Now’s the time to change the future of healthcare
By Musheer Ahmed, Ph.D., CEO & Founder at Codoxo
It’s a harsh reality that America spends more on healthcare than any other nation in the world today. What’s equally unfortunate is that every year billions of dollars are lost due to misused and stolen funds. This high level of fraud, waste and abuse (fwa) means precious resources do not always make their way to where needed most – real patient care.
While the industry has grappled with this dilemma, COVID-19 erupted. The pandemic has wreaked havoc with the health of our nation, existing healthcare processes, loosened regulations, and escalated FWA. Tossed into these unfamiliar waters, many healthcare organizations are now drowning in financial difficulty.
We’re at a critical moment in healthcare. Americans are struggling to afford the care they need, yet the industry hasn’t gone far enough to fix what’s broken. We need new ways to contain costs and protect our precious healthcare dollars.
The Codoxo movement – Why Codoxo, why now ?
There’s no better time possible to re-envision the affordability and effectiveness of healthcare. This is our mission and the start of a movement – one driven by a belief that dramatic change is possible and the time is now to disrupt the status quo.
Fraud, waste and abuse are nothing new for healthcare. The problem is well understood, even as fraud schemes grow more sophisticated and complex. Today’s methods identify known fraud schemes and offer reactive solutions. Few have the ability to predict new and emerging schemes to stop financial bleeding before it occurs.
At Codoxo, we see things differently. We’re proving that AI innovation is part of the equation to making healthcare more affordable and effective for everyone.
Technology is our superpower
Four years into our journey, our team has reimagined healthcare cost containment. We’ve developed AI that’s entirely completely and fundamentally different from what health plans have been using – or even asked for.
Our AI technology, based on multiple years of academic research, proactively identifies new and even potential threats faster, empowering payers and healthcare agencies to take action much sooner to minimize financial impact. Our AI platform helps cost containment teams easily see beyond their own departments, fostering collaborative and holistic efforts to better serve members. And it allows payers and providers do business more effectively and transparently to reduce billing errors and curb downstream costs before they escalate.
Adopters of our AI platform are reaping swift, measurable benefits compared with others who’ve chosen to stick with conventional methods. Together with our customers, we’ve identified $500 million in savings. Each new partner increases our momentum to redefine long-term change, making healthcare more affordable and effective for everyone.
Our people and customers propel our movement
A movement isn’t based on technology alone – it takes people. Our people and culture are essential to our success; it’s our responsibility to help customers glimpse what’s possible in the future and build toward it. That’s why our people – all innovators – are committed to thinking ahead of the industry to achieve our mission. Because at our core, we all want a more desirable healthcare system.
It’s also on us to make transitioning into the future more comfortable. Change is hard, particularly in the healthcare industry. Often healthcare organizations and their employees are hesitant to adopt new technologies. They wonder: Will it be easy to transition to the new technology? Will the technology bring the expected ROI quickly? Along with our partners, we’re here to lead the way.
Our customers are our partners. Our relationships are collaborative, focused on helping them embrace change and reap the cost-saving benefits of innovative AI. Together we’re seeing and seizing new ways to curb healthcare fraud, waste and abuse. And it’s working.
Let’s push boundaries for a better future in healthcare
America spends nearly $4 trillion on healthcare today, which the CMS forecasts will grow to $6 trillion by 2027. We now have technology and methods to avoid losing up to 10 percent of this massive figure to bad actors. And with the pandemic being the ultimate healthcare disrupter, what was once normal is no longer.
Right now, it’s up to all of us to create new possibilities. Embrace change. Disrupt the status quo. We invite you to join the movement. Let’s see tomorrow, today.
Visit our new website to learn more about the movement we are bringing to healthcare and see how we are seeing tomorrow, today.
