NASHVILLE, Tenn.--(BUSINESS WIRE)--Oct 19, 2023--
Calm Waters AI, a fully autonomous, artificial intelligence Evaluation & Management (E/M) coding application, improves reimbursement for services coded on each patient chart by an average of $17.14, or 22.6%, according to calculations audited by a nationally recognized firm.
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“We are thrilled to have quantified the positive financial impact that Calm Waters AI is making for providers,” said Joe Ferro, President of Calm Waters AI. “When you multiply the $17.14-per-chart figure by the number of physicians in a group and the number of patient encounters in an average day, the revenue boost from accurately coded and documented charts is dramatic.” For example, Ferro noted, applying this ROI calculation to a group of 10 providers seeing 20 patients per day in a five-day week, Calm Waters AI would yield a revenue increase of $3,428 per day, $17,140 per week, and $822,720 per year (based on 48 weeks).
The ROI calculation was based on the Medicare Physician Fee Schedule (MPFS). The MPFS reimbursement rates were assigned to the codes listed in a sample group of 723 charts that encompassed 17 different medical practices of varying sizes and specialties. The calculations then were audited by a third-party firm.
“This is another powerful validation for our company, adding to Calm Waters AI’s 97% rate of chart accuracy assessed by Mazars USA earlier,” Ferro added. “We believe we are setting a new standard that offers tremendous value to medical providers.”
About Calm Waters AI
Calm Waters AI leverages its proprietary artificial intelligence application to save time, reduce stress, increase physician practice revenue, and standardize the process of E/M coding for physician practices and other provider organizations.
The senior executives and creators of Calm Waters AI have over 100 years of combined experience in healthcare coding and compliance.
Calm Waters AI, an affiliate of Montecito Medical, is currently used by some of the nation’s top medical practices and health systems. It is part of Montecito Medical’s platform of solutions enabling healthcare providers to increase revenue, decrease costs, and build wealth. Learn more about Calm Waters AI at www.calmwatersai.com. Learn more about Montecito Medical at www.montecitomac.com.
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CONTACT: Brandi Meeks
VP of Marketing
bmeeks@calmwatersai.com
KEYWORD: UNITED STATES NORTH AMERICA TENNESSEE
INDUSTRY KEYWORD: TECHNOLOGY FINANCE HEALTH TECHNOLOGY PROFESSIONAL SERVICES SOFTWARE GENERAL HEALTH DATA ANALYTICS HEALTH DATA MANAGEMENT ARTIFICIAL INTELLIGENCE
SOURCE: Calm Waters AI
Copyright Business Wire 2023.
PUB: 10/19/2023 02:47 PM/DISC: 10/19/2023 02:47 PM
http://www.businesswire.com/news/home/20231019063938/en
