NECTAR – a Client Analytics Portal
for our Behavioral Health customers
"…meeting customer demands with simple and easy to use software solutions … "
TORONTO, Aug. 23, 2016 /CNW/ - Syncordia Technologies and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia" or the "Company") today announced the forthcoming availability of its new software product offering – Nectar – a Client Analytics Portal.
NECTAR is a customer facing business intelligence dashboard showing key medical practice performance indicators such as:
- Total billed charges by insurance carrier or level of care; by day, week, month, and year
- Total payments by insurance carrier or level of care; by day, week, month, and year
- Aging reports by insurance carrier, level of care, and patient; intervals of 30, 60, 90, 120 days and beyond
- Average payment by insurance carrier or level of care by year and month
- Capture rate percentage (payments divided by charges, by insurance carrier, or level of care)
- Performance by patient including total billed charges, total payments, average payment and capture rate by patient.
- Adjudication rates of billed charges by insurance carrier or level of care by month
- Payer mix by month for billed charges
This proprietary software removes the reliance on internal spreadsheet based reporting models or other internal tools that require the manual exporting and sending of reports to clients. NECTAR is web-based and customer facing, allowing on-demand access to performance analytics of all your facilities.
According to Jimmy Rizzo, CEO of Billing Solutions, "NECTAR provides a dashboard with the top key performance indicators that clients care about the most. The beauty of this revolutionary solution is that clients can access the information on their own, as frequently as needed to get the latest data."
Client Portal Reports
- Forecasting of revenue with total billing from patient census for 3 months
- Projection of total payments from insurance carrier and level of care, capture and adjudication rates for 3 months.
- Average payment by level of care from payer mix
- Quickest and slowest payers
- 30, 60, 90 days view of Accounts Receivable (AR)
- Historic cash flows
- Percent of captured payments
NECTAR's reconciliation module provides insight into every patient from every angle. For example, the patient account summary includes billed charges, billed dates, dates of service, payment dates, payment amounts, amount applied to deductible co-pay, patient responsibility remainders, patient payment amounts, and paid-to-patient amounts, collection of paid-to-patient amounts.
NECTAR helps billing providers by consolidating their client data, which is historically housed in multiple databases, into one central repository, allowing for easier data management, customization, and ongoing maintenance. This translates into saving a lot of time and money. Each provider can have their administrative assistants access their dashboard via their own login credentials to see pertinent billing data on demand, in lieu of running ad-hoc reports. NECTAR provides insight into your payer mix, based on projected and historical cash flows which can assist with financial planning at the facility.
Michael Franks, CEO of Syncordia says, "With this revolutionary new product we hope to create customer stickiness and enhance Syncordia's nectar (our attraction, for new customers, to our offerings), and eventually introduce this product in a Software as a Service environment."
Todd Trask, CTO of Syncordia says, "This is the first of many steps we are taking to enable customers to have data at their fingertips to make decisions to positively impact their business. Delivering up to the minute analytics to customers, is at the core of every application we design and develop at Syncordia."
About Syncordia Technologies and Healthcare Solutions, Corp.
We are a technology enhanced revenue cycle management ("RCM") company focused on underserved niche segments of the healthcare industry. We are focused on using our proprietary software suite as an accelerator for growth. We are building a diversified software and services business by consolidating healthcare billing providers. Our growth strategy is to acquire RCM businesses with and without software and, improve their profitability by increasing revenues and operating efficiencies using our software, and in time, commercializing Platform Syncordia, our cloud-based software offering, to provide customer demanded turn-key solutions from a single provider and to address compelling RCM market opportunities.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Syncordia or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and we assume no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
SOURCE Syncordia Technologies and Healthcare Solutions, Corp.
For further information: Michael Franks, Chief Executive Officer, (647) 949-2663, [email protected]