Waltham, MA (PRWEB) July 12, 2016
Connance, Inc. (http://www.connance.com), the healthcare industry leader in development of predictive analytic solutions that personalize the financial and clinical experience for patients, today announced enhancements to its Reimbursement Optimization solution, which is reducing the cost to collect and accelerating payment while uncovering root causes to prevent denials and underpayments at CHRISTUS Health, an international, faith-based, not-for-profit health system headquartered in Irving, Texas.
A lack visibility into payment patterns, lack of analytics to appropriately prioritize work effort and increasing claims complexity traditionally result in labor intensive claims follow up, revenue leakage and payment delays for many hospitals and health systems today. This traditional approach to denied and underpaid claims, following up by age, balance and reason code, leaves money on the table and wastes precious resources on claims that ultimately will not resolve themselves or will cost more to resolve than will be collected.
First deployed in 2014, Connance Reimbursement Optimization is helping CHRISTUS Health to optimize its claims follow up and denial management processes. With Connance, CHRISTUS Health has realized a decrease in AR days, a significant increase in cash collected, improvements in productivity as well as a decrease in the cost to collect.
“The Connance solution helps us to automate manual processes, reduce payment obstacles and prioritize our follow up activities to facilitate a focus of our efforts on the claims that matter most to us – those that accelerate AR and cash collected while reducing our cost to collect,” said Ryan Thompson, vice-president, revenue cycle, CHRISTUS Health. “We consider Connance a trusted advisor and true business partner and can certainly appreciate the impressive results and ROI they continue provide to us.”
Connance Reimbursement Optimization includes:
- Advanced Claim Statusing. Automated, real-time claim status updates directly from payers’ websites eliminate the need for collectors to check manually or rely on the limited information provided in 277/276 transactions.
- Intelligent Workflow. Connance’s predictive analytics power standardized, skill-based, guided workflows to prioritize the right work on the right accounts.
- Denial and Underpayment Resolution. Detailed account activity monitoring and built-in process feedback predictively optimize denial and under payment resolution while preventing them via root cause analysis.
- Payment Acceleration. Leverage predictive analytics to advance denied and underpaid claims that will not yield cash to the next payer for increased cash and accelerated AR.
- Applied Expertise. Connance’s team of experts help design, monitor and optimize a hospital’s claims follow-up, denial and underpayment management processes.
- Strategic and Operational Reporting. Ensure continuous improvement in claims follow-up and denial management with actionable insights from your data and the experience of our team.
“Our Reimbursement Optimization solution ultimately powers worklists with specific actions and tools to measure, control and improve collector performance from initial statusing to final resolution,” said David Franklin, COO, Connance. “Our predictive analytics and advanced strategies target high-impact claims for follow-up and uncover root causes to help prevent denials and underpayments from happening in the first place. And, our dashboard and performance analytics identify opportunities for continuous improvement. It is the only comprehensive, predictive analytic-driven solution available today to optimize claims follow-up, denial management and prevention. We sincerely appreciate the opportunity to continue to work closely with CHRISTUS Health and help them to improve their performance across the revenue cycle.”
Since 2011, CHRISTUS Health has also been utilizing Connance’s Advanced Propensity to Pay, Presumptive Charity and Vendor Management technologies to better serve its patients and improve its collections processes.
About Connance, Inc.
Connance is the healthcare’s industry leading provider of predictive analytics solutions that personalize the financial and clinical experience for patients. Transforming the revenue cycle and value-based care delivery, Connance leverages data science, integrated to workflow to drive enhanced performance. Connance delivers Patient Pay Optimization, Reimbursement Optimization and Value-Based Risk solutions that combine our data, hospital data and consumer data to stratify patients based on social determinants to predict behavior and provide actionable insights to improve net income and patient outcomes. Connance solutions connect more than 500 hospitals, over 1000 physician practices and other clinical locations, and more than 80 collection agencies nationwide creating the largest research database of its kind. For more information call (781) 577-5000 or visit http://www.connance.com.
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