Concuity ClearContracts, EOB Pro Healthcare Solutions Available For Financial Institutions
Trintech Group Plc announced the availability of Concuity Healthcare Solution Suite for financial institutions. ClearContracts for hospitals and ClearContracts Pro (for Professional Groups) are web-based applications designed to fit into a healthcare organization's revenue cycle management plan.
ClearContracts enables all types of healthcare providers to analyze overall contract performance, verify expected reimbursement, and enhance the financial profitability of new and proposed payer contracts. Unlike other software providers, Concuity, a healthcare division of Trintech, offers an innovative combination of services and web-based technology that allows providers to quickly gain control over payer contracts and immediately recover lost revenue due to underpaid claims.
"The Concuity Healthcare Solutions Suite optimizes revenue capture opportunities and further decreases time and resources required by clients to maintain compliance with constant regulatory changes," said Ed Gallo, Executive Vice President, Trintech.
Unlike large hospital information and practice management systems that cannot process complex contract terms, model contracts, and identify and track payment errors, ClearContracts allows users to analyze every single claim flowing through their system, based on the complex terms of their contracts, including carve outs, high cost drugs, stop-loss, and many other payment methodologies.
"The healthcare market is an important market segment for many commercial banks, contributing a significant portion of treasury management lockbox fee income and balance generation," said Susan Feinberg, Research Director for Wholesale Banking, TowerGroup. "Financial institutions are seeking unique, value-added payment system solutions that provide a competitive advantage."
"In less than 4 months, $1.37 million of underpayments had been appealed and $1.24 million of that actually collected. I have every reason to believe that we can increase revenues by $3-6 million annually using Concuity's solution," said Mike Butler, Chief Financial Officer, Providence Health System.
By offering the Concuity Healthcare Solution Suite, as a component of their treasury management product set, financial institutions can provide their healthcare industry lockbox clients with the ability to improve payor contract performance and visibility, all while enhancing cash flow and profitability. ClearContracts and EOB Pro include modules that assist healthcare providers with any stage of the revenue cycle, including: paper EOB to 835 conversion capability, denial management, revenue recovery services, documentation and compliance solutions, and contract management functionality.
"The Concuity solution has been very valuable to our existing healthcare provider clients such as Providence Healthcare, University of Utah Hospitals, and others, generating significant revenue enhancement," said Kevin Connelly, Senior Vice President and Managing Director, Financial Services Group, Trintech. "When providing the Concuity solution to their healthcare clients, financial institutions are able to increase service levels, generate incremental revenue, and create a competitive advantage."