Company reported significant growth, product advances, and customer satisfaction.
ROSWELL, Ga., Feb. 1, 2024 /PRNewswire-PRWeb/ -- MediStreams, a leading provider of healthcare remittance and reconciliation solutions, closed out a transformational 2023, hitting several key milestones for the company. Highlights include cutting-edge product advances, record growth in clients and partnerships, and strategic additions to the leadership team.
"MediStreams experienced tremendous growth and success throughout 2023. As we carry that strong momentum into 2024, we look forward to strengthening our leading position in the market and delivering exceptional service for our clients," said Jim Coyle, chief executive officer.
𝐑𝐞𝐜𝐨𝐫𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐂𝐥𝐢𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩𝐬
MediStreams also grew the company's client base significantly in 2023, ending the year with more than 500 end-clients on its platform, representing nearly 15,000 unique provider locations, clinics, branches and facilities. Since its inception in 2009, MediStreams has processed remittances for $82.9 billion in payments. The company's strong base of healthcare clients includes health systems, primary and specialty care physician practices, durable medical equipment providers, dental practices, physical therapy groups, and labs.
In addition, MediStreams signed several transformational new channel partnerships with resellers , including leading banks, clearinghouses, outsourced revenue cycle management vendors, practice management systems, and consulting groups.
During this year of growth, MediStreams continued to deliver exceptional client service while onboarding and supporting clients. The company reported a record Net Promoter Score (NPS) of 71 in 2023, well above the industry average for SaaS companies of 41. MediStreams' clients continue to be strong supporters of the company's technology and team.
𝐍𝐞𝐰 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐚𝐧𝐝 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲
In 2023, MediStreams fully commercialized its market-leading Enhanced Reconciliation product suite with several enterprise health systems, physician practices and durable medical equipment clients now utilizing these products.
Unique to the market, the MediStreams Enhanced Reconciliation technology platform reduces the cost and time associated with reconciling bank funds. The end-to-end platform can:
- Convert and index paper remittance, patient payment and correspondence documents;
- Reconcile paper and electronic remittances, EFTs, patient payments, collection agency, third-party payments and non-patient receivables (cafeteria, parking lot, gift shop, etc.) to the financial transactions received at the provider's bank account; and
- Provide true end-to-end reconciliation by generating configurable posting files and reconciliation reports. This includes outputs to multiple practice management (PM), general ledger (GL) and enterprise resource planning (ERP) systems as well as splitting posting files for legacy systems. Feeds from each PM system are used to ensure the data is not only reconciled to the funds, but posted properly.
𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧𝐞𝐝 𝐓𝐞𝐚𝐦
MediStreams also grew its employee base significantly and made several key hires and promotions during 2023 to strengthen its executive, product, sales, support, and client success teams.
MediStreams promoted Sharon Frascogna to SVP of strategic relationships in 2023. Sharon joined MediStreams in 2022 with 25+ years of healthcare banking and technology experience at companies including JP Morgan, Truist, Emdeon (now Change Healthcare) and Metavante (now FIS). She played a key role in standing up many of the company's new partnerships in 2023 and has become a trusted advisor for MediStreams' clients and channel partners.
MediStreams hired its first chief financial officer in April 2023 – Joe Maher, who previously spent several years with TT Capital Partners, focused on investing in high-growth and innovative healthcare technology companies. Maher oversees all the financial operations and reporting of the company and is a member of the executive leadership team.
Tracie Cassarino joined MediStreams in July 2023 as SVP of client success and a member of the executive team. Cassarino brings decades of experience running implementation and client success teams at large healthcare technology companies, including Cedar, OODA Health, Zelis, athenahealth and IDX (GE Healthcare).
The company hired Morris White as director of channel client success in October of 2023. He focuses on supporting many of the company's key channel partners and brings 12+ years of revenue cycle management experience, including with Cedar, ClearGage, Zelis, Waystar and Navicure.
MediStreams also greatly strengthened its product development and innovation with the hiring of Phil Hetrick in October of 2023 as director of product management. Hetrick oversees product improvement efforts to ensure the MediStreams product and technology remains at the cutting edge. He has 17 years of experience in healthcare remittance and revenue cycle management.
On the sales side, MediStreams added Andrew Freeman as a director of business development in November of 2023 to help support a record pipeline of new opportunities. Freeman brings 8+ years of experience selling EHR, patient engagement, revenue cycle and practice management solutions with athenahealth and Waystar.
The company also hired Erin Benton in November 2023 to further strengthen its Solution Support team. She has a proven track record of delivering exceptional client support for healthcare remittance and revenue cycle management clients.
𝐀𝐛𝐨𝐮𝐭 𝐌𝐞𝐝𝐢𝐒𝐭𝐫𝐞𝐚𝐦𝐬
MediStreams accelerates the posting of remittances, cuts manual processes, and significantly reduces overhead costs. MediStreams services include Medical Lockbox, ERA to EFT Reconciliation, Paper to 835 Conversion, Patient Payment Processing, and Correspondence Processing. Visit us at https://www.medistreams.com.
Media Contact
John Koch, MediStreams, 1 (678) 643-5747, [email protected], https://www.medistreams.com/
SOURCE MediStreams
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