Cambridge, MA (PRWEB) September 29, 2015
Madaket Health today announced its partnership with HealthStream’s newly formed subsidiary Echo. Echo—the combined entity from HealthStream’s prior acquisitions of HealthLine Systems and Sy.Med Development—currently serves more than 2,000 healthcare organizations (representing approximately 1 million individual providers) with its product suite. A core Echo offering is EchoOneApp for payer credentialing and provider enrollment. Madaket technology will power EchoOneEDI, a service embedded into EchoOneApp, as well as a stand-alone web-based solution.
“We are proud to announce our partnership and product integration with Echo,” said Madaket CEO and Co-founder, Jim Dougherty. “Our mission at Madaket is to make providers’ lives easier and reduce healthcare industry inefficiencies. Working in partnership with Echo makes our solution immediately available to more than 2,000 healthcare organizations who are existing customers of Echo. Providers will see tremendous benefits from investing in EchoOneEDI, which helps reduce processing time and payment delays associated with the over seven million provider enrollments performed in the US each year. Finally, the industry can move away from the manual, error-prone enrollment process that has forced providers to wait months to get paid.”
Madaket helps healthcare providers enroll in various electronic services, such as Electronic Funds Transfer (EFT), Electronic Remittance Advice (ERA), and Electronic Data Interchange for Claims (EDI). Using EchoOneEDI, a provider simply chooses the services and payers they wish to enroll with and then sends all their correct data with just a few clicks. Real-time access to thousands of up-to-date payer enrollment forms and procedures, and a list of all available payers in the US, means doctors and medical assistants no longer have to spend time coordinating with payers individually.
“At HealthStream and Echo, we have a decades-long passion about working with hospitals, medical practices, post acute facilities, and clinics to improve the efficiency of provider-related processes,” said Michael J. Sousa, President of Echo. “Madaket Health is delivering innovative technology to reduce costs, boost reliability, and improve revenue cycle management for healthcare organizations.”
Expanding the Benefits of the Madaket Network
Through its partnership with healthcare intermediaries, Madaket is currently enrolling 300,000 providers in its system and an additional 325,000 providers under contract are on their way into the service. Together with HealthStream and the newly formed Echo, Madaket will continue to expand its provider network and improve provider-payer data exchange.
The growing network will automate enrollment and get providers paid more quickly. Key improvements include:
- Eliminate individual faxing, mailing, or emailing of enrollment documents to each payer
- Real-time access to thousands of up-to-date payer enrollment forms and procedures
- Deliver enrollment data to all payers from an online list with a single click
Madaket Health automates US healthcare provider enrollments with payers. With its SaaS offering, Madaket ensures that enrollments are processed much more quickly than the manual, error-prone processes now used by most companies. Through channel partners, Madaket is currently enrolling 300,000 providers in its system and an additional 325,000 providers under contract are on their way into the service. Madaket also supports more than 3,000 payers. Founded in 2012 and based in Cambridge, MA, Madaket’s team includes seasoned enterprise software engineers and entrepreneurs, and is funded by investments from Fidelity Biosciences, Lux Capital, Allen & Company LLC, and Waterline Ventures, as well as prominent angel investors. For more information about Madaket, visit madakethealth.com.
Qi Zhai, 617-631-9004