Latest news with #CXOAIPlaybook
Yahoo
05-06-2025
- Business
- Yahoo
A healthcare giant is using AI to sift through millions of transactions. It's saved employees 15,000 hours a month.
Omega Healthcare partnered with UiPath to automate medical billing and other administrative tasks. The revenue cycle management company has saved employees hours with its AI document-processing tool. This article is part of "CXO AI Playbook" — straight talk from business leaders on how they're testing and using AI. For "CXO AI Playbook," Business Insider takes a look at mini case studies about AI adoption across industries, company sizes, and technology DNA. We've asked each of the featured companies to tell us about the problems they're trying to solve with AI, who's making these decisions internally, and their vision for using AI in the future. Omega Healthcare Management Services is a revenue cycle management company that helps more than 350 healthcare organizations, including providers, payers, and pharmaceutical companies, manage their financial operations. This includes medical billing, insurance eligibility verification, collections, clinical documentation, and other administrative tasks. The company, which was founded in 2003, is headquartered in Boca Raton, Florida. It also has teams in India, Colombia, and the Philippines. Omega Healthcare has more than 30,000 employees who perform a high volume of administrative tasks, including medical billing and insurance claim submissions, for healthcare organizations. Every year, they process about 250 million digital transactions. These tasks have traditionally been done manually. Rajusiva Arunachalam, the company's vice president of technology, said that the administrative tasks are mundane, repetitive, and time-consuming. "We have a lot of humans working in the background for these doctors and providers who help them do their non-clinical work," he said. Arunachalam said Omega Healthcare wanted to automate billing, insurance claims, and other administrative tasks to free up employees to handle decision-making aspects, such as when to deny claims or follow up on a late payment. The goal was to improve its operations and help its clients increase collections, minimize incorrect claim submissions and denial rates, reduce receivable payment times, and enhance patient engagement. Omega Healthcare partnered with UiPath, an enterprise automation and AI software company, about five years ago to automate some of the workers' manual administrative tasks, including billing, medical coding, and correspondence with insurance companies. Arunachalam said UiPath's platform was a good fit for Omega Healthcare's strategy, which focuses on boosting automation and speeding up the completion of clients' administrative tasks. Arunachalam said Omega Healthcare created an internal team made up of developers, business analysts, and data scientists. The group focused on finding opportunities to automate repetitive tasks to save employees' time while speeding up work for clients. Omega Healthare uses UiPath Document Understanding, an AI tool that automatically pulls data from various client documents, such as accounts receivable correspondence, insurance denial letters, or electronic medical records. Arunachalam said the AI tool extracts data from these documents based on what a healthcare institution is trying to accomplish. For example, if the task is to file an insurance claim, the AI tool may pull out relevant data from electronic medical records. Or, if a claim was denied, it may identify relevant data from a denial letter or transcript of a call about the case. Arunachalam said human staff members review the data extracted by AI and use it to make decisions. For instance, they may decide that a claim was denied incorrectly due to a medical coding problem or based on information from a medical record. Staff can also use the tool to follow up with a healthcare company for more information on a billing error. Employees then send their decision to the client. "Human work is now more knowledge-based, very decision-oriented," which AI technology can't do, Arunachalam said. But humans and AI "work together in conjunction to achieve what the client needs." AI "can run 24 hours," Arunachalam said. It can also process data much faster, so fewer employees are needed for this work, which is more cost-effective for clients. Arunachalam added that Omega Healthcare has automated its administrative tasks, such as submitting insurance claims and medical billing, for about 60% to 70% of its clients. Since 2020, Omega Healthcare has processed more than 100 million transactions using UiPath automations, Arunachalam said. Omega Healthcare tracked the time it took employees to manually complete different administrative tasks and compared it to the time they spent on them after adding UiPath's tool to measure the tech's impact. Arunachalam said the company found that automation was saving employees more than 15,000 hours a month. Arunachalam said Omega Healthcare has also reduced the amount of time workers spend on documentation tasks by 40%. He added that automation has also slashed document processing turnaround time by 50% with a process accuracy of 99.5%. The company told BI that these improvements have increased efficiency and cost savings for Omega Healthcare's clients, delivering a 30% return on investment since using the AI-powered automation. Arunachalam said Omega Healthcare is working on automating more of its client work, including payment posting and patient appointment scheduling. 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Yahoo
04-06-2025
- Business
- Yahoo
Inside KPMG's $100 million AI investment: How Google Cloud's partnership is fueling the firm's new AI services
