RevNow by Care.fi: Transforming RCM in India with Cutting-Edge AI Technology

New Delhi, 12th December, 2024: Care.fi, India’s leading healthcare-focused fintech startup, has launched RevNow, the country’s most advanced AI-powered Revenue Cycle Management (RCM) platform designed specifically to address the challenges faced by hospitals in managing insurance claims. Developed as a comprehensive solution to optimise, visualise, and realise revenue for healthcare institutions, RevNow is set to redefine the claim management process for hospitals across India.

RevNow is an AI-enabled, end-to-end claim management tool that streamlines every stage of the insurance claims process, from patient admission through to final discharge, pre-authorisation to post-authorisation, and claim adjudication to settlement. It leverages advanced analytics and automation to bring unprecedented precision and efficiency, enabling hospitals to reduce revenue shortfalls, minimise claim rejections, and expedite settlements.

The current patient care and claims processing pathway is often slow, opaque, and riddled with manual steps, leading to costly delays and inefficiencies. With RevNow, hospitals can now optimise their processes to significantly improve both patient experiences and operational efficiency. RevNow’s AI-driven capabilities empower hospitals with:

• 30-Minute Patient Discharge Post-Billing: Patients experience minimal waiting times with discharge processing within 30 minutes after the final bill generation.

• Enhanced Patient Experience: With reduced waiting times and streamlined processes, patients benefit from a seamless experience, eliminating long queues and delays.

• Efficient Utilisation of Hospital Resources: Hospitals can optimise resource allocation, significantly improving staff efficiency and reducing administrative costs.

“We’re on a journey to find newer & better ways to transform healthcare systems and set up businesses for success and RevNow represents a major leap forward for healthcare institutions looking to optimise their revenue cycle and deliver an efficient, cashless experience for patients. By harnessing AI and automation, we’re enabling hospitals to overcome the traditional challenges of claims processing—delays, rejections, and inefficiencies—and transform them into streamlined, transparent workflows. We’re proud to see RevNow already making a measurable impact in helping hospitals realise, visualise, and optimise their revenue,” said Sidak Singh, Co-founder, Care.fi.

“We are working towards making healthcare better. With RevNow as well we are providing hospitals with a fully integrated, end-to-end cashless claim management system, encompassing every step from admission to discharge and all claim-related actions for insurers. Care.fi has been transforming healthcare financing in India. The brand has processed over ₹600 crore in claims. It is trusted by 300 hospital partners across the country and has audited and processed more than 100,000 claims to date. We will continue to add to these numbers and launch innovative products”, said Vikrant Agrawal, co-founder, Care.fi

Here’s how RevNow will benefit hospitals including non-GIPSA/Insurance empanelled hospitals:

• Real-Time Query Notifications and Automated Responses: The platform’s built-in query notification and response system ensures prompt updates and responses, minimising errors and delays.

• Integrated Mailing Service: Managing the pre-authorisation and post-authorisation processes becomes seamless with RevNow’s integrated mailing service, allowing hospitals to maintain a cohesive, transparent workflow.

• Real-Time Cashflow Reconciliation: With visibility into cashflows at the entity, unit, and claim levels, hospitals can monitor their financials in real-time, enhancing transparency and control over revenue streams.

For hospitals not currently empaneled with GIPSA or insurance providers, RevNow offers a true cashless experience, providing patients with cashless options that improve both access and satisfaction. Hospitals also benefit from rapid settlement, with funds transferred directly to their accounts within 3-5 days post-discharge.

RevNow serves as a comprehensive financial operating system (OS) for healthcare institutions. Its Revenue Diagnostics feature integrates with existing Hospital Information Systems (HIS), Electronic Health Records (EHR), and billing systems to provide actionable revenue insights. RevNow addresses Single-Window Claims Processing, Revenue Diagnostics, and End-to-End Cashflow Management.

RevNow, in combination with Care.fi’s existing CareCred solutions, provides healthcare providers with the tools they need to sustain and expand their operations by optimizing revenue cycles and addressing working capital challenges.