New solution delivers unprecedented comparative analytics for physicians and practices
(DALLAS) Jan. 24, 2011 – RemitDATA Inc., an expert in reimbursement, productivity and utilization solutions in outpatient healthcare, today launched TITAN, a new, data-rich solution that provides a real-time, transparent view of essential business metrics. With a level of insight only available previously to payers, Medicare and regulators, now physicians and practices have the ability to identify and correct revenue cycle and performance issues like never before.
TITAN, a first-of-its-kind, SaaS solution provides straight-forward, real-time comparative analysis of ANSI 835 electronic remittance notices for benchmarking against regional peer practices, based on specialty and geography. The technology delivers crucial information to help refine day-to-day processes that reduce denial rates, accelerate cash flow, increase administrative efficiencies and anticipate audits. Allscripts, Dell, Doc-tor.com, LeonardoMD, MedEvolve, NextGen Healthcare and Post-n-Track are among the first adopters to offer TITAN to their customers through the RemitPARTNER program.
“RemitDATA is leveling the industry playing field with TITAN by enlightening healthcare practitioners with data analysis that simply wasn’t available to them,” said Michael Sanderson, president of RemitDATA. “The ability to not only see the data for the first time, but also to compare their own performance against their peers makes TITAN a game-changing tool through unprecedented transparency that quickly and efficiently makes sense of a mountain of data. Practices have been in the dark far too long with only vague, unscientific surveys for a baseline. We expect TITAN to fundamentally alter how physicians operate their businesses, so they can be more competitive in today’s complex healthcare environment.”
TITAN provides the most statistically valid sampling available with data accumulated from RemitDATA customers and partners over the course of a decade. RemitDATA draws upon approximately 25 percent of the electronic remittances processed in the United States, encompassing 300-350 million notices per year. TITAN arms physicians, administrators and staff with customized weekly or monthly “Insights” via electronic updates to target areas for improvement from financial performance to staff productivity. With mobile device accessibility, the information can be available anytime, anywhere.
“The fact that we’ve already secured an impressive roster of healthcare IT leaders as strategic partners is a compelling testimony for the power and appeal of TITAN,” said Dave Ellett, chief executive officer of RemitDATA. “They understand that you can’t manage what you can’t measure, and TITAN brings clarity to a sea of information that was previously inaccessible in a meaningful way. As TITAN permeates the market, we anticipate adding a significant number of partners to further enhance our data set, which will offer their customers an even greater advantage.”
“RemitDATA is an innovative company, delivering powerful revenue cycle solutions that help our physician clients navigate the business of medicine,” said Lee Shapiro, president of Allscripts. ”We are excited to bring solutions to market with them.”
“Providing end-to-end transparency in the revenue cycle has always been a strategic driver for us,” said Allen DeGraw, founder and chief executive officer of Post-n-Track. “We are always interested in delivering enhanced value to the provider community on behalf of our health plan customers and look forward to collaborating with RemitDATA.”
Beta testing and advisory board reviews for TITAN have been exceptional. Participants, ranging from C-Level executives to practice administrators, were impressed with TITAN’s ability to immediately impact the performance of their practice.
“The functionality of TITAN makes it a valuable tool for instantly drilling down to share a variety of critical business issues with our leadership team,” said Sacheen Mallette, central business operations director for the Boice-Willis Clinic, one of the largest practice groups in North Carolina. “The ability to dissect a variety of important metrics for comparison against peers allows us to make more informed – and more strategic – business decisions. Now, we can quickly and easily understand where to focus our resources to ensure that we are operating as efficiently as possible to achieve revenue goals.”
TITAN will be available for in-depth demonstrations at the HIMSS11 Annual Conference and Exhibition, Feb. 20-24, in Orlando, booth No. 1017. For additional product background, visit www.EnlighteningHealthcare.com.
For more information about the RemitPARTNER program, visit www.RemitDATA.com or call (866) 885-2974.
In addition to TITAN, RemitDATA serves outpatient providers of all sizes throughout the United States with a full suite of products for reimbursement, productivity and utilization solutions, including WebScan PRO™, EOB Cabinet™ and Reimbursement PRO™. Leading distribution partners and customers of these core products include Walgreens, BJC Healthcare, Johns Hopkins, Allscripts, McKesson, Synnex, Brightree, Post-n-Track and Advantage Hoya.
Founded in 2000, RemitDATA Inc. helps more than 75,000 healthcare providers improve revenue and cash collections by identifying and correcting performance issues in the post-adjudication stage of the revenue cycle. The company provides a range of system-agnostic solutions with patented, proprietary technology offered in Software as a Service (SaaS) form for immediate value-add implementation, resulting in a faster return on investment. The end result is more enlightened providers with better educated practice management teams, improved employee productivity and increased profitability. Based in Memphis, Tenn., and Dallas, Texas, the company has enjoyed a more than 90-percent client renewal rate since its inception. For more information, please visit www.RemitDATA.com.