MedData, a Mednax company and a technology-enabled management services for hospitals and healthcare firm, has unveiled its latest RCM Solution that accelerates reimbursement for hospitals.
Known as MedData FastTrack, the new technology simply and seamlessly eliminates the challenges associated with traditional reimbursement and helps providers to keep focusing on patient care.
MedData president and COO Emily Fisher said: “Physicians and physician practices want a faster, less complicated method of medical coding and billing that helps maintain a steady stream of cash in the door.
“MedData FastTrack is a difference maker because of how it accelerates reimbursement and increases revenue in the simplest way possible for providers.”
Upon giving clinical care for a patient, it generally takes months for providers to receive payment for their services with traditional reimbursement methods.
The existing inefficient and complex methods are said to slow the revenue cycle and create compliance risk. As a result, it is difficult to maintain a consistent cash-flow.
Using new technology to streamline coding and billing, MedData FastTrack provides a better alternative to the standard way of reimbursement.
The new solution uses in-built intelligent automation to visit, capture, and complete documentation translation using optical character recognition (OCR), and offer enrollment.
MedData FastTrack also simultaneously run processes that provide complete data integrity and instantly prevent procedural delays that stall cash flow.
Its computer-assisted coding with natural language processing (NLP) automates much of the coding process while human supervision is required to maintain quality and accuracy.
The new platform provides complete front-end edits that ensure a clean claim rate and better analytic reporting tracks each claim through final adjudication.
Further, MedData FastTrack’ fully integrated patient self-pay solution keeps patients informed from the first day throughout the entirety of care with a personal, one-on-one customer experience.
Depending on specialty, MedData FastTrack clients are claimed to gain about 20% improvement in the adjudication of total charges that leads to 35% faster payment.