New York – July 22 , 2024 – Red Sky Health, providers of an AI-driven platform designed to optimize healthcare claims management, today announced that it has successfully achieved System and Organization Controls (SOC) 2 Type 1 Compliance. Conducted by Sentry Assurance, the comprehensive audit demonstrates Red Sky Health’s long-term commitment to provide its customers with unprecedented transparency, privacy, and data security.
Red Sky Health enables healthcare providers to recover earned revenue by identifying the root causes of claims errors, fixing them in real time, and resubmitting claims. Their proprietary AI-solution, Daniel, helps providers to recover lost revenue by using advanced machine learning and generative AI algorithms to analyze historical claims data, identify and correct errors, and streamline the resubmission process.
Serving as a symbol of trust and transparency for organizations handling sensitive data in the constantly changing world of digital technology, SOC 2 Type 1 is an auditing standard that assesses the effectiveness of an organization’s controls over information security, availability, processing integrity, confidentiality, and privacy at a specific point in time. It measures an organization’s systems and controls and evaluates the design and implementation of these controls to ensure they are suitably designed to meet the relevant trust services criteria and assesses whether those controls are appropriately designed to meet the Trust Services Criteria (TSC) developed by the American Institute of Certified Public Accountants (AICPA).
With more than $4.5 trillion in insurance claims each year, healthcare denials can have a significant impact on a provider’s revenue cycle. The time it takes to be reimbursed is also increasing, as 84% of healthcare organizations said they would make reducing denied claims a top priority. With seamless integration into EHR, billing, and claims systems, Red Sky Health helps healthcare providers recover lost revenue, analyzing denial codes, payer rules, and historical outcomes to generate resubmission-ready responses within minutes. The solution also improves population health initiatives by recommending specific, reimbursable procedures according to a patient’s diagnosis and covered benefits provided by the payer, and by identifying patients with unmet conditions.
“Achieving SOC 2 Type 1 compliance demonstrates Red Sky Health’s commitment to enterprise-grade data security, availability, and confidentiality,” said Jon Jaroska, CTO at Red Sky Health. “In an industry where trust and regulatory compliance are non-negotiable, this milestone signals to hospitals, insurers, and legal review firms that Red Sky Health is dedicated to managing sensitive protected health information and healthcare data in a secure and auditable way while helping them improve health insurance claim denial remediation. Red Sky’s enterprise-ready AI for denial technology securely delivers intelligent automation with the compliance backbone modern healthcare requires.”
