New Technology Designed to Deliver Faster Reimbursement
With patient pay responsibility expected to climb 50% of every health care dollar by 2020, solutions to streamlining reimbursement may help.
A new technology-based solution for faster reimbursement, FastTrack, has been developed by MedData with the goal of removing the challenges of traditional reimbursement methods. The technology aims to provide cleaner claims, faster reimbursement, and increased collections for health care providers.
According to MedData, it can take months for a provider to receive payment for their services through traditional reimbursement methods after a patient has received clinical care.1 Inefficient and complex processes can slow the revenue cycle, create compliance risk, and make it difficult to maintain consistent cash flow.
Providers also face the financial challenges in the health care environment. These challenges may include shrinking margins, rising costs, and collecting from patients who are overburdened by self-pay balances.
With patient pay responsibility expected to climb 50% of every healthcare dollar by 2020,2 according to MedData, development of solutions to streamline reimbursement may help the industry.
The MedData technology uses capture and documentation translation with optical character recognition (OCR) and provider enrollment, provides comprehensive data integrity and procedural delay removal; computer assisted coding with natural language processing (NLP); front-end edits to ensure an elite clean claim rate, and a fully integrated patient self-pay solution.1
On the company's website, MedData boasts a 35% faster payment process through FastTrack. The technology streamlines coding and billing through integrated 'patient balance services.' Patient scheduling, eligibility assessment, efficient coding, and opportunities for mobile billing and payment are among the services offered.2
References
- MedData’s New RCM Technology Solution Accelerates Reimbursement for Providers [news release]. Brecksville, OH; February 25, 2019; MedData. https://www.businesswire.com/news/home/20190225005950/en/MedDatas-New-RCM-Technology-Solution-Accelerates-Reimbursement. Accessed March 20, 2019.
- MedData website. https://www.meddata.com/. Accessed March 20, 2019.
