- Tech Insights
Terence Mills, CEO of AI.io, and prestigious member of the Forbes Technology Council, a Top Data and AI Influencer, keynote speaker, and author on the subject of AI, has a unique understanding of AI technology. For him, building AI is about solving a problem. It is not about building a solution that searches for a problem. “AI must be explainable and accountable—otherwise known as white box,” says Terence. Today, AI.io is building 'white box' enterprise AI solutions that help businesses leverage AI as a strategic capability to augment, and amplify human, and process intelligence - propelling advances in productivity, social interaction and communication that profoundly changes the nature of work. But for Terence, it goes beyond the AI, because Terence has seen how an AI solution touches every part of an organization and their clients.
"We are inventing the future of Work and changing how people live their lives in ways they could only have imagined."
Terence’s cogent understanding of the industries in which AI.io operates is key to its success. As an example, the healthcare industry is a wide-open ocean of opportunity. But for Terence, it is about clearly understanding where the biggest problems are and the ability to envision and conceptualize a solution to improve or obviate the problem(s) altogether. For instance, in an effort to solve the growing risks to healthcare providers associated with extreme overhead caused in large part by administration, AI.io partnered with one of its clients to evaluate the boldest and biggest business problems that were driving the risks and how AI might be a solution. Engaging with the client leadership team over ninety days, along with involvement from providers, payers, and clearing houses, AI.io envisioned and conceptualized a solution based on the specific business problems identified in revenue cycle management. More specifically, over the past fourteen months, AI.io has stood up two MVPs to attack the $3.65 trillion opportunity in claims coding, claims denials, and healthcare payments.
According to Terence, most companies and their employees do not understand how to harness the power of AI. In fact, more than 70% of the companies that AI.io speaks with want to invest in the power of AI to capitalize on new opportunities and growth, but lack the knowledge about how to diagnose their problems properly, utilize and structure their data (if they have it), or even where to start envisioning a viable AI solution. Terence has structured his company to take its clients through a unique process of building an AI solution. This process flushes out the business problem(s), creates a roadmap for the AI solution, develops the budgets for the engineering and implementation, identifies the measurable results, implements data strategy and governance policies, and also authors an actionable business plan around the solution.
With his pioneering approach and vision, Terence is helping companies, clients, and even industries “future-proof” by developing strategies that include disruptive technologies such as AI and blockchain. Though, it is not just the technology that makes up the complete solution. Among other things, the solution must consider the need for employee engagement, retraining, and re-humanizing of time to accommodate a successful implementation. The solution must also include the creation of a viable business plan that considers a holistic solution that evolves the work and the workforce initiatives; coined as the future of work. The company is an established leader because they have focus on three industries where they have become experts. “Our vertical concentration allows us to become authorities on the business segments and how AI technology can solve business problems. And, with our principled approach towards the way we deploy our white box AI solutions, we are able to create non-biased, explainable, and accountable solutions through a process with our clients that engenders trust and true partnership,” adds Terence.
In the past two years, AI.io has spent significant resources on opportunities in healthcare. With healthcare being an ocean, Terence has decided that revenue cycle management and the consumerization of healthcare is where some of the biggest and boldest problems exist and also present the most amount of opportunity. In this vein, Terence continues to work diligently towards a production ready intelligent system of engagement with the goal of reducing claims denials by up to 45%, increasing provider net revenue 3% to 5% through automation, and reducing provider claims receivables by up to 90%. The AI solution is expected to launch at the beginning of Q4 2020.
CEO & Chairman AI.io
AI.io is a data science and engineering company that is changing the nature of work and how people live their lives. The company is creating a very exciting road ahead with a new class of AI. AI that is explainable, and that builds trust by providing evidence; AI that can help manage bias, safe interruptability, and is not destructive to the business, leading to better decision making, and increased revenue growth. Verticals of concentration include media & entertainment, financial services, healthcare, and travel among others.