TORONTO, June 6, 2016 /CNW/ - Syncordia Technologies and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia" or the "Company") today announced the implementation of its proprietary Claim Editor, a workflow automation tool designed to minimize errors while maximizing payment rates in submitting medical billing claims and decreasing the time to input claims by more than 2.5 times.
The Claim Editor, is one in a series of "Syncordia Cloud/Platform" forthcoming products. Michael Franks, CEO of Syncordia says "Claim Editor (patent pending) is a revolutionary claim intake module that will coordinate and facilitate the input from client systems into various billing systems. This intake tool will create efficient, low touch claim entry presentation workflow in the market, while simultaneously ensuring the claim records it creates are error free. For Syncordia clients this translates into the maximum reimbursement and payment speed while increasing its revenue streams for its portfolio companies. We are also now laying the ground work for a SaaS offering for the Syncordia Claim Editor"
Chris Martin, Chief Strategy Officer of Syncordia says "Creating medical claims for billing is a labor intensive process and can be prone to errors. Typically, paper documents have to be manually scanned, viewed, and manually entered into a billing system, after the records have been manually quality assured and eligibility verified. Electronic records, especially NEMSIS-compliance files can be sent into the billing systems but the mapping is also labor intensive and dependent on the billing systems used." The Claim Editor addresses both of these short comings with:
- Integrated Eligibility Verification through the Claim Editor
- Automated claim entry directly to the billing systems
- Efficient UI and flow
- Intelligent rule engines with on-the-screen auto-QA and alerts to minimize data entry and maximize pay rate
- Automated data imports
Full features of our Claim Editor will include:
- NEMSIS and non-NEMSIS file automated import
- Billing System Independent
- Automated Eligibility Check
- Automated QA and Onscreen Alerts
- Role-based Engine and Workflow
- Integration with Document Management System
Andy Tran, Chief Technology Officer of Syncordia says "Claim Editor release is consistent with Syncordia's vision of full proprietary ownership of the revenue cycle management software supply chain for the benefit of customers and shareholders."
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 the Syncordia Cloud, our cloud-based software offering, to provide customer demanded turn-key solutions from a single provider and to address compelling RCM market opportunities.
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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]