MDaudit transforms the healthcare industry by embedding ThoughtSpot to drive compliance and revenue outcomes

Challenge

Healthcare is one of the oldest industries in this day and age. To make a dent in the industry is challenging, let alone to revolutionize it. According to the 2023 MDaudit Annual Benchmarking report, external payer audits quadrupled in volume in 2023, making timely responses more challenging than ever for resource-strapped healthcare organizations. Though patient volumes and surgeries have begun to recover from COVID-19 declines – with a 23% and 27% increase over 2022 – inflation, staffing shortages, reimbursement, and regulatory issues continue to jeopardize the financial health of healthcare organizations nationwide. MDaudit has partnered with ThoughtSpot since 2020 to continually make investments in the power of analytics to unlock value for its customers.

The evolving landscape demanded swift responses to diverse payer request letters, urging the need for advanced Generative AI. MDaudit took on the challenge to harness the power of analytics in order to build a more agile, forward-thinking business.

Ritesh Ramesh joined MDaudit as CTO in 2019, transitioned to COO, and is now CEO. Ramesh knew MDaudit needed a solution for three key pain points. The first challenge was discovering a better way for healthcare organizations to identify the efficacy of their auditing efforts — what they do, who they audit, and who to educate. Next, they needed the ability to subcategorize powerful insights at the operational level, line level, and executive level to reduce revenue and compliance risks. Finally, MDaudit knew they needed to keep up their revenue integrity goals, ensure organizations are receiving payments in a timely manner, and improve their user experience.

Against the current macro-level backdrop, healthcare organizations have tremendous pressure to drive healthy margins and protect revenues. We embedded ThoughtSpot Embedded into MDaudit to allow customers to strategically answer questions, and they are now driving tangible outcomes from it.

Ritesh RameshCEOMDaudit

Solution

On a mission to disrupt the healthcare industry, Ramesh knew ThoughtSpot would be the partner he needed. According to Ramesh, “If you're being audited 100 times a year, from 25+ payers, you need to have the information and insights readily available to defend your revenue. You need to have visibility into the financial results and outcomes of those payer audits.” MDaudit’s product team has created Liveboards that are enabling all users to self-serve their ad hoc questions. To date, ThoughtSpot Embedded has been adopted by over 1000+ end users, at all levels to drive actionable insights.

If you’re a healthcare compliance or a revenue integrity professional, data is not the first thing on your mind but just strategic questions. You’re not trained to be a data analyst. So we need to provide people with the right tools to do their job better.

Ritesh RameshCEOMDaudit

Today, ThoughtSpot Embedded has been key to accelerating delivery and execution. MDaudit has four specific use cases with ThoughtSpot Embedded: audit insights, utilization management, revenue optimization, and external payer audits. ThoughtSpot Embedded’s strong analytics and API integration capabilities have enabled MDaudit to go-to-market 10x faster, compared to if the company had built an in-house solution. An analytics vision taken to reality, this has translated to double digit growth for MDaudit.

Following the roll out of ThoughtSpot Embedded, ThoughtSpot Sage was introduced to cater to the specific needs of executive end users, offering a layer of natural language-driven analytics. This addition aimed to provide a more user-friendly interface for asking strategic questions, aligning with the broader strategy to drive stickiness with executive users. The focus was ensuring precision and accuracy in responses.

With ThoughtSpot Sage, we've embraced a transformative capability that sets us apart. It goes beyond the industry norm, offering a user-friendly experience for our executive end users. I'm genuinely optimistic about our future with ThoughtSpot Sage, not only as a tool but as a strategic asset.

Ritesh RameshCEOMDaudit

MDaudit achieved a transformative milestone by integrating Insights.ai and SmartScan.ai, marking a significant advancement in AI-driven healthcare technology. Insights.ai democratizes strategic insights through natural language queries, and SmartScan.ai streamlines external audit workflows, expediting resolutions. This groundbreaking innovation aligns with MDaudit's commitment to human-centric AI and its strategic collaboration with industry leaders AWS and ThoughtSpot, solidifying its forefront position in healthcare innovation.

Now, Healthcare executives can measure their teams’ productivity, as well as performance measures and outcomes when it comes to compliance and revenue risk. Data Analysts are empowered to build their own insights on auditing, billing, payment risks, and beyond. Executive users can get their strategic insights by asking a question in plain english without depending on technical users.

Impact

Growing in healthcare is incredibly hard, yet powered by ThoughtSpot Embedded, MDaudit has seen a ~25%+ increase in business growth in 2023.

We are on this journey to transform and define the future of healthcare compliance and revenue integrity. ThoughtSpot Embedded has been the execution tool for us to enable that outcome.

Ritesh RameshCEOMDaudit

With denials under analysis valued at over $150 billion, and despite the incredibly large consumer base, MDaudit has still managed to scale with ease, seeing a 40%+ increase in user growth from 2021 to 2023. This growth through self-service has allowed the company to increase their Annual Net Promoter Survey, measuring customer experience and satisfaction, by 2 full points, an impressive feat. The outcomes have resulted in better product engagement, stickiness, and retention of their customer base.

What's next

As MDaudit continues to be at the forefront of the healthcare industry, they have ambitious adoption plans with ThoughtSpot Embedded across the organization. Ramesh has established that now more than ever is the right climate to build on their use cases and visualizations.

Over the past 3 years, there has been a ton of focus on cloud-first approach, integrations and ecosystems, which is what led them to adopt Snowflake and ThoughtSpot Cloud. Now, having built out their modern data stack, MDaudit is accelerating full speed ahead to forge a new standard in healthcare compliance and revenue integrity.

We are defining the future of healthcare revenue integrity and ThoughtSpot Embedded has been pivotal in that mission.

Ritesh RameshCEOMDaudit

Looking ahead, MDaudit is aiming to use ThoughtSpot Sage to continue to enhance adoption by simplifying the user experience, aligning with their long-term strategy of catering to executive users while maintaining precision and accuracy in analytics responses.