Anatomy Financial: healthcare financial management software

Anatomy Financial is a US-based Fintech startup that revolves around the unique financial dynamics between insurance companies and private healthcare providers. The company presents a solution designed to streamline document processing, compare these documents, and facilitate banking transactions, including handling physical checks.

The project identifies disparities between the stated procedure prices and amounts deposited into the clinic's accounts through this comprehensive approach. This enables quicker responses to such discrepancies and simplifies the overall bookkeeping process.

Services:

Industry:

Location:

United States

Business context

Before partnering with the Geniusee team, Anatomy Financial faced complex financial challenges in the healthcare sector. Private healthcare providers struggled to reconcile insurance reimbursements with actual clinic deposits, resulting in significant financial discrepancies and operational inefficiencies.

Manual processing of paper-based Explanation of Benefits (EOB) documents added to the complexity, causing delays and errors. Additionally, the lack of comprehensive visibility into banking transactions made it difficult for clinics to monitor and manage their financial health effectively.

In this context, Anatomy Financial recognized the pressing need for advanced healthcare financial management software to streamline processes, enhance accuracy, and improve overall financial visibility for healthcare providers.

Key challenges

Identification of disparities between the prices of medical procedures stated by insurance companies and the actual amounts deposited into the clinic's accounts.
Hurdle in efficiently processing a substantial volume of financial documents, encompassing both electronic and paper-based records.
Need for a seamless mechanism to handle banking transactions, including the processing of physical checks, to guarantee timely fund transfers.

Work approach

Lean development

Our team has chosen this approach to prioritize value delivery and minimize waste. This approach facilitated continuous improvement and the elimination of unnecessary processes, resulting in an efficient and cost-effective project.
By applying Lean Development, Geniusee ensured that every aspect of the project contributed directly to its success, optimizing the development process for Anatomy Financial.
Test-driven development

A test-driven approach became an integral part of our Python development strategy for this project. By writing tests before code implementation, we ensured that every feature in Anatomy Financial met its intended requirements.
This rigorous testing methodology not only enhanced the reliability of the software for healthcare but also promoted rapid development and easy maintenance.
Proactive collaboration

Proactive collaboration was a cornerstone of our approach during the development of Anatomy Financial. Our team actively engaged with stakeholders, anticipating their needs and concerns to address them preemptively.
This approach fostered open communication, reduced potential roadblocks, and ultimately resulted in a more streamlined and successful development process, ensuring that the project met the expectations and requirements of all parties involved.
Agile approach

We've leveraged an Agile-based approach throughout our collaboration with Anatomy Financial, fostering an environment of flexibility and adaptability. This methodology allowed us to continuously align our development efforts with the evolving needs and priorities of Anatomy Financial.
By embracing Agile principles such as iterative development, frequent client feedback loops, and collaborative decision-making, we were able to swiftly respond to all challenges.

Process

Our development process for Anatomy Financial involved creating a robust digital infrastructure using Python, AWS, and React.js, followed by meticulous DevOps engineering to streamline operations. Through a test-driven approach and proactive collaboration, we ensured reliable, scalable, and efficient healthcare financial management software.

In the first phase of our collaboration, we embarked on web development, laying the foundation for Anatomy Financial's transformative financial management solutions. Leveraging Python, AWS, and React.js, we created a robust digital infrastructure that would serve as the backbone for the subsequent phases. Our Lean Development approach ensured efficient value delivery and minimized wasteful processes, resulting in a cost-effective and optimized project.
The DevOps Engineering phase marked a pivotal step in streamlining the operational aspects of Anatomy Financial's system. Our team, well-versed in AWS, meticulously engineered the infrastructure to ensure seamless deployment and scalability.
Embracing a test-driven approach, we rigorously tested every aspect of healthcare financial software to ensure it met its intended requirements. This approach not only enhanced software reliability but also facilitated rapid development and easy maintenance. Proactive collaboration with stakeholders was paramount throughout the development process, fostering open communication and reducing potential roadblocks.

AI in the project

Anatomy Financial has integrated Google OCR, specifically the Document AI service, to revolutionize how they handle billing documents, particularly Explanation of Benefits (EOBs). This advanced AI technology is employed to automatically extract critical information, such as payment amounts, insurance reimbursements, and check details. By automating these processes, the company captures detailed data on what has been reimbursed by insurance companies, the specific amounts involved, and relevant check information for end consumers.

The use of Document AI not only automates data extraction but also ensures that this information is accurately organized and structured within a centralized database. This structured data is then meticulously validated against financial transactions, enabling precise reconciliation of billing information. This AI-driven approach is crucial for healthcare finance software, as it minimizes the need for manual processes, reduces the likelihood of errors, and significantly improves the speed and accuracy of billing document processing.

The digitization process powered by Document AI enables Anatomy Financial to efficiently manage large volumes of electronic and paper-based EOBs. This is crucial in healthcare, where accurate financial records are vital for ensuring correct reimbursements and patient billing. By streamlining these tasks, Anatomy Financial boosts efficiency and improves financial management for healthcare organizations and providers.

Project Tech Stack

Technologies:

AWS

Python

React.js

Geniusee Team

To ensure a fruitful partnership between Geniusee and Anatomy Financial, we orchestrated the collaboration with precision. We have assembled a dedicated team comprising two Python engineers, a proficient project and delivery managers. This close-knit and specialized team operated seamlessly in tandem, utilizing their collective expertise to not only meet but surpass client expectations.

Product team:

Development team:

Python Engineer

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Features

Bank Dashboards
Our team went above and beyond in creating Bank Dashboards, which have become the cornerstone of financial visibility for Anatomy Finances. This feature offers clinics a robust tool for gaining enhanced insights into their banking transactions.
- Visual Analytics. We introduced graphical data representations, enabling clinics to create visually engaging graphs that depict critical financial metrics.
- Metric Calculation Engine. Bank Dashboards calculate vital financial metrics such as cash collected yesterday, MTD daily average cash collected, YTD daily average cash collected, and YTD net cash.
EOB Digitization
We have developed this feature for automating the processing of Explanation of Benefits (EOB) documents, and transforming paper-based records into digital formats using Optical Character Recognition (OCR) technology.
- OCR Expertise. We harnessed the power of OCR technology to automate the digitization of paper EOB documents, effectively eliminating the need for manual financial data entry.
- User-Centric Design. Clinic staff can now effortlessly upload paper-based EOB documents, review OCR results, and seamlessly initiate further processing within Smart Recon.
Smart Recon
Our team conceptualized and built Smart Recon, a powerful tool that empowers Anatomy Finances to meticulously track the monetary flow returned to healthcare clinics by insurance companies. This feature operates through the harmonization of data from ANSI 835 files and the clinic's bank transactions.
- Data Integration Mastery. Smart Recon seamlessly integrates data from disparate sources, specifically ANSI 835 files and the clinic's bank transactions.
- Service-Level Transparency. With Smart Recon, clinics can effortlessly identify the exact service that triggered a reimbursement, the precise amount involved, and the destination account where the funds were deposited.

Results

Anatomy Financial's innovative approach to financial management has empowered private healthcare providers to swiftly identify and resolve discrepancies in procedure pricing and deposits
The streamlined document processing workflow has significantly reduced manual efforts, enhancing efficiency and accuracy in financial record-keeping.
Seamless handling of banking transactions, including physical checks, has improved the overall financial dynamics between insurance companies and healthcare providers.