MedData has announced the launch of MedData FastTrack, a tech-infused solution for faster reimbursement.
“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,” said MedData President and COO Emily Fisher. “MedData FastTrack is a difference maker because of how it accelerates reimbursement and increases revenue in the simplest way possible for providers.”
Normally, after a patient has received clinical care, it can take months for providers to receive payment for their services with traditional reimbursement methods. The existing processes are inefficient and complex, which slows the revenue cycle, creates compliance risk, and makes it difficult to maintain a consistent cashflow.
Providers face additional financial challenges prevalent in today’s healthcare environment such as shrinking margins, rising costs, and collecting from patients over-burdened by self-pay balances.
MedData FastTrack provides a better alternative to the standard way of reimbursement. It utilizes forward-looking technology to streamline coding and billing in several ways:
- Intelligent automation is built in to visit capture, documentation translation with optical character recognition (OCR), and provider enrollment.
- Concurrently run processes provide comprehensive data integrity and immediately remove procedural delays that stall cash flow.
- Specialty-specific, computer-assisted coding with natural language processing (NLP) automates much of the coding process with human oversight to ensure quality and accuracy.
- Thorough front-end edits ensure an elite clean claim rate, and enhanced analytic reporting tracks each claim through final adjudication.
- A fully integrated patient self-pay solution on Day 1 keeps patients informed throughout the entirety of care with a personal, one-on-one customer experience.
This comprehensive approach results in cleaner claims, faster reimbursement, and increased collections. Depending on specialty, MedData FastTrack clients can realize 20% improvement in the adjudication of total charges which leads to 35% faster payment.
“We’ve been experts in coding and billing for decades, and we understand the unique requirements of individual physician specialties. MedData FastTrack simply and seamlessly removes the challenges of traditional reimbursement so that providers can put more of their time and energy into what’s most important – caring for their patients,” Fisher said.