Customers Can Stop Searching through Bank Statements by Hand with Medicaid Genius Powered by Ocrolus
New York, NY -- (SBWIRE) -- 09/07/2016 -- Medicaid Genius, powered by Ocrolus, allows customers to stop searching through bank statements by hand. Medicaid-Genius 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.
About Medicaid Genius Powered by Ocrolus
Medicaid Genius (http://www.medicaid-genius.com) 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.
By reading and analyzing financial statements, Medicaid-Genius quickly identifies significant transactions, a task that would otherwise require hours of labor. By making all transactions sortable and searchable by dollar amount, date range, and description, Medicaid-Genius gives users an unparalleled perspective on the applicant's financial history.
Ocrolus developed this extraordinary solution which eliminates the need to review paper documents. The key metrics in these cases are speed, cost, and accuracy, all of which are optimized by leveraging proprietary transaction detection, data validation and reconciliation systems. A human performing the same job is more error-prone and takes eight times the duration at triple the expense. By automating the most tedious portions of bank and credit card statement analysis, Medicaid-Genius allows for lean best-practice work product.
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 truly 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.