Mobile health advocates are always urged to “follow the money” in determining whether new solutions will gain a foothold in the healthcare marketplace. An Atlanta-based healthcare IT startup is taking that advice literally.
Iconic Data has announced the release of SwiftPayMD, a revenue cycle management app for the iPhone and iPad that’s designed to enable doctors to immediately bill for their services.
According to a company press release, physicians can “Touch, Talk and Submit” billing data through the voice-activated app from the point of care back to the billing department. The app, which costs $99 per month, also features a template for physicians to capture patient demographics through a smartphone camera.
"Physicians are losing a lot of revenue as a result of archaic paper-based billing processes still needed today to address the lack of communication between hospital information systems and private practice physician offices," said David LaBorde, Iconic Data’s CEO and co-founder, in the press release. "The widespread adoption of mobile smartphones and tablet technologies has created a paradigm shift in medicine. SwiftPayMD helps physicians improve their practice's financial performance leveraging increasingly ubiquitous smartphone technology."
Company officials say physician practices typically lose 10 percent of their billable revenue through lost charges, while trying to capture charges in a paper-based system generally drains 5 percent to 10 percent of a practice’s cash flow.
Launched in 2010, Iconic Data received funding from business incubators Sandbox Industries and Healthbox to develop mobile technology solutions for individual physicians and private practice groups.
Earlier this year the company unveiled ICON, a secure and encrypted digital physician billing card solution designed to enable physicians to manage patients across multiple facilities through any device with an Internet address.