Concuity Announces the Availability of PriceAdvisor
Concuity’s Release of PriceAdvisor Combats Ineffective Pricing Transparency to Increase Patient Satisfaction & Improve Revenue Projection and Recovery for Hospitals
Vernon Hills, Illinois/Dublin, Ireland - June 2008 - Concuity, a healthcare division of Trintech (NASDAQ: TTPA) and a leading provider of contract management and revenue recovery technology (”Peer Reviewed by HFMA”) and services, today announced the availability of PriceAdvisorTM, a web-based solution that will enable hospitals to accurately produce patient estimates by utilizing payer contracts, actual claim data, and patient benefit information.
There is a push toward increased healthcare quality and pricing transparency in the marketplace, largely driven by the growth in consumer-directed health plans, and as a consequence, hospitals are beginning to realize the importance of providing their patients with estimates for out-of-pocket costs, which is also an approach favored by HFMA. The problem is that it’s often difficult for hospitals to provide meaningful and comparable pricing information. This is where PriceAdvisor can help our clients. PriceAdvisor can provide patient-specific costs - claim estimates based not on just historical patient payments, but on current contract and claim data. PriceAdvisor helps patients learn more about their financial responsibility before receiving treatment, and it gives hospitals the ability to more accurately project their revenue.
“PriceAdvisor goes beyond current patient estimators available today. It provides consumers with upfront estimates of their healthcare costs based on actual contract obligations between providers and payers,” said Ed Gallo, EVP for Concuity. “PriceAdvisor takes front-end information from patient registration and creates a predictive claim prior to admission. The claim is then adjudicated against contractual obligations with insurance companies. What is then presented to the patient is a true, easy to understand estimate of their financial responsibility for a planned healthcare visit. Ultimately, PriceAdvisor improves the quality of a patient’s experience. Additionally, the solution creates visibility into hospital revenue much earlier in the revenue cycle - while increasing efficiencies, accelerating payments, and enhancing workflow.”
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