Today, Roots Automation is making a big announcement.
In 2018, we started Roots Automation with a mission in mind. We set out to empower companies to free their people – their roots – to focus on meaningful, impactful work. Roots Automation initially did this by creating Digital Coworkers: cognitive process automation that’s powerful enough for enterprise organizations, but also accessible for small and mid-market companies.
We’re excited to announce today that we’re launching a new SaaS product, Iris, in 2022. Iris is a niche data extraction platform focused on pulling information from medical claim forms, specifically the CMS-1500 claim form. We’re taking elements from our Digital Coworker product – like Machine Learning, Specialized OCR, and more – to make this SaaS both powerful and effective.
Iris will be the fastest, most accurate SaaS platform for extracting data from CMS-1500 medical forms. We built Iris to power through handwriting, poor quality scans, missing information, and more, ensuring that this SaaS is ideal for real-world application.
Keeping in faith with our original mission, Iris will empower the claims departments at health insurers and liability insurance companies, as well as BPOs, TPAs, and MACs to delegate the mundane data extraction work, and instead focus on what matters most: resolving medical claims for policyholders.
When we first discussed building a SaaS solution, we wanted to create something that would have a genuine impact on the insurance industry. In our research, we found that the American Medical Association once estimated that medical claims processing inefficiencies resulted in huge losses to the industry – between $21 billion and $210 billion every year.
We also found that delays in claims processing are not only a cause of leakage for insurance organizations and hospitals. Policyholders can wait for months before receiving a payout for a medical claim because of simple clerical errors. The loss of time and money impacts for-profit companies, but it also directly impacts the everyday American.
With the positive impact on patients in mind, we built Iris to be not only incredibly fast, but also extremely accurate to eliminate an often-overlooked bottleneck in medical claims processing.
Iris will officially launch in early 2022. Interested organizations can sign up now for first access to a free trial via the waiting list on our website.
When Iris does become available, users will only pay for what they need to use – again, keeping this resource accessible for organizations big and small. While the initial release is focused specifically on CMS-1500 claim forms, we’re already making plans to expand Iris’s form reading abilities to include the UB-04 form, medical ID cards, and more.
We’ll continue to share additional information about Iris as it becomes available.
In the meantime, we welcome any questions about the product. You can reach us at founders@rootsautomation.com.
Chaz Perera & John Cottongim
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During this 60 min roundtable discussion we will:
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