Transworld and Concuity Products Earn HFMA Stamp

The Healthcare Financial Management Association (HFMA) issued two press releases Friday announcing two technology products as being designated as “peer reviewed” and demonstrating their value and effectiveness as a healthcare business solution.

The HFMA recently examined GreenFlag Profit Recovery by Transworld Systems using the Peer Review process.  After undergoing the rigorous review, GreenFlag Profit Recovery now features the notable "Peer Reviewed by HFMA" mark.

Transworld Systems has significant expertise in the healthcare industry and has numerous healthcare clients. GreenFlag Profit Recovery service offers a diplomatic, low cost collections program that allows the client to stay in control at all times and check on accounts 24/7.

"We are proud of GreenFlag's peer review status and have the utmost respect for the HFMA and its members," said Steve Richards, President of Transworld Systems. "We know that cash flow is of critical importance to hospitals and our service allows hospitals to address delinquent accounts early, when the chance of recovery is the greatest."

Also, HFMA recently examined Concuity's ClearContracts product using the Peer Review process.

ClearContracts is an ASP payer compliance application that is designed to ensure organizations are being reimbursed appropriately by managed and governmental payers.

The product features include: 

• A user-friendly application that easily integrates with the patient accounting system.
• The ability to proactively capture additional lost revenue cost-effectively, including underpayments and denials – resulting in more cash in the door quicker. 
• Capable of modeling complex contracts, including interest on late payments, discounts provided to payers for early payments, APC and DRG reimbursement schedules, and complex stop loss rules. 
• Tools to effectively determine the expected reimbursement of a proposed rate schedule containing significant complexity. 
• Allows the customer's staff and/or the Concuity Revenue Recovery Services staff to work the accounts efficiently and expediently through automated workflows - avoiding any potential conflicts with timely filing on appeals.  
• Detailed information on payer compliance history to negotiate more profitable future contractual agreements. 
• Accessible, web-based solution for patient accounting staff to review expected reimbursement while following up on patient accounts.

"Healthcare providers are losing hundreds of millions of dollars every year because of inefficiencies in managing their relationships with payers," David Rodriguez, Concuity, Director of Product Marketing, said. "Hospitals negotiate contractual terms with the expectation of receiving proper reimbursement; however, most organizations are unable to effectively monitor and control contract performance throughout the lifecycle.

"ClearContracts provides the tools necessary for analyzing and modeling complex contracts and monitoring payer performance. Providers can predict how proposed contracts will perform under a variety of financial and operational conditions, allowing contractors to easily input the terms and conditions and forecast possible outcomes, before contracts are signed."

The Peer Review Process
HFMA's Peer Review is a structured process that validates the accuracy, effectiveness, marketplace acceptance, and value of products and services that HFMA members are currently using. The goal of the review is to identify products and services that deliver organizational savings and performance improvement that enhance HFMA members' day-to-day business interactions and careers. Criteria for a product to display the HFMA Peer Review designation include high survey scores for:

• Enhanced productivity for the individual user and for the customer's organization
• Ease of installation and use
• Accuracy and reliability
• Good value for price
• Excellent technical support and customer service, and
• An overall positive rating from reviewers based on a quantitative scale
  

"Peer Review provides an objective third party evaluation of products and services used in the healthcare finance workplace," said HFMA President and CEO, Richard L. Clarke, DHA, FHFMA.  "Products earning the Peer Review designation have demonstrated their value and effectiveness as a business solution. I congratulate Transworld Systems on earning the Peer Review designation."  

For more information on HFMA's Peer Review process visit: www.hfma.org/peerreview/.