Medical Billing Software
Traditional medical billing software combined with electronic health/medical records have long been idealized as the source of efficiency and accuracy gains for healthcare providers. However, this has not proved to be the ultimate result. Often, large capital investments in these tools have not garnered the return on investment expected by providers.
myClaimStatus and myClaimAnalytics are more than just medical billing software. These solutions are custom built to increase efficiency and provide consolidated insights for revenue cycle leaders. They provide more detailed information faster, allowing leaders to make smart data-driven decisions, while integrating with existing systems and software to increase efficiency and simplify operations.
myClaimStatus is a robotic process automation service that eliminates revenue cycle follow-up staff burden by reducing the time and effort it takes to work claims. myClaimStatus provides 567% more data than the standard 277 EDI transaction, and often more detailed information than the 835 remittances. The service determines whether claims are denied, paid, or rejected just days after claim submission. It then places them into the appropriate work queues for follow-up staff. Claims requiring no action are identified quickly and removed from the workflow. This allows staff to work by exception, making better use of their time.
myClaimStatus can significantly reduce the need to follow-up directly with payors driving cash acceleration. The system provides all the information needed to accurately rework denied claims and understand patient responsibility. The result is a significant reduction in days A/R.
Healthcare providers utilizing EDI transactions collect large amounts of raw data. Although often considered a by-product of the claims process, this data contains a wealth of information that can be used to help providers make smart, data-driven decisions quickly.
myClaimAnalytics uses advanced technology to analyze and sort data in an attractive, visual user interface. Relevant data regarding operational efficiency and financial information is displayed in an easy-to-understand format. This information can be used to better understand payor behavior and to locate areas that could benefit from improvement.
Medical Payment Exchange, Inc. (MedX) provides revenue cycle management (RCM) technologies designed to help healthcare providers operate more efficiently, better understand the health of their revenue cycle, and relieve cash flow. We offer services, not software. This means there is no large capital expense or IT resource burden. Our services increase efficiency and give healthcare providers a competitive edge. Please contact us for more information.