New York, NY -- (SBWIRE) -- 10/18/2016 -- Medicaid Genius Powered by Ocrolus is a FinTech platform that eliminates the need to manually audit bank and credit statements. E-statements or scanned originals, photocopies and faxes - even with pen marks or coffee stains - are digitized with over 99% accuracy. All US financial institutions are supported. Summary statistics are automatically generated and a complete database of transactions can be instantaneously filtered by account, date, description, and dollar amount.
Clients access the platform through a cloud-based application or connect directly to their data via API integration. The system's patent-pending back-end combines Optical Character Recognition (OCR) transaction detection and crowdsourced data validation. Documents can be uploaded out-of-order and with any page orientation. Pertinent data is extracted from files and accuracy is verified. Values that cannot be automatically confirmed are snipped into small images and sent out to pre-qualified crowd workers for validation. The values are then sent into an algorithmic reconciliation process to make sure dates and dollar values sync with account balances.
About Medicaid Genius Powered by Ocrolus
Medicaid Genius, Powered by Ocrolus (http://www.medicaid-genius.com) eliminates the need to manually audit bank and credit statements. The platform digitizes bank and credit card statements from all US financial institutions with over 99% accuracy. E-statements, originals, photocopies, faxes and even documents with pen marks or coffee stains are all acceptable.
Users can instantly find transactions of any defined value and are automatically alerted of potentially missing statements and transfers between accounts. The system allows users to quickly detect all significant transactions and attach explanation notes instantly transcribing noteworthy events into a concise summary sheet. Every transaction is linked via SNAPSHOT to its precise location on the source document.
Medicaid Genius goes to great lengths to protect clients' private information. Medicaid-Genius uses Amazon Web Services, the same platform used by the National Security Agency and the Department of Defense to protect private information. This infrastructure meets the requirements of an extensive list of global security standards, including: ISO 27001, SOC, HIPAA / HITECH, FedRAMP and the PCI Data Security Standard.
The Deficit Reduction Act of 2005 extended the Medicaid lookback period to five years, i.e. each long-term care applicant must submit 60 months' worth of financial statements. Due to time and manpower constraints, many states are unable to perform the federally mandated comprehensive 60-month financial audit. The cost of long-term care Medicaid is $10,000 per month, and the average long-term care Medicaid patient is enrolled for 2.5 years. Thus, one average long-term care Medicaid patient costs the government $300,000. With an increasing elderly population and influx of new applicants under the Affordable Care Act, the states are more overwhelmed with paper than ever.
Medicaid fraud is rampant and growing, and the only way to combat against it is to automate bank statement data analysis. If Medicaid-Genius unearths one fraudulent application for every 750,000 pages processed, the system has paid for itself. Follow Medicaid Genius on Twitter at @MedicaidGenius or contact the company at firstname.lastname@example.org.