June 24, 2024

SANTECHTURE Debuts THYNK, Its Smart Claims Management Solution, at the Global Health Exhibition:

SANTECHTURE

SANTECHTURE

Last Updated on March 19, 2024 by newseditor

At the Global Health Exhibition in Saudi Arabia, SANTECHTURE presented THYNK, an intelligence-driven claims engine. 

For the past 12 years, the popular revenue cycle management claims solution has helped healthcare providers in the United Arab Emirates lower denial rates as well as medical billing compliance. Now, it includes the adjudication rules for the Saudi Arabian insurance market, which makes it easier for providers to handle the new coding and billing rules in Saudi Arabia. 

The founder and CEO of SANTECHTURE, Anas Batikhi, stated that there were particular difficulties in understanding the requirements for the Saudi healthcare funding model. In the midst of the Saudi healthcare system’s digital transformation, he emphasized the dynamic relationship that is developing between payors and providers, highlighting the ongoing modifications to the coding and clinical documentation required during the medical billing process. 

He pointed out that because healthcare providers currently use human capital-based approaches to revenue cycle management, the effectiveness in managing the new requirements of payors and regulators diminishes as the number of claims submitted through digital platforms is expected to grow exponentially. He went on to say that THYNK, their solution, has changed to satisfy these requirements.

Revolutionizing Saudi Healthcare Revenue Cycle Management: THYNK’s Impact on Denials and Compliance

Saudi Arabia’s private healthcare providers serve an estimated 95% of privately insured patients in 2020, accounting for 45% of all medical encounters, according to the Saudi Ministry of Health. Another 54% are served by Ministry of Health facilities and other non-private hospitals.

In 2020, the overall number of inpatient and outpatient healthcare transactions (excluding laboratory and radiological tests) exceeded 105 million, with the private sector accounting for 49 million of these encounters. 

In the public sector, there were an additional 69 million incidents. With the move toward 100% coverage, whether through private health insurance schemes or a unified public health insurance program, the volume of claims submitted electronically is expected to rise, making automated health processing through digital channels a key focus of the digital transformation.

Batikhi emphasized that they have extensive experience with key stakeholders in the revenue cycle. He conveyed that AI-assisted claims management is a necessity, not a luxury, stressing that hospitals need to act promptly to keep up with the rapid pace of change. 

He pointed out that along with transformation comes a steep learning curve and highlighted THYNK’s agility and evolution with the marketplace. 

THYNK, he stated, ensures that a provider’s claim is in sync with the language of the payor and regulatory systems. Batikhi backed up his claim with the demonstrated success of organizations that have implemented intelligent RCM technology, citing a 10% gain in revenue due to increased efficiencies and lower denials.

Takeaways

SANTECHTURE’s THYNK, showcased at the Global Health Exhibition in Saudi Arabia, meets the evolving demands of the Saudi healthcare system. THYNK will foster efficient claim processing and reflecting in revenue gains and denial reduction. 

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