SANTECHTURE rolls out its intelligence-driven claims engine, THYNK, in Saudi Arabia
SAUDI ARABIA – SANTECHTURE has launched THYNK, an Intelligence-Driven Claims Engine, to its customers across the Kingdom of Saudi Arabia.
This development come after the healthtech company secured an undisclosed amount of funding from Gulf Capital (GC) and Shorooq Partners to further develop its platform, expand its services, and grow its team.
In an official note, Anas Batikhi, Founder and Chief Executive Officer of SANTECHTURE, said: “THYNK is agile and evolves with the marketplace to ensure that a provider’s claim is speaking the same language as the payor and regulator systems.”
During an unveiling ceremony held in the city of Riyadh, SANTECHTURE introduced THYNK as a revenue cycle management claims solution for its KSA customers.
SANTECHTURE is one of the leading providers of cutting-edge Revenue Cycle Management (RCM) technological solutions specifically tailored for the healthcare sector.
Before the Saudi debut, THYNK has been serving healthcare providers in improving the denial rates and medical billing compliance in the United Arab Emirates for the past 12 years.
“Navigating the requirements for the Saudi Arabian healthcare funding model is uniquely challenging, and the way that payors are interacting with providers is evolving,” observed Anas Batikhi.
He further said that coding and clinical documentation requirements as part of the medical billing process are constantly changing as the digital transformation takes hold in the healthcare system.
Notably, SANTECHTURE aims to revolutionize healthcare in the Kingdom of Saudi Arabia and the United Arab Emirates through its full suite of end-to-end RCM software solutions.
The company leverages the latest advancements in artificial intelligence (AI) and deep technology to offer innovative solutions to healthcare providers, ultimately enhancing the overall experience for providers and patients.
Designed exclusively for the Kingdom of Saudi Arabia, THYNK has been tailored to the adjudication rules of the country’s insurance market.
It is designed to help providers manage the complexity of new coding and billing requirements in the Kingdom of Saudi Arabia.
“With the number of claims submitted through digital platforms set to grow exponentially, the ability to manage the new requirements of payors and regulators effectively and cleanly diminishes due to human capital-based approaches to revenue cycle management currently used by healthcare providers. Our solution, THYNK, has evolved to match these demands,” highlighted Batikhi.
This move aligns with the provider’s mission to empower healthcare providers with the tools and technology necessary to streamline operations, enhance financial performance, and deliver high-quality patient care.
It comes as the Saudi Government is working on a move towards 100% of the population being insured, either under private health insurance schemes or a unified public health insurance program.
The Saudi Arabian government plans to roll out comprehensive state-funded insurance coverage for all citizens by mid-2024.
According to the Ministry of Health, Saudi Arabia’s private healthcare providers serve an estimated 95% of privately insured patients in 2020, representing 45% of all medical interactions.
It is estimated that 54% of insured patients are being served by Ministry of Health facilities and other non-private hospitals in Saudi Arabia, which is one of the largest healthcare sectors in the Gulf region.
As the volume of claims submitted electronically is set to increase in the coming years, making automated heath processing through digital channels remains a key focus of the digital transformation.
Commenting on the utilization of intelligent RCM technology, Anas Batikhi noted: “We have been involved with many of the key stakeholders that interact in the revenue cycle and have come to understand that now and in the future AI AI-assisted claims management is a necessity, not a luxury. Hospitals should act now if they are to keep up with the pace of change.”
In line with its commitment to innovation and excellence, SANTECHTURE is poised to play a pivotal role in driving the future of revenue cycle management in Saudi Arabia’s healthcare landscape.
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