
Simply put, when tested, Hyperscience delivered. “I’ve tried to transcribe and extract handwritten data with other companies, and they weren’t able to do it. What you guys do is amazing. No one else in the world does this,” added Matt McGinley.
Better yet, Hyperscience continues to improve behind-the-scenes to drive lower error rates and higher automation with each new data point the solution is exposed to.
It wasn’t just Hyperscience’s technology performance that stood out. “Your people and processes are remarkable,” said Matt. “Hyperscience is not a vendor, they are a technology partner.”
PMP & Hyperscience: Looking Ahead
Hyperscience enables us to receive order info from sales and feed that into our data processing and intake teams, all using your magical AI platform.Matt McGinley
Since implementing Hyperscience, PMP is able to close the billing loop more than two times faster. The company has realized significantly increased efficiencies and improved data quality with Hyperscience, enabling fewer downstream errors and overall streamlined cash flow and business operations.
With Hyperscience, PMP is able to reallocate its data keyers to higher-value tasks and stay ahead of planned acquisitions. “We know we can more fully utilize the platform’s capabilities, and we look forward to using Hypescience in even more ways,” concluded Matt McGinley.