KPMG is expanding its Google Cloud partnership to enhance AI services for clients. The Big Four accounting firm could drive $1 billion growth from its AI initiatives. This article is part of "CXO AI Playbook" — straight talk from business leaders on how they're testing and using AI. KPMG is a professional services company and one of the Big Four accounting firms in the US. It offers audit, tax, and advisory services to organizations in multiple sectors, including healthcare, finance, banking, and more. KPMG has more than 90 offices and 36,000 employees in the US. It also operates in more than 140 countries. Steve Chase, vice chair of artificial intelligence and digital innovation at KPMG, said part of the company's business involves helping organizations across industries modernize their operations with technology, including their accounting systems and customer service. Recently, Chase said more clients have sought assistance in incorporating artificial intelligence and cloud services into their digital transformation strategies. To help, KPMG announced an expansion of its partnership with Google Cloud in November to advance GenAI, data analytics, and cybersecurity for its clients. The expansion includes a $100 million investment in KPMG's Google Cloud practice. Chase said the goal is to tailor AI services to specific customers, business models, and industries so that these organizations can use AI to improve their businesses, such as by speeding up data analysis. The expanded Google Cloud partnership will initially focus on clients in the retail, healthcare, and financial services industries. Chase said KPMG has been using AI for several years and has had a long-standing relationship with Google. In 2024, KPMG created the Google Cloud Center of Excellence to combine Google's AI technologies with its own expertise to help clients use AI to boost their businesses. Its latest partnership expansion involves creating new AI tools. KPMG also works with Microsoft, Amazon Web Services, and other tech companies on other AI-related projects. KPMG has been using Google Cloud's Vertex AI Search, an AI development platform for building and using GenAI, internally to connect and analyze its vast amount of data. Chase said the company is using this information to develop GenAI agents for clients, such as chatbots to answer questions or tools to gather and analyze data, to address various business challenges and expand capabilities. For example, Chase said KPMG is using Vertex AI and Gemini, a Google Cloud AI-powered assistant, to help financial services companies automate tasks that have been cumbersome for humans, including fraud detection and loan applications. Chase added that KPMG also built an AI "store performance analyzer" for a large retailer. The tool allows the company to use automation to speed up and combine information from store locations, such as inventory levels, sales data, and details about the location, to determine how it performs compared to other stores. "It's able to actually do a detailed analysis in a fast way," which used to be completed by a team of people and take longer, Chase said. "Now, the people involved are actually reviewing the results, as opposed to doing all the manual work of pulling all the data together." For healthcare clients, KPMG is using Google Cloud's Healthcare API to develop AI tools that help doctors improve disease detection, treatment, and overall patient care. Chase said that KPMG's partnership with Google Cloud could drive $1 billion incremental growth for the firm. "We've been super pleased with how it's going," he said. While he said the company couldn't disclose specifics on how it'll reach this figure, he said it will be a multi-year initiative that involves adding new clients and expanding the AI services it offers to existing companies. KPMG continues to roll out new AI initiatives. In April, the company announced another expansion of its collaboration with Google Cloud on AI tools for the legal and banking industries. KPMG also announced that it's joining the Google Cloud Security Partner Program to enhance cybersecurity for its clients. Read the original article on Business Insider Sign in to access your portfolio
Yahoo
07-05-2025
- Business
- Yahoo
Qualtrics' president of product has a vision for agentic AI in the workplace: 'We're going to operate in a multiagent world'
Brad Anderson is the president of product, user experience, and engineering at Qualtrics. Courtesy of Qualtrics Qualtrics, which collects data on consumers, employees, and brands, is leaning into agentic AI. Its product president said the tech helps companies act on feedback faster and make better decisions. This article is part of "CXO AI Playbook" — straight talk from business leaders on how they're testing and using AI. Brad Anderson, the president of product, user experience, and engineering at Qualtrics, an $11 billion company that helps businesses collect and analyze data, believes organizations are at a turning point in how they apply AI. "AI is no longer just in the back office," he told Business Insider. "It's front and center in every customer and employee conversation, and it's being brought to organizations in ways they can tangibly see and benefit from." At the heart of this shift is agentic AI, he said. While generative artificial intelligence helps companies interpret data to better understand customer behaviors and trends, agentic AI goes a step further by "unlocking action at scale," Anderson said. This allows businesses to respond to those insights quickly and effectively. Last year, for example, Qualtrics, which made its name in customer surveys, introduced conversational feedback, using AI to analyze responses and generate real-time follow-up questions. Today, the company works with over 20,000 customers across industries — including tech, retail, and airlines — and is using agentic AI to help them turn feedback into actionable insights and respond more effectively. Some organizations are leading the way, while others are more cautious. "Some are carefully evaluating how it benefits their customers and employees," Anderson said, "while others see it as transformative not just for their business but for the world — and they're eager to get after it." BI spoke with Anderson about how companies could use agentic AI. The following has been edited for clarity and length. You say that agentic AI drives "action at scale." Can you give an example? Imagine an airline passenger's flight is canceled and they're unsure about the refund process. When they respond to a survey, they might say, "I searched online but still don't know if I'll get my money back or just a credit." With agentic AI, we personalize responses in the airline's tone and act based on the customer and their situation. Instead of a generic reply, the system confirms refund eligibility, gives a timeline, and tailors responses based on loyalty status and lifetime value. A highly profitable, loyal customer gets a different experience than someone who booked through a discount site. This turns a routine survey into a real-time service, resolving issues instantly.
