With a lot of the talk at this week’s Healthcare Financial Management Association ANI conference on revenue cycle management, CareMedic Systems is showcasing a new product designed to bring as much of the process as possible to the front end.
The St. Petersburg, Fla.-based company last week launched its new Patient Access Management Solution, which includes registration guidance tools and a financial clearance software solution developed by the Cleveland Clinic to target charity care, self-pay and consumer healthcare impact. Representatives of both CareMedic and the Cleveland Clinic are in Seattle to discuss the new product.
“(W)e’ve designed our Patient Access Management solution to address the fundamental fact that the vast majority of data needed for effective billing is captured at or before patient registration, yet 30 percent of the time there are errors in the collection of the data, which later cause billing delays and downstream issues,” said Sheila Schweitzer, CareMedic’s chairperson and chief executive officer, in a press release. “At the same time, high-deductible health plans, health savings accounts and the proliferation of the under- and uninsured have caused a surge in patients’ out-of-pocket expenses, which has only exacerbated collection challenges. More than ever, we see market demand for a single comprehensive solution that supports registration staff and is efficient and effective in handling the front-end process flow to provide a clear and actionable view of a patient’s financial profile. It’s truly become essential to the financial health of the organization.”
The Cleveland Clinic’s Financial Admissions Clearance Tracking Software (FACTS), which is offered exclusively as a part of Patient Access Management, is designed to enhance pre-admission workflow and patient management to better manage the bad debt risk associated with uncompensated care. The software helps hospital officials work with incoming patients to determine payment responsibilities and ability to pay, as well as offering guidelines on and resources for financial assistance.
While HFMA’s ANI show and conference included pre-conference events on Saturday and Sunday, the three-day conference begins in earnest today at the Washington State Convention and Trade Center. The Monday morning keynote speech was to be delivered by Patrick Lencioni, founder and president of The Table Group and author of “The Five Dysfunctions of a Team” and “Death by Meeting.” His talk is titled “The Five Temptations of a Leader.”
Tuesday’s show is highlighted by a keynote speech by former Vice President and 2007 Nobel Prize Winner Al Gore, who will be discussing ‘Thinking Green: Economic Strategy for the 21st Century” in an event that is closed to the press. On Wednesday, Commonwealth Fund President Karen Davis will give the closing keynote speech on “Moving Toward a High Performance Health System.”