Market research by Commonwealth Health Advisors identifies major revenue collection challenges
Billerica, MA, June 21, 2017 – OrboGraph a premier developer and supplier of intelligent electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions, image validation and check fraud detection for the U.S. check processing market, has released the Access Denial IntelligenceSM module of OrboAccessSM to the durable medical equipment (DME) marketplace.
Access Denial Intelligence analyzes denied claim data from a wide range of payment and remittance sources including EOBs, EDI 835s and Correspondence letters, enabling providers to identify and uncover hidden denial trends. The benefits of the system falls into two major categories:
- Denial Insight: Use of business intelligence technology to uncover insights which empower a healthcare provider to proactively make focused and effective changes to current claims preparation and submission processes
- Denial Process Support: Reprioritizes denial worklists based on custom criteria, such as greatest number of denials by source, denial amount ranges, CARCs, RARCs, Payers, CPT/HCPCS, Dx codes, etc.
Market research completed by Commonwealth Health Advisors of Boston Massachusetts, on behalf of OrboGraph, found that DME providers have several major financial and operational challenges which can be resolved via the use of software technology.
“We have identified that many of DME providers do not have the tools in place to adequately track, report and manage the overall process. The ability to uncover priorities in the data can significantly reduce receivables, collections and days sales outstanding (DSO),” stated Henri Cattier, Partner at Commonwealth Health Advisors.
OrboAccess also supports the denial process by extracting posting data and denial information from EOBs, EOPs and correspondence letters providing an unprecedented denials tracking. Access EOB Conversion can achieve 100% payment and remittance electronification, faster cash posting with less errors, and improved research efficiency.
“The sheer number of private payment insurance companies, secondary claim submissions and various payer requirements makes the tracking of denied claims paramount to the business model of a DME company,” stated OrboGraph Co-President, Barry Cohen.
For more information, contact Joe Gregory at firstname.lastname@example.org or http://orbograph.com/orboaccess/.
OrboGraph (www.orbograph.com), a subsidiary of Orbotech, is a premier developer and supplier of intelligent electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions, payment negotiability and check fraud detection for the U.S. check processing market. The company mantra, “intelligent payment automation,” describes how intelligent technologies are applied so payment posting becomes an automated process and information is accessed and analyzed via a variety of business intelligence, analytics and user interface capabilities. Nearly 2,000 financial institutions, service bureaus, clearinghouses and billers rely on OrboGraph technology to process billions of checks, EOBs, correspondence letters and claims annually.
About Commonwealth Health Advisors
Commonwealth Health Advisors (http://www.cwhadvisors.com/) is a strategic advisory firm that provides growth acceleration services to healthcare technology firms working with provider organizations. CHA executives bring significant experience in cloud-enabled healthcare services across multiple categories including revenue cycle, electronic health records, practice management, chronic care management and consumer healthcare payment technologies.
# # #