Yahoo
23-04-2025
- Business
- Yahoo
A Fiserv VP tapped AI to get better customer feedback. She explains how the tech is 'cracking the code' on pain points.
Fiserv, a Fortune 500 fintech firm, has adopted AI-powered surveys to improve customer experiences. It can now solve for inefficiencies, its VP of customer insights says. This article is part of "CXO AI Playbook" — straight talk from business leaders on how they're testing and using AI. Fiserv could be considered one of the original fintech companies. Founded in 1984, the Fortune 500 firm, which has roughly 40,000 employees worldwide, plays a critical role in making sure that payments go through and that people and businesses can access their money. Despite its vast reach, Fiserv often operates unnoticed — and that's intentional, said Ilana Boyum, the company's vice president of voice of the customer and customer insights. "Whether you're using mobile banking or working with a local bank as a small business, you're likely interacting with Fiserv," she said. "But when we do our job well, we stay behind the scenes, making everything happen." While Fiserv stays in the background, customers still need a way to alert the company when something isn't working. Boyum describes her role as "the liaison and translator," helping Fiserv understand its clients' concerns. "Clients know their business, not ours — and that's fine. But they need to tell us what they're experiencing," she said. "They might sense something is off but not know if it's by design or if something is actually wrong." Fiserv has long relied on customer surveys to identify issues, but vague, one-word responses often obscured the real problem. Boyum recently integrated conversational AI into the process, turning surveys into a two-way conversation. "Now we're cracking the code on what needs fixing and what's working as intended," she said. Business Insider spoke with Boyum about how Fiserv is using artificial intelligence to gain deeper customer insights, identify inefficiencies, and enhance the customer experience. The following has been edited for length and clarity. Before implementing AI, what were the biggest limitations of your traditional customer feedback process? Historically, each client received three surveys in their first year and then one additional annual survey. If they contacted customer service, they would also receive a survey. Typically, we would keep surveys to a maximum of 10 questions and limited open-ended questions to three. We always started surveys with a scaled response, followed by a "why." Digging deeper required multiple follow-ups, and responses were often too brief or unclear, making it difficult to uncover the root issues. Survey fatigue is a challenge for many companies. What do you think contributes most to it? The biggest driver of survey fatigue is when customers feel like they're giving their time and intellectual energy only to see nothing come of it. That's not always our fault, but it is our problem. We're careful not to ask questions we already know the answers to or have no intention of acting on. How did AI change that? When we first started with AI, it provided canned follow-ups for vague answers. It helped, but some questions felt awkward or out of place. Now we use Qualtrics conversational intelligence, which has a natural flow. It generates adaptive, intuitive follow-up questions so we can drill down and get more robust answers. It's also allowed us to shorten our surveys because we're able to get much greater insight without having to ask a bunch of questions that may or may not apply. What have you noticed about response rates and the depth of feedback you're getting? Our response rate hasn't increased, but the quality and actionability of responses have improved. About 40% of customers who completed the surveys with AI-generated questions gave us more detailed feedback. Before AI, the first answer our customers would give us was often rather vague. They would respond with feedback that was pretty general, like "customer service" or "pricing." Using generative AI to dig deeper and ask conversational follow-up questions has allowed our clients to more accurately articulate what they really mean. Sometimes the feedback they give is the result of us not properly setting the expectations for how to interact with us. Other times, it is because something is actually "broken." AI has allowed us to tease out this difference. Can you give an example? As a financial services company, we work closely with law enforcement, the IRS, and regulatory agencies. So, for example, when funds are held due to an investigation, we can't disclose the reasons for safety and legal purposes. But that can be frustrating for clients. They ask: "Why didn't I get my money? And why can't the agent tell me?" This was an area we hadn't handled well before, but we've since improved our communication based on what we've learned from our surveys. We let clients know there's a team that will follow up, along with a clear timeline for when they can expect updates. What measurable impact has AI had on your business since its adoption? We've seen significant improvements in our customer experience metrics. Each point increase in our net promoter score directly translates to a revenue bump for us. We've closely correlated these, and since implementing conversational AI, we've seen a solid 10-point improvement in NPS scores across our surveys that measure the purchase experience, the activation experience, and the first-90-day experience for our customers. For us, that's translated into better client retention and millions of dollars in revenue. Read the original article on Business Insider Sign in to access your portfolio
Business Insider
23-04-2025
- Business
- Business Insider
A Fiserv VP tapped AI to get better customer feedback. She explains how the tech is 'cracking the code' on pain points.
