AI delivers faster and more accurate contract processing.
The healthcare division of a global financial services company spent excessive time manually administering contract terms, including entering codes and billing details, to facilitate revenue collection. The process was vulnerable to error and labor-intensive. They looked for automation to improve the process within their primary contact management system.
The company engaged with ImageSource to envision a solution that intelligently extracts data from various contract formats. The solution finds specific terms, rates, and codes to make revenue collection more accurate and efficient. ILINX Cognitive Services was the system’s linchpin, integrating with the company’s CRM application to provide AI-assisted results critical to revenue collection.
The AI-powered solution greatly speeds contract execution time compared to previous methods and improves invoicing and collection accuracy. The simplicity of the solution, operating within the company’s familiar CRM application, streamlines user adoption. The company expects to reduce processing times by fifty percent as new and revised contracts are implemented.