A Fortune 500 private health insurance company implements a custom cloud platform built to extract data insights from their provider contracts.
SITUATION
Our client, a Fortune 500 private health insurance company, sought to extract actionable insights from provider contracts to enhance decision-making and end-user workflows. Their manual process of deciphering contracts and inputting pricing data into databases from PDFs was costly and time-consuming with a 28-day turnaround. This platform needed to be robust, agile, and designed to extract details from an array of contract data fields. The client required a comprehensive suite of services, including software development, data science, and testing, to turn their vision into a reality. They turned to Everforth Apex to spearhead this initiative and develop the platform.
Reduced Processing Costs by 80%
Everforth Apex's approach was multifaceted and included: a comprehensive discovery process to understand the client’s needs, a design phase to guarantee a resilient architecture, and a development phase using AWS cloud services, Python coding, and Lambdas for backend processing.
We implemented an advanced AI-driven solution to transform unstructured data into a detailed pricing database with heightened cost savings. It allows seamless API accessibility for integrations, ensuring expedited, automated processing with extraction accuracy through tailored context and data prompts.
Leveraging the power of serverless architecture on AWS, the application stores prompts in DynamoDB for dynamic handling, fosters cost efficiency and fault tolerance via state machines and foundational models, and ensures fluid scalability within 10 minutes.
RESULT
The implementation of the Provider Contract Engine marked a pivotal shift in how the client’s data was processed and leveraged. Automated contract intelligence allowed for streamlined data extraction and analysis. By integrating AWS Bedrock into a serverless, event-driven architecture, the client experienced:
- Real-time access to metadata, enhancing decision-making speed and accuracy
- 80% reduction in processing costs, driving substantial financial efficiency
- Zero infrastructure maintenance, freeing up resources for innovation
- Scalable, AI-powered insights, enabling continuous improvement and adaptability
- 2.5x greater cost efficiency
- 3x faster deployment cycles
Everforth Apex's solution provided the client with a powerful combination of agility, intelligence, and cost-effectiveness.
