Innovations: Supercharging Contract Analytics with ILINX AI

Organizations onboard, generate, and store vast amounts of data while servicing requests, approving loans, evaluating business opportunities, and more. When it comes to analytics, most applications exclusively work with information contained in databases—however, this practice often fails to extract value from organizational data contained in unconventional file formats or systems.

Take, for example, a critical healthcare industry process: the review of contracts outlining the terms and conditions under which providers get paid by insurance companies. In contracts, much of this information appears in unstandardized text paragraphs that make it hard to process. Other data is found in varying tables. Even knowledgeable employees may need days, weeks, or even longer to manually review and enter specific data into a system of record.

ILINX leverages AI, including generative AI, to automatically transform large volumes of complex data into actionable insights that help organizations make quicker, better-informed decisions.

Data Dimensionality

Continuing with the healthcare example, many provider contracts contain pages of paragraphs along with tables of information. For instance, a table defining covered services and rates may contain multiple columns describing different discounts and terms. Each column that contains specific terms is called a “dimension.”

When recorded variables become so plentiful that they outnumber the sample size to which they belong, that is called “high-dimensional data.” While recent technology facilitates the collection of high-dimensional data, it has struggled to facilitate the analysis of these data sets. The more dimensions, the more challenging it is to use this information. Before the emergence of AI, organizations struggled to leverage high-dimensional data within a short enough time frame to inform urgent business decisions.

Using AI to Gather and Process High-Dimensional Data

With minimal configuration, advanced generative AI can be trained to understand each dimension of data—regardless of data format or location. This is because AI models can overcome the lack of consistent, standardized data labels using natural language processing (NLP), which is capable of reviewing information much like humans do but at a much greater scale.

Each word of a healthcare provider contract is potentially a dimension NLP can parse. Critical information within text and complex tables can be identified, analyzed, and converted into structured data. From there, this data can easily be used to support processes such as prior authorization and claims approvals.

Once the high-dimension data is processed and stored in a format that AI can understand, organizations can generate insights and analysis in minutes instead of hours, days, or even weeks.

The Benefits of Applying ILINX AI

Working from a well-designed query, a generative AI model can synthesize and visualize the textual and table data within a given contract. For instance, a user can quickly produce a chart showing the relationship between specific procedures and predicted reimbursements with a simple prompt. This automatically-generated analysis would take days or weeks to create manually, if it could be done at all.

AI applied to contract data can be used to generate:

• Graphical summaries of key data as charts and graphs
• Comparisons of data within one contract or between several contracts
• Lists of terms that may be out of compliance
• Risk predictions flagging ambiguous language
• Reimbursement predictions based on contract terms and historical data

Achieve Insights and Accelerate Decision-Making with ILINX AI

Until recently, the data with the most potential to generate value through analysis typically required extensive manual processing. ILINX AI revolutionizes traditional data analysis by using advanced machine learning algorithms to generate insights in minutes or less.

ILINX AI automates document separation and classification along with the analysis of semi-structured, unstructured, and high-dimensional data, enabling sophisticated analysis to incorporate and report on complex information as well as it does structured data.

Intelligent ILINX automation not only replaces manual effort but also identifies trends or patterns that may be missed through traditional or manual data analysis. With insights generated by ILINX AI, leaders today can optimize workflows, predict future trends, and respond more effectively to operational and strategic challenges.

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ILINX AI is revolutionizing how organizations capture, understand, and respond to document-based data. Ready to learn how this technology can elevate the processes driving your operations? Reach out below to schedule a conversation with an expert.