Fiserv, a Fortune 500 fintech firm, has adopted AI-powered surveys to improve customer experiences. It can now solve for inefficiencies, its VP of customer insights says. This article is part of " CXO AI Playbook" — straight talk from business leaders on how they're testing and using AI. Fiserv could be considered one of the original fintech companies. Founded in 1984, the Fortune 500 firm, which has roughly 40,000 employees worldwide, plays a critical role in making sure that payments go through and that people and businesses can access their money. Despite its vast reach, Fiserv often operates unnoticed — and that's intentional, said Ilana Boyum, the company's vice president of voice of the customer and customer insights. "Whether you're using mobile banking or working with a local bank as a small business, you're likely interacting with Fiserv," she said. "But when we do our job well, we stay behind the scenes, making everything happen." While Fiserv stays in the background, customers still need a way to alert the company when something isn't working. Boyum describes her role as "the liaison and translator," helping Fiserv understand its clients' concerns. "Clients know their business, not ours — and that's fine. But they need to tell us what they're experiencing," she said. "They might sense something is off but not know if it's by design or if something is actually wrong." Fiserv has long relied on customer surveys to identify issues, but vague, one-word responses often obscured the real problem. Boyum recently integrated conversational AI into the process, turning surveys into a two-way conversation. "Now we're cracking the code on what needs fixing and what's working as intended," she said. Business Insider spoke with Boyum about how Fiserv is using artificial intelligence to gain deeper customer insights, identify inefficiencies, and enhance the customer experience. The following has been edited for length and clarity. Before implementing AI, what were the biggest limitations of your traditional customer feedback process? Historically, each client received three surveys in their first year and then one additional annual survey. If they contacted customer service, they would also receive a survey. Typically, we would keep surveys to a maximum of 10 questions and limited open-ended questions to three. We always started surveys with a scaled response, followed by a "why." Digging deeper required multiple follow-ups, and responses were often too brief or unclear, making it difficult to uncover the root issues. Survey fatigue is a challenge for many companies. What do you think contributes most to it? The biggest driver of survey fatigue is when customers feel like they're giving their time and intellectual energy only to see nothing come of it. That's not always our fault, but it is our problem. We're careful not to ask questions we already know the answers to or have no intention of acting on. How did AI change that? When we first started with AI, it provided canned follow-ups for vague answers. It helped, but some questions felt awkward or out of place. Now we use Qualtrics conversational intelligence, which has a natural flow. It generates adaptive, intuitive follow-up questions so we can drill down and get more robust answers. It's also allowed us to shorten our surveys because we're able to get much greater insight without having to ask a bunch of questions that may or may not apply. What have you noticed about response rates and the depth of feedback you're getting? Our response rate hasn't increased, but the quality and actionability of responses have improved. About 40% of customers who completed the surveys with AI-generated questions gave us more detailed feedback. Before AI, the first answer our customers would give us was often rather vague. They would respond with feedback that was pretty general, like "customer service" or "pricing." Using generative AI to dig deeper and ask conversational follow-up questions has allowed our clients to more accurately articulate what they really mean. Sometimes the feedback they give is the result of us not properly setting the expectations for how to interact with us. Other times, it is because something is actually "broken." AI has allowed us to tease out this difference. Can you give an example? As a financial services company, we work closely with law enforcement, the IRS, and regulatory agencies. So, for example, when funds are held due to an investigation, we can't disclose the reasons for safety and legal purposes. But that can be frustrating for clients. They ask: "Why didn't I get my money? And why can't the agent tell me?" This was an area we hadn't handled well before, but we've since improved our communication based on what we've learned from our surveys. We let clients know there's a team that will follow up, along with a clear timeline for when they can expect updates. What measurable impact has AI had on your business since its adoption? We've seen significant improvements in our customer experience metrics. Each point increase in our net promoter score directly translates to a revenue bump for us. We've closely correlated these, and since implementing conversational AI, we've seen a solid 10-point improvement in NPS scores across our surveys that measure the purchase experience, the activation experience, and the first-90-day experience for our customers. For us, that's translated into better client retention and millions of dollars in revenue.
