TORONTO, Feb. 27, 2017 /CNW/ - Syncordia Technologies and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia") is pleased to announce a new Software as a Solutions ("SaaS") solution to fill a much needed industry void.
Accurately estimating accrual revenue has historically been an immense challenge for many healthcare providers. This is even more apparent with today's ever changing healthcare reimbursement landscape. Typically, many providers simply use a historical gross charges to net collections approach, and apply that collection experience to their current period to estimate revenue and then perform adjustments quarterly or yearly. The approach lends itself to the potential of understating revenue or even worse overstating revenue and many very large well-known companies have fallen into this trap in the past.
The approach used at our wholly owned subsidiary Health Services Integration Inc. ("HSI"), is to instead estimate the revenue of each individual service performed taking into account the payor, procedure, procedure units, and other key elements in conjunction with historical collection experience to build up accrual revenue. This allows us, for instance, to capture macro and micro changes that could cause current collection estimates to deviate widely from historical collection trends. Our solution avoids this and makes revenue reporting more accurate with much smaller adjustments and fewer surprises.
The core of the HSI analytics platform allows for the adjustment of the factors that influence the revenue. As we all see and know, the payor landscape changes … and having hardwired logic that cannot dynamically change with the reimbursement landscape, will lead to incorrect projections that create poor business decisions and misrepresenting reality, which is a big problem for both public and private companies. "No business looks the same from one month to the next, so why should we expect our analytics algorithms to not vary with the changes in our business? At HSI we have solved this by snapshots and intelligent algorithms," says Todd Trask CTO of Syncordia. He adds, "We have used this analytics platform for our HSI clients for many, many years and now it is time to allow others to enjoy intelligent analytics as well."
"The more we talked with people in the healthcare industry the more it became apparent that finding a better approach to revenue recognition was akin to capturing a "Unicorn", in that it was often discussed but rarely seen," says Chris Martin CSO of Syncordia. Mr. Franks added, "This solution is consistent with our vision to provide simple solutions to complex problems and furthers our focus on commercializing our SaaS solutions."
HSI is a technology enhanced claims management company utilizing proprietary technology to improve claim workflow, production management, and actionable data transparency. Realizing a gap in efficiencies in the EMS transportation medical billing process, HSI develops leading edge medical billing technology to enable a highly efficient billing process. The technology developed by HSI automates and speeds up claims processing and provides analytics for deeper insight to fine tune the revenue cycle management process. www.hsihealth.com
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 revenue cycle management/medical billing businesses with and without software, improve their profitability by increasing revenues, operating efficiencies and margins. Syncordia will leveraging proprietary software to manage scale, drive better customer experiences and enhance margins while driving a competitive sustainable profile.
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]