Parascript, a global authority in data extraction and interpretation powered by machine learning, today unveiled significant new capabilities available in FormXtra 6.3, building upon the FormXtra full-featured product. A quick highlight reel reveals:
- Advanced Image Processing and Virtual Drop-out. Businesses must process documents that arrive from all points of capture whether smart phone, fax, email or traditional mail. Dealing with the large variance in image quality resulting with differences in capture capabilities makes it almost impossible to achieve high-levels of automation.With FormXtra 6.3, Parascript introduces the most comprehensive image processing capabilities available. FormXtra enables companies to deal with any document, all within the same workflow with levels of performance that previously could only be observed with controlled high-quality scanners. Black and white forms such as claims can be converted to simulate drop-out ink forms; images are analyzed, and those that vary in size are reformatted to conform to expected layouts. Mobile images are transformed into high-quality scans—even without specialized mobile apps.
- Industry’s Highest-performing Claims Classification and Recognition. Parascript has implemented Virtual Drop-out for Claims documents that results in the industry’s best classification and recognition solution for black-and-white claims, regardless of image quality or scale. The new claims module provides near-perfect classification and improves drop-out and black-and-white claims recognition at the highest level in the industry.
- Advanced PDF Data Extraction. Most solutions just convert electronic documents to images and then apply a very limited OCR with poor results. FormXtra supports identification of electronic PDFs and can extract and parse the text leading to highly accurate results and greater throughput.
- Easy-to-use Document Classification. Document classification automation has just gotten easier and more accurate. FormXtra 6.3 enables documents to be organized and tested leveraging the text-based classifier, image classifier or a combination. While text is most-often used as the primary input in most capture systems, Parascript software can leverage both visual analysis of documents and text to accurately classify documents.
- State-of-the-art field-level accuracy for invoice data. Using new deep-learning technology, invoice data location for header-footer data is now better than 80 percent with 95 percent accuracy at the field level, requiring no external validation data source and no manual validation necessary. Additionally, line item location is now better than 55 percent with 98 percent accuracy with no PO matching requirement.
With FormXtra, any business services provider can streamline the processing of documents with any data type and get critical information into business processes quicker with greater accuracy.
“We’re really excited about this release as it finally resolves the issues customers face associated with multi-channel capture without increasing complexity. We’re focused on meeting high-volume, complex document processing needs with flexibility for both processing rules and workflows regardless of the source,” VP of Marketing and Product Management Greg Council explained. “Our mandate is to make it easy to use so it doesn’t need the significant investment required by most capture products to get them up and running.”
In addition to out-of-the-box capabilities, FormXtra’s .NET API provides unprecedented control over forms processing definitions, routines and output. Customers now have access to a single solution that can process many types of business documents so that extracting key data is both straightforward and scalable. Dual support for both document-centric and field-centric data validation ensures that businesses can take advantage of sophisticated load-balancing, performance monitoring, automation and field-level security to support a wide variety of data capture needs.
“What makes FormXtra stand above everything else? Accurate, high-quality results, simplicity and flexibility. Customers like the ease of use for their health claims processing, invoice processing, check recognition and receipt data extraction, but it’s a highly flexible solution,” Mr. Council said. “While some of our customers use out-of-the-box functionality, others prefer a fully customized solution to access all of their document-oriented data.”
About Parascript, LLC
Parascript automates the interpretation of contextual data from image and document-based information to support transactions, information governance, fraud prevention and business processes. Parascript Artificial Intelligence software processes any document with any data from any source with its easy-to-use, image-based analysis, classification, data location and extraction technology. More than 100 billion documents for financial services, government organizations and the healthcare industry are analyzed each year by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Our Business Process Services (BPS) providers, OEMs, system integrators and VAR network partners leverage, integrate and distribute Parascript software in the U.S. and across the world. Visit Parascript.
If you found this information helpful, you might take the time to view this video that demonstrates Parascript advanced image processing and virtual drop-out capabilities: