Myndshft Announces Offering to Speed Healthcare Transactions with UiPath

Rhea-AI Summary

Myndshft has partnered with UiPath (NYSE: PATH) to launch an automated prior authorization workflow available on the UiPath Marketplace. This solution aims to reduce cycle time by 90% and enhance the efficiency of benefits verification and prior authorization in healthcare. Key benefits include saving providers an average of 50 minutes per patient and decreasing labor costs by 30%. The collaboration allows seamless automation of data flows, improving patient care by reducing operational tasks and enabling faster payment processes.

Positive

• Myndshft's solution reduces prior authorization cycle time by 90%.
• Saves providers an average of 50 minutes per patient on authorization processes.
• Reduces labor costs by an average of 30% per patient.

Negative

• None.

New Myndshft Offering on UiPath Marketplace Creates Automated Prior Authorization Workflow to Reduce Cycle Time by 90%

PHOENIX , May 3, 2022 /PRNewswire/ -- Myndshft, a leading provider of automated prior authorization and real-time medical benefits check technology, is collaborating with UiPath, (NYSE: PATH), a leading enterprise automation software company, as part of the UiPath Tech Alliance Program.

Myndshft is an all-in-one platform for automating benefits verification and eligibility, insurance discovery, patient financial responsibility, and electronic prior authorization at the point of care. UiPath offers the industry's only end-to-end automation platform for automating complex, repetitive tasks and processes. Now available through the UiPath Marketplace, Myndshft creates significant synergies for both healthcare providers and payers looking to increase staff productivity, reduce costs, and boost patient satisfaction.

"UiPath is a leader in enterprise automation for healthcare and Myndshft uniquely solves the challenges of real-time medical benefits verification and prior authorization, so this collaboration adds tremendous value for customers," said Ron Wince, CEO of Myndshft. "With the Myndshft workflow package via UiPath, providers and payers can seamlessly automate data flows from various systems into Myndshft to obtain an immediate and simplified response without leaving their current application."

The combination of UiPath and Myndshft creates an automated prior authorization workflow regardless of the Electronic Health Record (EHR). Myndshft delivers instant access to benefits information, organizes payers according to payment responsibility, and calculates the most current patient financial responsibility. Informing the provider when a prior authorization is required, Myndshft then submits relevant documentation through the payer's preferred channel. Myndshft also identifies new payers that can cover services for the patient, even if they weren't disclosed by the patient directly.

The combined solution of Myndshft and UiPath saves providers an average of 50 minutes across benefits and prior authorization processes, and reduces the labor cost per patient by an average of 30%. By pre-checking prior authorizations for medical necessity and missing or incorrect information, Myndshft eliminates the back-and-forth in the authorization process and enables providers to get paid faster, with less effort and reduced risk.

Myndshft enables payers to automate prior authorization adjudication and serves as a decision support engine to streamline complex utilization management processes. Using UiPath and Myndshft together, payers can send automated approval notifications within a provider's electronic medical records (EMR) system and route denials for review without needing to spend costly administrative resources.

 "With the combined aim of enabling better patient care faster by reducing manual operational tasks and introducing huge operational efficiencies, Myndshft and UiPath are helping healthcare organizations advance their automation journeys," said Jagjit Dhaliwal, Vice President and Global CIO Industry Leader at UiPath. "By automating the many thousands of manual transactions that slow down healthcare environments every day, these organizations can modernize at scale for the digital age."

The Myndshft packages, now available in the UiPath Marketplace, are a new way to access and use Myndshft's automated suite of patient intake software.

About Myndshft
Myndshft's software-as-a-service automates and simplifies time-consuming healthcare administrative tasks associated with prior authorization, eligibility, and benefits verification, and patient financial responsibility, freeing providers and payers to concentrate more fully on patient care. Myndshft works with leading providers, payers, and health information exchanges. For more information, visit myndshft.com.

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SOURCE Myndshft

FAQ

What is the new offering from Myndshft launched on May 3, 2022, with UiPath?

Myndshft launched an automated prior authorization workflow on the UiPath Marketplace aimed at significantly reducing cycle time.

How does the Myndshft and UiPath collaboration benefit healthcare providers?

The collaboration streamlines benefits verification and prior authorization, saving providers time and reducing labor costs.

What are the expected time savings for healthcare providers using Myndshft's new workflow?

Providers can save an average of 50 minutes per patient on benefits and prior authorization processes.

What is UiPath's stock symbol?

UiPath's stock symbol is PATH.

What significant cost reduction can healthcare providers expect with Myndshft's solution?

Healthcare providers can expect a reduction in labor costs by an average of 30% per patient.