HFMA ANI Conference, Las Vegas, NV, June 27, 2016 – a premier supplier of electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions and image validation for the U.S. check processing market, announced today that the company has achieved major market penetration by successfully onboarding 100+ hospitals in less than six months with support for over thirty PMS/HIS integrations. Another 100+ physician groups and durable medical equipment (DME) companies have also been added.
Orbograph’s cloud-based Healthcare Payment Automation Center™ (HPAC) utilizing Opti-Lift™ technology, converts paper-originated Explanation of Benefit forms (EOBs), Correspondence Letters and Patient Payments into EDI 835 files to reduce cash posting costs and improve accuracy as providers strive to eliminate paper from insurance payments. The system also integrates all remittance and claim information from denied claims into its consolidated HPAC Denial Analytics module.
Although paper EOB’s are declining overall, the CAQH Index® estimated that only 51.1% of remittance advices are fully electronic, significantly lower than the 93.8% electronic claim submissions. The slow decline in EOBs occurs, because many providers are focused on regulatory requirements and Medicare reimbursement changes and do not have adequate staffing to allocate to projects, such as streamlining back-end revenue cycle functions, which require significant testing overhead with each payer.
To address market opportunities, Orbograph expanded its business partnership network, partnering with a number of major healthcare players, including “tier one” clearinghouses, revenue cycle technology companies, large financial institutions and healthcare integration firms. As a natural aggregator and connector to thousands of payers across the US, clearinghouses are aggressively offering expanded services in paper electronification to assist hospitals. Additionally, medical lockbox services are expanding via banks and RCM outsource companies as a means to improve cash receivables.
“Our business growth confirms that healthcare providers are aware of the benefits of streamlining back-office efficiencies, positively impacting account receivables. It is a strategic consideration to manage the transition from paper to electronic payments and capitalize on revenue optimization via overall denial reduction,” stated Barry Cohen, Co-President of Orbograph.
Denied claims are also a major industry pain point, as The American Academy of Family Physicians (AAFP) states industry average denial rates range between five and ten percent. However, individual hospitals can see denial rates as high as 30-40%. Addressing this issue, Orbograph recently installed a large healthcare provider with over 120 locations. Utilizing HPAC Denial Analytics with data from EOB, 835, 837 and Correspondence Letters, the client will dramatically improve operational control by analyzing denied claims from over 15,000 payers. In addition to its user friendly client portal, the platform can deliver Revenue Opportunity Intelligence (ROI) Updates via email to any user profile.
Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a premier provider of recognition services and software for check processing in the financial industry and electronic/paper automation solutions in healthcare revenue cycle management (RCM). Orbograph technologies are in use in over 1,500 financial institutions, service bureaus and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. In healthcare payments, Orbograph P2Post and Orbograph E2Post utilize innovative EOB conversion technologies to facilitate and streamline the processing of payments and to automate the posting of receivables into practice management systems. Orbograph enables clients to envision more for by reducing costs and managing risk while ensuring that achieving more is a reality.
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NOTE: Actual performance may vary according to hardware used, configuration or other factors within your processing environment. Statistics cited in this release do not constitute guarantees of performance. For more information, visit us online at www.orbograph.com.