AI-Native Medical Billing Services
Hey everyone 👋 I’m Michael Schroeder, and I’m the founder of Overdrive Health.
TL;DR:
Overdrive Health is automating the entire medical billing and RCM lifecycle in order to offer higher quality outsourced billing services, starting with the $2bn ambulance billing industry (U.S. ambulance industry is $40bn). If you know any fire chiefs/city managers, practice owners in any specialty, or have connections to EHR/ePCR companies, please reach out!
Problem:
Healthcare providers spend somewhere between 2% and 10% of their revenue in order to get paid for services they have already provided. It can take a few weeks to several months (to never…) for them to get this money, and often requires hours and hours of manual work in order to get the claims actually paid.
The process is so complicated that the providers have 2 options: hire a small army of medical billers in-house in order to submit their claims to the insurance company, or pay a 3rd party up to 10% of their revenue to handle the claims for them, with little visibility into what is actually going on. Neither of these are great options; with the in-house route, providers spend countless hours interviewing, training and managing a team of people in an area that they don’t even have an expertise in, or they have to hope that some 3rd party will really chase every single dollar for them (guess what: they won’t).
Solution:
Overdrive Health is an AI-native, full-stack medical billing company that can actually afford to go after every single dollar that a provider is owed. By automating time-consuming tasks like insurance company phone calls, documentation quality checks, benefit verification and a slew of others, even a $100 claim becomes profitable for us to collect, which means our incentives are truly aligned. We can collect money faster than a traditional billing company, while maintaining consistent, high-quality collections percentage by utilizing a small team of expert billers behind our AI systems.
Where we are now:
We are acquiring a traditional ambulance billing agency that serves ~20 ambulance providers, doing over $50mm in claims/yr. Since launching our AI agents, their revenue per FTE has nearly doubled.
Where we are going:
The $2bn EMS billing space is just the beginning. We think that the technology and systems we’re building will be broadly applicable across all medical verticals, and we hope to provide the best possible RCM experience to all healthcare providers. If you know anyone in the EMS/ambulance space, or anyone who owns their own private practice in another medical vertical, please reach out to me at michael@overdrive.health.
Our Ask:
- Follow us on LinkedIn
- Share this post! If you know anyone in the EMS or NEMT world, or any private practice owners, please share this with them!
