Waltham, MA (PRWEB) January 06, 2015
Connance, Inc. (http://www.connance.com), the industry’s premier source of predictive analytic technology solutions that optimize financial and clinical workflows, today announced the expansion of its industry leading optimization platform to include a new claims optimization platform for healthcare provider revenue cycle operations. Connance enables billing teams to optimize all follow-up efforts, including claim statusing, denial and underpayment resolution leading to sustained, accelerated commercial and patient-pay cash collections, decreased AR days and a lower cost to collect.
First deployed in 2014, Connance Claims Optimization is helping CHRISTUS Health to optimize their claims follow-up processes, more effectively prioritizing their denial and underpayment follow up efforts and enhancing collaboration across all departments instrumental to overturning denials.
"The Connance Claims Optimization solution is helping us to strategically prioritize our claims follow-up effort and enhancing our visibility and control over the process to eliminate black holes and accelerate cash conversion," said Ryan Thompson, Vice-President, Revenue Cycle, CHRISTUS Health. “Building on our existing Connance infrastructure, we have expanded their workflow optimization platform to prioritize our resources on the right accounts for claims follow-up.”
Connance’s platform is a web-based workflow solution overlaying traditional patient accounting systems. It includes analytically-driven work lists and activity management for billing, collection and follow-up staff. The platform enables payor team-centered follow-up and multi-department communications that are often required to deal with the challenges of commercial claim billing.
With ICD-10 compliance set to begin October 1, 2015, providers have little time to waste to tackle growing claims challenges. Business offices are increasingly overwhelmed by the volume of claims requiring follow-up, statusing and specialized processing. Increases in hospital denials and underpayments associated with the ICD-10 conversion are projected to increase 25% or more. Without advanced technology and insight into process redesign, providers will continue to struggle to maximize claims follow-up processes to overturn denials and underpayments. The enrollment of millions of new consumers in the Affordable Care Act exchanges, Medicare and Medicaid will further exacerbate this challenge.
"The strategic application of predictive analytics to claims workflow enables providers to improve their net income by focusing their efforts on the right claims at the right time," said David Franklin, Chief Operating Officer, Connance. "With Connance Claims Optimization, providers have an opportunity to reduce their efforts by 20-30% while collecting the same, or more, cash from claims, while their patients realize significantly improved experiences, both through earlier engagement and fewer issues related to their insurance coverage."
About Connance, Inc.
Connance is healthcare’s premier source of predictive analytic technology solutions that enable hospitals, clinicians and outsourcing organizations to optimize financial and clinical workflows for sustained performance improvement. Leveraging your data, our data and consumer data, Connance delivers revenue cycle and population health solutions that prioritize activity and tailor your workflows to improve net income, reduce costs, and enhance the patient experience. Connance is redefining workflow optimization in healthcare. For more information call (781) 577-5000 or visit http://www.connance.com.