Today’s RCM offerings provide robust revenue continuity for healthcare providers.
PLANO, Texas, June 24, 2024 /PRNewswire/ — FinThrive, a provider of healthcare revenue cycle management software-as-a-service (SaaS) that advances the healthcare economy, announces the launch of two new business continuity solutions, Standby Claims and Standby Eligibility. These solutions are designed to provide critical backup capabilities during unplanned revenue cycle interruptions, significantly improving the financial stability of healthcare providers and mitigating risk.
In an increasingly complex healthcare environment, a sustainable and reliable business model is critical. The healthcare industry has been tested during recent cybersecurity events that affected many providers by disrupting their ability to process claims and assess insurance eligibility.
FinThrive Standby Claims and Standby Eligibility complement any third-party claims solution in use by provider organizations, giving them the ability to maintain continuity and protect their revenue streams when faced with unplanned downtime. By proactively implementing these solutions, providers can avoid the financial and operational impact of system disruptions, and ensure their staff and patients are supported with reliable, accurate processes.
Introduction of FinThrive Standby Claims
Standby Claims is a comprehensive solution for billing workflows and clearinghouse services. By implementing Standby Claims, healthcare providers can ensure that their claims management processes can be quickly restored in the event of system failures or other interruptions. Key features include:
- Preset backup: Standby Claims is deployed alongside existing applications to provide a quick switchover in the event of system failure, such as cyber attacks.
- Full version Claims Manager: Access to a full version of Claims Manager for claims scrubbing and clearinghouse functions, ensuring accurate and efficient submission of claims to payers.
- EHR/PAS Integration: Seamless integration with Electronic Health Records (EHR) and Patient Administration Systems (PAS) for tracking and reporting.
- Quick Failover: Quick switch to production mode provides an alternative to backup for processing and submitting claims. Billing operations can be restored within hours to a few days, depending on customer readiness and regular maintenance.
Introducing FinThrive Standby Eligibility
Standby Eligibility provides a powerful backup for eligibility verification processes, ensuring that healthcare providers can maintain accurate eligibility checks even during disruptions. Key features include:
- Preset backup: Standby Eligibility is implemented alongside existing applications to provide a quick transition for uninterrupted eligibility activities.
- Full features of Access Coordinator – Insurance Verifier: Includes all the possibilities to screen patients for insurance eligibility for care, helps providers quickly determine payment responsibilities in advance.
- Improved patient experience: Provides clear insight into expected fees, enables cleaner claims submission, improved financial guidance, and reduction of unnecessary, duplicative efforts.
- Up-to-Date coverage Data: Ensures efficiency and accuracy with automation and the latest coverage information, displayed in a user-friendly format.
- Speedy recovery: Access to patient eligibility status and coverage can be accessed within hours to a few days, depending on customer readiness and regular maintenance.
“Our new Standby Claims and Standby Eligibility solutions exemplify our commitment to providing healthcare providers with the tools they need to maintain operational and financial stability in today’s volatile cybersecurity environment,” said Mark Janiszewski, FinThrive’s Chief Solutions Officer. “We are excited to showcase these innovations at the HFMA Annual Conference and demonstrate how we can help our customers be better prepared for potential disruptions to their critical revenue streams.”
Visit FinThrive at booth 225 during the HFMA Annual Conference in Las Vegas of 24 to 27 June to discover how our innovative solutions can transform your revenue cycle management.
About FinThrive
FinThrive helps healthcare organizations increase revenue, reduce costs, expand cash collections and ensure regulatory compliance across the entire revenue cycle continuum. Providing one of the most comprehensive healthcare revenue cycle management SaaS platforms, FinThrive’s holistic approach to revenue management offers patient access, charge integrity, claims management, contract management, machine learning and robotic process automation, data and analytics, and education solutions. Three out of five healthcare providers use FinThrive today. For more information, visit finthrive.com.
Media contact:
Audra Murphy
VP, Strategic Communications, FinThrive
(717) 476-4864
(email protected)
SOURCE FinThrive