LOUISVILLE, Ky., June 22, 2015 /PRNewswire/ -- (HFMA ANI Booth #417) – ZirMed®, the premier cloud-based enterprise financial and clinical performance management provider for healthcare, today unveiled it is launching a new Denial and Appeal Management solution, expanding its proven denials management technology to give healthcare organizations an automated end-to-end solution to reduce denials.
According to Health IT Outcomes, the average healthcare provider loses a staggering 3 to 17 percent of revenue due to payer denials. As such, it is vital for healthcare organizations to implement an efficient method to reduce avoidable write-offs. ZirMed's Denial and Appeal Management solution provides a streamlined, results-focused workflow for managing denials efficiently in real time. The solution's new capabilities include a completely paperless appeals process which has decreased time spent recovering claims by 66 percent for pilot clients. Payer-specific paperwork is automatically provided, accurately auto-populated and printed and mailed on the provider's behalf. The solution also automatically filters out any unnecessary adjustments so staff can only see the denials that need to be worked.
"The cost of reworking claims has historically been extremely high and many providers don't have the time or resources to aggressively pursue claim adjustments," said Tom Butts, CEO, ZirMed. "We've already had success putting denial and appeal technology to work in the hospital setting, which is why we expanded the solution to physician groups and ancillary providers to help the entire healthcare system reduce denial rates and capture every dollar that they deserve."
"Our previous denials and appeals management strategy was inefficient and time-consuming," said Kelly Curtis, Revenue Cycle Manager at LHC Group. "Now with ZirMed, we've not only streamlined our processes, but we can also proactively spot denial trends and evaluate which payers are denying the most claims. This helps us understand the financial impact of certain denials so we can fix issues early on and get our providers paid on time and fully."
Amy Myrick, Revenue Cycle Team Lead at Johns Hopkins added "ZirMed's Denial and Appeal Management gives our collectors the opportunity to work the claims in a timelier manner. We receive the denials on average 10 to 13 business days before they would have been generated by our cash posting department in the past. This quick turnaround equates to more appropriate appeal times and faster revenue recoupment which results in an overall lower days sales outstanding number."
ZirMed will showcase its new denial and appeal management solution through in-booth demonstrations at the Healthcare Financial Management Association's 2015 National Institute (HFMA ANI 2015), Booth #417. To schedule a meeting with ZirMed's executives at HFMA ANI 2015, contact Katie Schur at [email protected].
ZirMed empowers healthcare organizations of all sizes and types to optimize revenue and population health with the nation's only comprehensive end-to-end platform of cloud-based financial and clinical performance management solutions—including claims and A/R management, charge integrity, patient access and engagement, population risk management, and cost and utilization. By combining breakthrough predictive analytics technology with innovative software development and the industry's most advanced transactional network, ZirMed solutions extract actionable insights that improve our clients' revenue cycles and support effective population health management—while streamlining workflows, increasing operating efficiencies, and driving bottom-line performance. ZirMed's technology and client support continue to be honored with top industry awards, including KLAS®, Healthcare Informatics, Best of SaaS Showplace (BoSS), and Black Book Rankings. To learn how ZirMed can help your healthcare organization boost its financial and clinical performance in an era of changing reimbursement models and rising operating costs, visit www.ZirMed.com.
Aria Marketing for ZirMed
Telephone: (617) 332-9999 x214
E-mail: [email protected]