SANTA CLARA, Calif., May 31, 2017 /PRNewswire/ -- Based on its recent analysis of the ambulatory revenue cycle management (RCM) market, Frost & Sullivan recognizes Aprima® Medical Software, Inc. with the 2017 United States Frost & Sullivan Award for Product Leadership. In response to the urgent need for a range of advanced IT solutions that can also generate more net patient revenue, Aprima rolled out a series of RCM solutions, such as patient access, clinical documentation, claims processing, denials management, and outcomes measurement, which cover the entire value chain. Aprima is the RCM vendor of choice for numerous independent and hospital-owned physician practices, serving 70 specialties and sub-specialties in the United States. It boasts an industry-leading client retention rate of 98% due to its dedication to providing best-in-class technologies and reliable customer support.
"Aprima's flagship RCM platform combines sophisticated technology and proven billing expertise to help US ambulatory practices completely outsource their RCM departments," said Frost & Sullivan Industry Analyst Koustav Chatterjee. "These practices rely on Aprima to optimize cost and collection through better eligibility checking, claims editing, and denial management."
Aprima's technology, coupled with advisory services, allows these practices to reduce average account receivable (A/R) durations, enhance corporate revenues, and optimize regulatory compliance with regard to:
- ICD 10 transition
- Integration of Centers for Medicare & Medicaid Services' (CMS') rules
- Prepayment audits
- Adherence to physician quality reporting system (PQRS) reporting objectives
Aprima consolidates the pricing for most RCM components and enhances customers' margins on collection because they are not required to invest in multiple external RCM vendors. This lowers the operational expenditure on RCM design and deployment.
Many medical practices lack the time and expertise to manage appeals and other billing issues that can result in thousands of dollars lost every month. Aprima RCM provides that focus and expertise, partnering with each practice to help increase reimbursements, speed up payment time, and reduce denials and underpayments. Furthermore, the company's account management team helps practices identify coding omissions, and compares payments to payer contracted allowables, in order to help prevent underpayments. The team also assesses denials and offers regulatory support. On average, Aprima RCM customers are paid significantly faster than other RCM services and industry benchmarks.
Aprima's claims engine has more than 20 million edits and a 98% clean claims rate. Its customers prefer doing business with Aprima due to its deep customer centricity and demonstrable results. On average, physician practices that leverage the Aprima RCM platform improve collection efficiency by 7% to 9% and increase revenue up to 29%.
"Aprima has emerged as the ideal RCM solution for ambulatory providers that are replacing their incumbent electronic health record vendors and or RCM vendors due to their inability to optimally enable value-based care principles," noted Koustav. "Overall, its top-class RCM platform, customer acquisition strategy for new accounts, and evidence-based product enhancements for existing accounts will ensure its continued success through 2020."
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality, gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About Aprima® Medical Software, Inc.
Aprima provides innovative electronic health record (EHR), practice management (PM), population health and revenue cycle management (RCM) solutions for medical practices. For nearly two decades, the company has delivered quality solutions that have helped tens of thousands of users enhance patient care and satisfaction, as well as improve their practices' bottom lines. Its EHR/PM solution sets the benchmark for ease-of-use, speed and flexibility, thanks to its single application, single database and customizable design that adapts automatically to individual physician workflows. Aprima has a proven track record of compliance with government initiatives, such as Meaningful Use and ICD-10, and has been awarded pre-validation status for NCQA PCMH recognition. The company is based in Richardson, Texas and performs all development, support, implementation and RCM services from within the U.S. To learn more about how Aprima can help your practice, please visit www.aprima.com, call us at 844 4APRIMA or email us at firstname.lastname@example.org.
About Frost & Sullivan
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Amendola Communications for Aprima
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SOURCE Frost & Sullivan