Summary
Developed an invoice scoring mechanism based on probability of approval from insurance firms for a leading healthcare chain.
Problem in Hand
A leading hospital and pharmacy chain was struggling with cashflows due to their high dependence on insurance approvals and payments of their invoices. They wanted a mechanism to increase the approval rates of their invoices.
Solutioning
As a first step, we developed a regression based scoring model to get the probsbility of approval for the invoices. Based on the scores we prioritized the invoice being sent for approval which took care of the short term cash flow problem. We also analysed the drivers of approval and worked on each factor such as Physician scores etc. to drive the internal strategies for better approval rates.
Impact