MUNCIE, Ind.--(BUSINESS WIRE)--Ontario Systems, a leading software provider to the healthcare revenue cycle management (RCM), accounts receivable management (ARM) and government (GOV) markets, announced the release of Insurance Hold Manager today, a new cloud-based revenue cycle solution for improving productivity in the insurance receivables workflow. Using the Insurance Hold Manager technology, the Artiva HCx™ solution will now help healthcare finance leaders avoid lengthy hold times when calling payers, dramatically increasing productivity and insurance cash recoveries.
“The most arduous process in the revenue cycle is calling payers, navigating the IVR and waiting on hold for the payer to become available,” says Shawn Yates, Ontario Systems Director of Product Management. “By adding Insurance Hold Manager to the Artiva HCx insurance receivables process, we can now automate a significant portion of insurance follow-up for providers, adding as much as 25% more productivity. That’s a huge increase, enabling them to work more accounts in their insurance portfolios. With reimbursements continuing to be reduced, providers can now use this technology to help bridge the gap, and ensure they continue to provide the proper follow-up needed to maintain positive financial margins.”
The technology behind Insurance Hold Manager is offered through a partnership between Ontario Systems and ReveMed Technologies. ReveMed Technologies uses a patent pending payer IVR management system, Payer Concierge™, that measures historical payer hold time patterns combined with proprietary algorithms to detect and avoid hold times when calling payers. With this technology, Ontario Systems now provides a unique industry solution that automates much of the insurance follow-up process, giving providers a significant lift in agent productivity, and enabling them to work more accounts with less staff. Combined, these factors will help health systems accelerate cash flow and lower days in AR.
“One of the big issues negatively impacting insurance follow-up is the lack of reporting on phone interaction with payers,” says ReveMed Technologies CEO Kenneth Poray. “Our technology offered in the Artiva HCx platform solves this problem with comprehensive reporting that tracks phone interactions with all payers, including the duration of calls on a staff member by staff member basis. Our reporting functionality provides a baseline comparison of staff performance and helps leadership understand opportunities for training to improve effectiveness when interacting with payers for follow-up.”
Ontario Systems will unveil the new solution at HFMA ANI, the premier annual educational event for healthcare finance executives, to be held June 25-28 in Orlando, at the Orange County Convention Center. Demonstrations and representatives will be available at booth 1315.
“As providers strive to reduce cost and improve productivity under both fee-for-service and value-based reimbursement models, our customers excel at deploying innovative solutions to healthcare’s biggest and most common financial challenges,” says Ontario Systems Senior Director of Business Development, Steve Scibetta. “That’s why we continue to enhance our solutions with advancements like Insurance Hold Manager through partnership with ReveMed Technologies to bring new fuel to healthcare provider missions across the country.”
About ReveMed Technologies
ReveMed Technologies designs and develops innovative healthcare technology solutions that solve complex revenue cycle management problems. Their solutions benefit Revenue Cycle Management firms, providers as well as enterprise workflow and EHR platforms. With a visionary and adaptive approach, ReveMed Technologies has noticed gaps in the status quo offering of the industry, particularly related to hours of time wasted on hold with payers. Learn more at www.revemedtechnologies.com.
About Ontario Systems
Ontario Systems, LLC is a leading provider of software and solutions to the revenue cycle management (RCM), accounts receivable management (ARM), and government markets. Ontario Systems’ robust software portfolio includes product brands such as Artiva HCx™, Artiva RM™, Contact Savvy® and RevQ®. The company’s customers include five of the nation’s 15 largest hospital networks, eight of the 10 largest ARM companies and more than one hundred federal, state and municipal government agencies in the U.S. Established in 1980, Ontario Systems is headquartered in Muncie, Indiana.