02-02-2022, 08:20 AM
SyTrue Seizes Health Payer Market Share with Suite of NLP-Based Solutions
In 2021, SyTrue successfully added major clients, expanded its workforce
and helped payers/providers boost productivity and lower costs
STATELINE, Nev., February 1, 2022—SyTrue, the leader in modernizing payer workflows to reduce costs and increase efficiencies, has capped off a year of tremendous growth in the company’s client base, number of employees and transaction volume.
Among the company’s major achievements and milestones in 2021 that reinforce SyTrue’s dominance in the healthcare market:
· Excellent bottom-line results for clients. SyTrue payer clients benefited from 35% to 55% increases in productivity and ROIs between $13 and $28 per audit using SyTrue’s payment integrity tools and services.
· Increased transaction volume to nearly 1 billion medical documents annually. As the only clinical natural language processing (NLP) provider in the U.S. capable of processing as many as 52,000 pages in a single transaction, SyTrue expanded its processing volume for the year and demonstrated the unlimited scale of its solution.
· Added several key clients. SyTrue’s top tier solutions drew the attention of notable organizations in the health payer and service provider space who have signed on as enterprise clients.
· Added and expanded partnerships. New and expanded partnerships in 2021 included Microsoft, Snowflake and UiPath. These partnerships considerably extended SyTrue’s reach into the international health record processing and analytics ecosystems.
· Tripled staff size. SyTrue dramatically expanded its staff to accommodate its growing business. The company bolstered its leadership ranks with the hiring of former Kaiser Permanente executive Janice Pennington as chief operations officer. Pennington, a trained nurse with a master’s degree in medical informatics brings a unique vantage into SyTrue’s expanding operations in payment integrity. SyTrue also added a head of partnerships, a team of data scientists specializing in clinical NLP, and an in-house physician group to provide clinical strategy and support. These specialist team members further strengthen SyTrue’s deep domain expertise in healthcare and clinical NLP.
SyTrue expects its market momentum to continue in 2022. In the coming weeks, SyTrue will announce the addition of several new clients and partnerships and unveil new innovations to its market-leading NLP OS™ platform mid-year.
“We had a fantastic 2021 as our business grew, our workforce expanded to meet customer demand and the technology enhancements we introduced enabled payers and healthcare providers to be more efficient and reduce costs,” said Founder and CEO Kyle Silvestro. “Our solutions for payment integrity, Medicare Risk Adjustment (MRA), population health and radiology set us apart from the competition – and we expect an even better 2022.”
About SyTrue
SyTrue, the leader in modernizing payer workflows to reduce costs and increase efficiencies, enables healthcare payers to make sense of fragmented, dirty data, driving greater transparency that increases productivity, reduces costs and enhances revenue. Healthcare payers must analyze extensive amounts of unstructured data to identify insights from patients’ episodic health records, which cannot be accessed by traditional methods of search and require expensive chart reviews. SyTrue’s innovative clinical Natural Language Processing (NLP) Operating System NLP OS™ synthesizes, normalizes and transforms unstructured clinical data into a strategic enterprise-wide digital asset that catalyzes informed decision-making for risk adjustment, care coordination and payment integrity. Developed by clinicians and data scientists with deep healthcare domain expertise, SyTrue’s solutions boost the productivity of review teams and generate higher ROI on chart reviews through greater accuracy, speed, repeatability and scalability. SyTrue is trusted by top-tier health plans who have leveraged NLP OS™ to process more than 10 billion health records, yielding insights that lead to increased efficiencies and improvements in financial performance.