OptumInsight and RemitDATA Launch Web-based Service to Help Physicians Improve Medical Billing Performance
OptumInsight (formerly Ingenix) and RemitDATA Inc. today launched Remit Advice Professional, a Web-based service that gives physician practices access to intelligence about health plan claims processing trends alongside comprehensive coding and referential tools to increase productivity, reduce deni
EDEN PRAIRIE, Minn. and DALLAS (July 06, 2011) –
OptumInsight (formerly Ingenix) and RemitDATA Inc. today launched Remit Advice Professional, a Web-based service that gives physician practices access to intelligence about health plan claims processing trends alongside comprehensive coding and referential tools to increase productivity, reduce denied claims and prevent payment delays.
Remit Advice Professional combines RemitDATA’s TITANTM solution, which provides sophisticated post-payment analytics of medical claims remittances, with OptumInsight’s EncoderPro.com claims coding tools. Accessing these capabilities from within the Remit Advice Professional platform gives physician practices insights to past claims denial rates and the reasons they were denied by each health plan, along with the tools they need to take corrective actions that will increase future first-pass claims acceptance rates and reduce administrative costs. The combined solution also provides physicians with a unique ability to compare their performance with that of peers in their specialty.
The Medical Group Management Association estimates that 30 percent of claims are rejected due to errors or omissions, and that physician practices incur rework costs of between $25 and $30 per claim. By improving first-pass acceptance rates, physician practices can dramatically improve their financial performance and support efforts to eliminate billions of dollars in administrative waste from the health care system.
“Combining health claims comparative analytics from RemitDATA’s TITAN engine with OptumInsight’s comprehensive coding and referential tools will help physician practices make tangible improvements to their financial performance that will reduce denial rates, anticipate audits, accelerate cash flow and increase administrative efficiencies,” said Dave Ellett, CEO of RemitDATA. “By delivering these advanced capabilities, OptumInsight and RemitDATA are making it easier for physician practices to access resources that support better practice management decisions.”
“Our collaboration with RemitDATA delivers a solution that helps physician practices get paid faster and reduce administrative costs,” said David Schultz, vice president, coding solutions at OptumInsight. “TITAN brings unmatched claims remittance analytics capabilities that will enable physicians using Remit Advice Professional to assess and compare their claims performance to state and national denial rates to identify trends and potential audit triggers. The solution’s complete set of reporting tools gives physicians the resources they need to improve their acceptance rates and avoid costly delays.”
How TITAN Works
TITAN provides real-time, statistically relevant analysis of RemitDATA’s database of more than 350 million of the estimated 1.5 billion electronic medical claims remittances processed in the United States each year. Analytics give users insights into the average number of days it takes for health plans to process payments, their claims denial and reimbursement rates and the reasons for denying rejected claims. TITAN also enables users to compare their performance to state and national averages over time in order to identify trends and anticipate audits.
Click here for more information about Remit Advice Professional, or call (800) 464-3649, select option one.
About OptumInsight
OptumInsight provides health information, technology and consulting services. Commercial health plans, physicians, hospitals, life sciences companies, government agencies and other organizations that comprise the health care system depend on OptumInsight solutions and insights to improve their performance. OptumInsight is part of Optum, a leading information and technology-enabled health services company dedicated to making the health system work better for everyone. Visit www.optum.com or www.optuminsight.com for more information.
About RemitDATA
Founded in 2000, RemitDATA Inc. helps more than 75,000 healthcare providers improve revenue and cash collections by identifying and correcting performance issues in the post-adjudication stage of the revenue cycle. The company provides a range of system-agnostic solutions with patented, proprietary technology offered in Software as a Service (SaaS) form for immediate value-add implementation, resulting in a faster return on investment. The end result is more enlightened providers with better educated practice management teams, improved employee productivity and increased profitability. Based in Memphis, Tennessee, and Dallas, Texas, the company has enjoyed a more than 90 percent client renewal rate since its inception. For more information, please visit www.RemitDATA.com.
Source: Ingenix
