IDX announces business management software for physicians, related acquisition
IDX Systems Corp. yesterday announced the launch of IDX Flowcast Business Advantage, a combination of best practice services and revenue cycle management software for physician organizations, IDX said.
This combination is designed so that physician organizations can improve on collections, decreasing billing costs, improving charge capture and lowering A/R days-all and reducing overhead, which hopefully will translate to less headaches for patients as well.
The software was tested in pilot at Louisiana State University (LSU) Healthcare Network, an academic, multi-specialty physician practice with more than 600 clinicians representing the complete range of medical and surgical specialties. LSU puts the software to use to manage all back-end operations from billing to follow-up, payment posting and collections. Through the system tools, claims are processed electronically using Electronic Data Interchange (EDI) technology, efficiency has been boosted, and HIPAA-compliant rejection reporting has been achieved along with tight integration with Flowcast claims management and editing features. The result has been to aid LSU in better capture of complete and accurate patient information, and cleaner claims on the back end, IDX said.
In support of the new Flowcast Business Advantage offering, IDX also announced a completed agreement to purchase Springfield, Mass.-based Healthcare Resource Solution, Inc. (HRSI), a privately-held medical billing organization.
Since 1996, HRSI has successfully worked in the medical billing field by focusing on improving client revenue operations with a custom process to streamline operations, reduce overhead and aggressively address revenue issues for customers utilizing Flowcast and Allscripts HER software solutions. HRSI has managed more than $200 million in annual billings while servicing a mix of hospital affiliation groups, multi-location specialty practices and solo practitioners, IDX said.
This combination is designed so that physician organizations can improve on collections, decreasing billing costs, improving charge capture and lowering A/R days-all and reducing overhead, which hopefully will translate to less headaches for patients as well.
The software was tested in pilot at Louisiana State University (LSU) Healthcare Network, an academic, multi-specialty physician practice with more than 600 clinicians representing the complete range of medical and surgical specialties. LSU puts the software to use to manage all back-end operations from billing to follow-up, payment posting and collections. Through the system tools, claims are processed electronically using Electronic Data Interchange (EDI) technology, efficiency has been boosted, and HIPAA-compliant rejection reporting has been achieved along with tight integration with Flowcast claims management and editing features. The result has been to aid LSU in better capture of complete and accurate patient information, and cleaner claims on the back end, IDX said.
In support of the new Flowcast Business Advantage offering, IDX also announced a completed agreement to purchase Springfield, Mass.-based Healthcare Resource Solution, Inc. (HRSI), a privately-held medical billing organization.
Since 1996, HRSI has successfully worked in the medical billing field by focusing on improving client revenue operations with a custom process to streamline operations, reduce overhead and aggressively address revenue issues for customers utilizing Flowcast and Allscripts HER software solutions. HRSI has managed more than $200 million in annual billings while servicing a mix of hospital affiliation groups, multi-location specialty practices and solo practitioners, IDX said.