new logo growth in the
increase in user growth
faster time to market with ThoughtSpot Everywhere
MDaudit, is a leading healthcare technology SaaS platform that partners with the nations premier healthcare organizations to improve revenue, mitigate risk, and streamline operations to succeed in an evolving healthcare landscape. Their flagship revenue integrity software platform enables organizations to reduce compliance risk, improve efficiency, and allow customers to retain more of their revenue stream by providing workflow automation, risk monitoring, and built-in analytics and benchmarking capabilities – all in a single, integrated cloud-based platform.
Modern data stack
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 2022 MDaudit Annual Benchmark Report, 82% of 2022 claims denials were associated with Medicare, causing third-party audit volumes to rapidly climb, leaving hospitals and health systems under high pressure to defend their revenues. 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 the CTO in the summer of 2019. In his roadmap, he identified that there was a major opportunity for the company to focus on analytics and data-driven capabilities in their platform. Now, he currently leads both the Customer Experience and Technology teams as the COO.
Within his first 6 months, he needed to make a big call: was he going to build or buy a new analytics tool? Taking a step back, 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 in order to reduce compliance risk. 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.
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 600 times a year, from 50 payers, you need to have the information and insights readily available to defend your revenue.” MDaudit’s product team has created Liveboards that are enabling all users to self-serve their ad hoc questions. To date, ThoughtSpot Everywhere has been adopted by over 500+ end users, with 10 internal users from product management and engineering.
Today, ThoughtSpot Everywhere has been key to accelerating delivery and execution. MDaudit has three specific use cases with ThoughtSpot Everywhere: audit insights, revenue leakage, and external payer audits. ThoughtSpot Everywhere’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.
Now, healthcare executives are able to 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.
Growing in healthcare is incredibly hard, yet with ThoughtSpot Everywhere’s user-friendly
Live Analytics and scalability, MDaudit has seen a 25%+ increase in new logos and revenue in 2022.
With denials under analysis valued at over $100 billion, and despite the incredibly large consumer base, MDaudit has still managed to scale with ease, seeing a 50% increase in user growth from 2021 to 2022. 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. This outcome has resulted in better product engagement, stickiness, and retention of their customer base.
As MDaudit continues to be at the forefront of the healthcare industry, they have ambitious adoption plans with ThoughtSpot Everywhere 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 12-18 months, there has been a ton of focus on integrations and ecosystems, which is what led them to adopt Snowflake. Now, having built out their modern data stack, MDaudit is accelerating full speed ahead to forge a new standard in healthcare compliance.