Westchester - September 27, 2007 - The Healthcare Financial Management Association (HFMA) recently examined Concuity’s ClearContracts™ product using HFMA’s Peer Review process. After undergoing a rigorous review, ClearContracts™ now features the notable "Peer Reviewed by HFMA" designation.
ClearContracts™ is an ASP payer compliance application that is designed to ensure organizations are being reimbursed appropriately by managed and governmental payers. The product features includes:
- A user-friendly application that easily integrates with the patient accounting system.
- The ability to proactively capture additional lost revenue cost-effectively, including underpayments and denials – resulting in more cash in the door quicker.
- Capable of modeling complex contracts, including interest on late payments, discounts provided to payers for early payments, APC and DRG reimbursement schedules, and complex stop loss rules.
- Tools to effectively determine the expected reimbursement of a proposed rate schedule containing significant complexity.
- Allows the customer’s staff and/or the Concuity Revenue Recovery Services staff to work the accounts efficiently and expediently through automated workflows - avoiding any potential conflicts with timely filing on appeals.
- Detailed information on payer compliance history to negotiate more profitable future contractual agreements.
- Accessible, web-based solution for patient accounting staff to review expected reimbursement while following up on patient accounts.
“Healthcare providers are losing hundreds of millions of dollars every year because of inefficiencies in managing their relationships with payer,” David Rodriguez, Concuity, Director of Product Marketing, said. “Hospitals negotiate contractual terms with the expectation of receiving proper reimbursement; however, most organizations are unable to effectively monitor and control contract performance throughout the lifecycle.
“ClearContracts™ provides the tools necessary for analyzing and modeling complex contracts and monitoring payer performance. Providers can predict how proposed contracts will perform under a variety of financial and operational conditions, allowing contractors to easily input the terms and conditions and forecast possible outcomes, before contracts are signed.”
- The Peer Review Process
HFMA’s Peer Review is a structured process that validates the accuracy, effectiveness, marketplace acceptance, and value of products and services that HFMA members are currently using. The goal of the review is to identify products and services that deliver organizational savings and performance improvement that enhance HFMA members’ day-to-day business interactions and careers. Criteria for a product to display the HFMA Peer Review designation include high survey scores for:
- Enhanced productivity for the individual user and for the customer’s organization;
- Ease of installation and use;
- Accuracy and reliability;
- Good value for price;
- Excellent technical support and customer service; and
- An overall positive rating from reviewers based on a quantitative scale
“Peer Review provides an objective third party evaluation of products and services used in the healthcare finance workplace,” said HFMA President and CEO Richard L. Clarke, DHA, FHFMA. “Products earning the Peer Review designation have demonstrated their value and effectiveness as a business solution. I congratulate Concuity on earning the Peer Review designation.”
For more information on HFMA’s Peer Review process visit: www.hfma.org.
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About Concuity
Concuity offers industry-leading solutions to increase hospital revenue by identifying and correcting payer non-compliance issues in the contract revenue cycle. Founded in 2000 by a group of healthcare industry visionaries and now a valued Division of Trintech, Concuity improves its customers’ bottom lines by delivering technology and service solutions that allow negotiation of more profitable contracts, ensure accurate implementation and compliance, and maximize revenue. Clients include University of Utah Hospitals and Clinics, Salt Lake City, UT, Riverside Medical Center, Kankakee, IL, and Providence Health System, Seattle, WA. Concuity is headquartered in Vernon Hills, Ill. For more information, call 847-465-6003 or visit www.concuity.com.
For more information about Concuity or ClearContracts™, contact David Rodriguez, Director of Product Marketing at 847-941-9230 or e-mail at drodriguez@concuity.com.
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About HFMA
HFMA is the nation's leading membership organization for more than 35,000 healthcare financial management professionals employed by hospitals, integrated delivery systems, managed care organizations, ambulatory and long-term care facilities, physician practices, accounting and consulting firms and insurance companies. Members’ positions include chief executive officer, chief financial officer, controller, patient accounts manager, accountant and consultant. HFMA offers members ideas that work, including professional development opportunities, information on key issues, and technical data and networking opportunities, with the ultimate goal of creating a more supportive business environment for members. For more information, visit the Association’s website at www.hfma.org.