MedicaidFast has succeeded in formulating a forward-thinking strategy for combating the Medicaid crisis, leading the way for innovative solutions to transform the system
Northbrook, IL (PRWEB) March 16, 2012
BenefitsFast, Inc., today announced the release of MedicaidFast, a dynamic software product designed to eliminate system-wide inefficiencies in the Medicaid process.
The software comes at an urgent moment in Medicaid history, when an explosion in enrollment is straining the budgets of both states and health care providers, freezing up payments from the former to the latter and threatening to diminish the quality of care. While the government scrambles to allocate nearly half of a trillion dollars each year to keep the public aid program breathing, MedicaidFast offers a composed, targeted strategy for attacking persistent weaknesses that leak money from the program and its providers.
“With so many delays in payment, facilities are essentially providing free care to their Medicaid beneficiaries, making it difficult for them to meet their own financial obligations,” said Larry Magill, founder and CEO of MedicaidFast. “Not only do we need to modernize the Medicaid process to address these current needs, but we need implement creative, technology-driven strategies to anticipate and mitigate the needs of the future.”
The bulk of Medicaid’s administrative functions still depend on a manual, paper-based system that obstructs the timely submission and approval of benefits applications, consistently landing the program on the Government Accountability Office’s list of services most susceptible to fraud.
MedicaidFast automates many of these antiquated functions, conferring tremendous advantages to care providers who implement the software, accelerating their administrative timelines and minimizing lapses in coverage. It also provides detailed analytics and paperless document management, giving care providers unprecedented control over their operations, equipping them to comply with increasingly stringent health care regulations.
On a government level, the software scrutinizes the administrative data submitted by care providers for integrity and consistency, determining its potential for fraud and processing delays. By adding this filter, states can boost their efficiency and dramatically cut down on waste, securing crucial savings when they’re desperately needed.
A contentious debate over how to curtail Medicaid spending is imminent, and the program’s access and quality of care are vulnerable to severe cuts. MedicaidFast has succeeded in formulating a forward-thinking strategy for combating the Medicaid crisis, leading the way for innovative solutions to transform the system so that it can continue to provide quality health care without compromise.