ZirMed's end-to-end RCM portfolio significantly facilitates healthcare organizations' revenue collection process and expedites return on investment
MOUNTAIN VIEW, California, Oct. 13, 2016 /PRNewswire/ -- Based on its recent analysis of the healthcare revenue cycle management (RCM) solutions market, Frost & Sullivan recognizes ZirMed®, Inc. with the 2016 North American Technology Innovation Award. As a leading provider of web-based RCM technology and services, ZirMed maintains an expansive line of solutions. These products help streamline the revenue collection process, enhance patient satisfaction, and accelerate payment collection for healthcare organizations.
ZirMed's end-to-end product portfolio comprises solutions for patient access, claims management, charge integrity, accounts receivable (AR) management, patient responsibility, and population health management. ZirMed tailors its product portfolio to customers' specific management needs, accelerating return on investment.
ZirMed helps healthcare providers identify the type of patient most likely to need a structured payment plan and checks eligibility and coverage details at the point of care or even before the patient arrives for the appointment. The patient receives his or her paper or electronic statement at a later date, which contains an easy-to-understand breakdown of the bill, including insurance coverage, upfront payment, and outstanding dues.
ZirMed's patient payments portal is compatible with mobile devices, computers, and tablets and provides users with a retail experience. If patients prefer to pay by mail or over the phone, ZirMed offers secure collections and lockbox services to guarantee tracking and accurate reconciliation of cash and paper-check payments.
"ZirMed continuously invests in claims management and electronic data interchange capabilities since pioneering cloud-based medical claims clearinghouse services in 1999," said Frost & Sullivan Principal Analyst, Nancy Fabozzi. "In addition to custom rules and edits, ZirMed assimilates customer feedback to update its rules and develop easy-to-understand edits and rejection messages. As a result, ZirMed delivers a 98%+ first-pass clean claims rate."
When claims are denied, ZirMed's AR management solution identifies, routes, and appeals for recoverable dollars. The solution uncovers billable insurance for patients who may not realize they are covered for specific types of care under secondary commercial or government insurance, to ensure all relevant government and commercial payers reimburse appropriately.
In addition to front-end claims, ZirMed accelerates and streamlines the receiving, processing, and reconciling of payer payments, both electronic and paper. Paper payments can automatically convert to electronic transactions and deposit electronically, and ZirMed tracks and matches all payer payments to associated claims automatically.
Another important component of ZirMed's portfolio is the charge integrity solution powered by predictive analytics. The solution prevents charge-capture leakage, resolves process inefficiencies, improves coding compliance, and maintains the complete integrity of all inpatient and outpatient accounts. The solution enables organizations to work by exception, which is a huge advantage in large healthcare organizations, where the number of claims runs into millions, and individual charges run into tens of millions.
"ZirMed's platform integrates with claims monitoring capabilities, allowing customers to view the status of each claim in the payment process," noted Fabozzi. "If a payment is not made, ZirMed automatically works directly with payers to triage the holdup and collect payment on behalf of its client."
ZirMed's dedication to meeting customer needs has gone a long way in helping the company achieve a year-over-year growth of 30% in 2015. This growth underlines ZirMed's perceived value to its customers, making it richly deserving of Frost & Sullivan's 2016 North American Technology Innovation Award.
Each year, Frost & Sullivan presents this award to the company that has demonstrated uniqueness in developing and leveraging new technologies that significantly impact both the functionality and the customer value of the new products and applications. The award lauds the high research and development (R&D) spending towards innovation, its relevance to the industry, and the positive impact on brand perception.
Frost & Sullivan's Best Practices Awards recognize companies in a variety of regional and global markets for outstanding achievement in areas such as leadership, technological innovation, customer service, and product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research.
About ZirMed, Inc.
ZirMed's comprehensive end-to-end platform of cloud-based revenue cycle management solutions—including patient access, charge integrity, claims management, AR management, patient responsibility, and population health management—empowers healthcare organizations of all sizes and types to optimize value-driven and fee-for-service reimbursements. By combining breakthrough predictive analytics technology with innovative software development and the industry's most advanced transactional network, ZirMed solutions extract actionable insights that improve our clients' revenue cycles while streamlining workflows, increasing operating efficiencies, and driving bottom-line results. ZirMed's technology and client support continue to be honored with top industry awards, including KLAS®, Healthcare Informatics, Best of SaaS Showplace (BoSS), and Black Book Rankings. To learn how ZirMed can help your healthcare organization boost its financial performance in an era of changing reimbursement models and rising operating costs, visit ZirMed.com.
About Frost & Sullivan
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SOURCE Frost & Sullivan