ClaimTrust Announces Payment Variance Solution for Hospitals
Las Vegas, Nevada, June 21, 2010 (Booth #365)… ClaimTrust, a leading provider of revenue cycle tools and services for hospitals, today announced the availability of its newest product, InSight Payment Variance Analyzer, a payment analysis tool to that automatically compares remittances to payor contracts in order to catch any variances and ensure maximum contractual payment for hospitals.
InSight Payment Variance Analyzer is able to maximize hospital revenue margins by analyzing contract terms to the deepest level of detail, ensuring that hospitals get the most benefit for their revenue cycle optimization efforts. InSight Payment Variance Analyzer is able to track underpayments and variances by leveraging a broad set of analysis and workflow tools, including:
- Contract management: Manages all service and reimbursement types and the specific details and fee schedules of every contract
- Contract adjustments: Facilitates accurate variance analysis and the ability to reprice claims in real-time as changes are made to contracts
- Underpayment identification: Automatically compares actual reimbursements to the expected contractual reimbursements
- Underpayment tracking: Tracks all underpaid claims to facilitate follow up
- Alternative plan pricing: Ensures that the appropriate plan was selected on each claim and shows the expected payment for each plan
- Line item claim analysis: View detailed payment information as well as expected and actual payments at the line item level
InSight Payment Variance Analyzer leverages the power of ClaimTrust’s InSight Workflow & Claim Editor — an intelligent workflow engine that applies client-specific logic to efficiently distribute denied claims requiring resubmission to the correct departments and to the individual team members, while maintaining a detailed history of actions on all claims.
“Our core expertise is in identifying money that hospitals are entitled to that they are at risk of not collecting. In order to do this, we not only keep up with published and unpublished edits for every payor, we also constantly stay on top of every contract, every claim and every line in those claims,” said Joe Ferro, President and Chief Executive Officer, ClaimTrust, Inc. “With Payment Variance Analyzer, we are able to identify claims that were paid, but not paid the proper amount according to the contract. There can be a great deal of uncertainty when it comes to a hospital’s revenue cycle. ClaimTrust is in the business of eliminating this uncertainty by making revenue opportunities as substantial and predictable as possible, and Variance Analyzer is a critical aspect of that ability.”
InSight Payment Variance Analyzer is part of ClaimTrust’s InSight Revenue Cycle Solution®, the first hospital revenue cycle system to offer comprehensive all-payor edits designed to target the key inflection points in the revenue cycle to help hospitals find more cash than any other solution available today. ClaimTrust’s comprehensive revenue cycle solutions suite offers true all-payor support down to the fiscal intermediary and plan level, while providing the industry’s deepest edit library. Other products in the InSight Revenue Cycle Solution Suite include, InSight Workflow & Claim Editor, InSight Reports, InSight Medical Necessity, InSight Compliance, and InSight Denials.
About ClaimTrust
ClaimTrust focuses exclusively on hospital revenue cycle tools. That singleness of purpose enables it to deliver the industry’s most effective mix of software and services designed to ensure that hospitals collect more of the revenue they are entitled to as fast as possible. The ClaimTrust InSight Revenue Cycle Solution is a suite of Web-based products that target the key revenue cycle inflection points that have the greatest impact on the bottom line. ClaimTrust provides the industry’s most frequently updated and deepest edit library; the ability to find new revenue from unbilled charges; a denials analysis engine which identifies trends and rules to generate edits that no other vendor has; and true all-payor support.
