The National Law Journal Names PHIflow to Its 2020 Emerging Legal Technologies List
NEW YORK – PHIflow, a leading provider of artificial intelligence (AI) contract analytics tools for healthcare compliance and legal professionals today announced the company has been named to the National Law Journal's 2020 Emerging Legal Technologies List. Since 2019, The National Law Journal seeks to highlight new legal technologies that are helping to improve the efficiency of everyday tasks for attorneys and administrators.
In federal fiscal year 2019, $5.9 billion is expected to be recovered from healthcare organizations via enforcements actions by the Department of Health and Human Services. According to the American Hospital Association, it is estimated U.S. hospitals and health systems cumulatively spend $38.6 billion annually on administrating compliance with federal and state regulatory requirements. For a mid-sized community hospital, approximately $8 million and 60 administrative staff are necessary to navigate over 600 regulatory requirements. Organizations turn to PHIflow’s AI technology to reduce time, costs and burden associated with ensuring regulatory contract compliance for existing and ongoing arrangements.
“Healthcare is the only market we serve, and it always needs healthcare-first technology,” said Greg Waldstreicher, CEO of PHIflow. “Our clients don’t need to define or explain acronyms; they can focus on problem solving while we focus on contract fact-finding.”
PHIflow’s customizable, yet cost effective platform includes: Obligation Extractor, which automatically extracts and analyzes contractual obligations such as indemnification clauses, insurance requirements and breach notifications; Signature Detector, which automatically detects if contracts have been executed; and Contract Classifier, which automatically classifies contracts within existing contract management systems and databases.
With PHIflow’s AI platform, health care organizations can exponentially improve effectiveness of compliance programs by reducing enterprise risks stemming from:
• Civil Monetary Penalties Law
• OIG / CMS / OCR / ONC Audits
• Stark Law
• Anti-Kickback Statute
• Anti-Trust Laws
• HIPAA/HITECH Regulations
• State Data Privacy Laws
• State Corporate Practice of Medicine Laws
• State Insurance Regulations
• Revenue Cycle Management
“Institutions who use PHIflow’s technology can routinely review 100% of their contractual obligations eliminating sampling and establishing new best practice processes and procedures,” said Robert Porr, CHC, Strategic Advisor of Compliance at PHIflow. “The secure, cloud-based platform enables rapid and scalable deployments with extremely high accuracy rates and serves as an adjunctive tool to their existing contract management system.”
PHIflow is a data and technology company combining artificial intelligence (AI) and healthcare regulatory expertise to accelerate contract review processes for healthcare organizations. Named to The National Law Journal’s List of Emerging Legal Technologies in 2020, PHIflow’s contract analytics platform brings an AI-driven approach to the review and categorization of critical, often time sensitive contract information driven by legal, compliance, privacy and information security initiatives.