NEW YORK, March 22, 2016 /PRNewswire/ -- Deloitte has announced a strategic alliance agreement with TriCap Technology Group LLC aimed at helping health care providers improve net revenue and performance of self-pay receivable collections. The relationship is an exclusive alliance to deliver breakthrough financial performance in the fastest-growing segment of the revenue cycle – patient receivables – with Deloitte's Patient Collections Intellect solution using ARxChange, TriCap's accounts receivable exchange analytical platform. To view Deloitte's Patient Collections Intellect Tutorial (five minutes in length) click here.
"The Deloitte Center for Health Solutions of Deloitte LLP estimates that bad debt for health care providers could reach $200 billion by 2019," said Courtney Thayer, principal, Deloitte Consulting LLP, and national leader of Deloitte's revenue cycle management practice. "Self-pay management and bad debt reduction are major challenges for our clients today. With Patient Collections Intellect, we now lead the market for helping providers address these challenges by integrating our operational and customer transformation capabilities with TriCap's ARxChange analytical platform. We are excited about the opportunity to impact the evolving health care ecosystem by introducing innovative and potentially disruptive business models."
Deloitte brings strategic and operational experience delivering revenue cycle management solutions to the country's largest and most complex health care systems. Based on overall capability and customer impact, KLAS named Deloitte Best in KLAS for Revenue Cycle Transformation in 2015/2016.
"Deloitte's leadership in the health care sector, and specifically revenue cycle management, will accelerate through the use of the advanced financial market technology embedded in our ARxChange system," said Jim Zadoorian, Ph.D., president of TriCap Technology Group. "Together we offer the strategic vision, analytical capacity and transformative services that will help health care providers implement sustainable, potentially disruptive solutions for their most challenging business problems."
TriCap's ARxChange uses industry-leading, patented, investment-grade analytics and market exchange technologies to drive self-payment performance. The primary focus of the alliance agreement is on the use of ARxChange analytics to optimize self-payment performance, including cash yield improvement, insurance discovery and quality scoring.
About Deloitte Consulting LLP
Deloitte helps organizations grow their businesses and enhance value by identifying actionable insights. More than 23,000 professionals provide a broad range of capabilities across human capital, strategy and operations, innovation and technology that are aligned to the particular needs of specific sectors, businesses and organizations. Deloitte provides clients with leading business insights that can help generate a tangible and measurable impact.
About TriCap Technology Group LLC
TriCap Technology Group LLC is a high-growth financial technology company founded in late 2005 to transform the U.S. medical debt and receivables sector into a more fully articulated liquid market place. With roughly $17 billion in listings and a market-commanding position in receivables analytics, TriCap's ARxChange is the nation's largest and most robust receivables marketplace in the U.S. For additional information, please visit www.arxchange.com.
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