Ndeh Tima
Olivia Christopoul
Andrew Nicolae
Fairleigh Dickinson University (FDU)
Aixa Ritz
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Healthlogic uses new technology called Expanded Data Capture Lockbox, supported by parent company Bank of America, to automate administrative tasks such as processing insurance explanation of benefit documents at hospitals and other healthcare providers. The need to lower the costs and errors related to processing insurance claims on paper gave rise to the innovation. Processing health insurance claims was time-consuming, ineffective, and challenging to maintain due to the massive volumes of paper required prior to the use of Healthlogic's Expanded Data Capture Lockbox.
This innovation was developed by programmers at Healthlogic, and efforts are ongoing to improve the speed and effectiveness of insurance processing. According to Adelina Thomas, Healthlogic's goal of "reducing our environmental footprint as much as possible, and switching from paper-based processing to digital systems has helped us do that, this is made possible by this innovation, which also helps the company reimburse medical expenses in a much more efficient manner." This digital system contributes to many UN SDGs.
Adelina Thomas stated in the interview that "the entire process was a mess prior to Healthlogic becoming involved as an insurance processing intermediary for hospitals and insurance companies. Paper-based claims were difficult to handle since items were prone to being misplaced or lost. For this reason, Healthlogic intervened to assist, giving insurance companies and healthcare providers a digital approach to processing insurance claims that is accurate and swift." Adelina described the necessity of developing a new system in order to address the problems associated with paper processing. Healthlogic responded to this in the era of digitization by developing the Expanded Data Capture lockbox to aid in the simplification of insurance claims processes.
Regarding sustainability, effectiveness, and community impact, Healthlogic's Expanded Data Capture Lockbox is a game-changer. In addition to the advantages of having a digital system for organization, there were major environmental and community benefits from the substantial reduction of paper-based processing, which elevated Healthlogic to the forefront of sustainable business practices. The fact that computers are using the Expanded Data Capture Lockbox to help employees complete their tasks rather than papers and files lying around the office is evidence that the impact has been felt in day-to-day work life.The shift was abrupt and dramatic, fundamentally altering the way banks, insurers, and healthcare providers interact and carry out financial transactions.
By securing the partnership with parent company Bank of America through the use of the Expanded Data Capture Lockbox, Healthlogic was able to increase its technological and financial capabilities. This has contributed to Healthlogic's growth in terms of income, personnel, size, and employee satisfaction both internally and in the businesses it partners with. In summary, it has made Healthlogic a more streamlined and effective business that can keep innovating and building on its core competencies.
Reducing the amount of paper used in the office and when patients file insurance claims via healthcare providers has had a significant impact on Healthlogic's environmental impact.The company has been able to reduce waste and the amount of trees cut down thanks to the elimination of paper use. When feasible, employees can work from home thanks to digital methods, which saves on gas used for commuting. This cuts down on environmental pollution with carbon emissions as telecommuting is much better for the environment.
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Adelina Thomas, Vice President
Healthcare technology is provided by Healthlogic Systems Corporation, a subsidiary of Bank of America. They collaborate with health insurance companies as well as healthcare networks and providers on administrative processes that give patients the correct amount of insurance money under their coverage, they manage finances and write ups for explanations of benefits for insurance companies and patients.