Today, I’m going to do something I seldom do — talk about a specific app and what it represents in terms of trends. The product, SwiftPayMD, is interesting not only because it seems to be solving an important problem, but also because it may be one of the early entrants in a new category of mobile software.
The product, which runs on the iPhone/iPad, is made by a startup called Iconic Data. Iconic describes SwiftPayMD as a “mobile revenue cycle management app” which lets doctors submit diagnosis and billing codes directly to their office while still at their local hospital.
Hmmm. A mobile revenue cycle management app. What, you mean a product that acknowledges that doctors on the move need not only to access, review and enter clinical data, but also to keep the money coming in? It’s astounding! It’s revolutionary! It’s…a no-brainer.
While I admit I didn’t find any major studies on the subject, it does look as if the app developers and (slow moving) firms on the revenue cycle management side are starting to get it that if you’re going to document, read data and diagnose on the road, you might as well bill for your time too.
A Google search on the words “mobile revenue cycle management” doesn’t turn up a lot that’s on point, though it does seem that there’s a few small providers in this space, including one focused on anesthesiology. But my guess is that this will change dramatically within the next six months. The idea just makes sense.
In summary, I guess I’m saying that we’re looking at something really important here. While I haven’t tested SwiftPayMD — and thus, can’t begin to predict whether it will be a major player — the idea is almost certain to catch fire.
Now, I’m tossing the ball to you, hospitals. Is this an opportunity for you? Should hospital IT departments supply branded apps which allow doctors to collect money faster (and perhaps their own institutions as well)? Seems like a good idea to me.