Standard Practice provides software and related products designed to streamline administrative workflows within healthcare operations. The platform utilizes Voice AI technology specifically tailored for revenue cycle teams. This focus allows users to enhance efficiency and accuracy in managing complex healthcare billing and administrative tasks.
Funding
$8.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
TGFounders
Product
Problem
Medical practices often face challenges in efficiently managing their revenue cycle, particularly in outbound communication with insurance providers. Manual phone calls to insurance companies are time-consuming, costly, and can lead to delays in payment collection, negatively impacting cash flow.
Solution
This startup provides a Voice AI platform tailored for medical practice revenue cycle teams, automating outbound calls to insurance providers. The AI handles tasks such as eligibility verification, claim status inquiries, and appeals, freeing up staff to focus on more complex issues. By automating these routine interactions, the platform accelerates payment collection, reduces administrative overhead, and improves overall cash flow for medical practices. The solution integrates with existing practice management systems to streamline workflows and provide real-time insights into the revenue cycle.
Target Audience
The primary target audience is medical practices, billing companies, and revenue cycle management teams seeking to automate insurance communication and improve payment collection efficiency.
Features
- AI-powered outbound calling for insurance eligibility verification and claim status updates
- Automated appeals process for denied or underpaid claims
- Integration with existing practice management systems (PMS) via API
- Real-time dashboards for tracking call outcomes, payment status, and key performance indicators (KPIs)
- Customizable call scripts and workflows to match specific practice needs
- Natural language processing (NLP) for accurate information extraction from insurance provider responses
- HIPAA-compliant data handling and security measures