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Study Finds 50 percent Coding
Accuracy Improvement/ Projected 15 percent reimbursement increase
with ProVation® Software
MINNEAPOLIS, MN – October 20, 2003 -- ProVation® Medical,
Inc. today announced that a study conducted with First Consulting
Group (FCG) at two large healthcare delivery organizations demonstrated
a 50 percent improvement in the coding accuracy of the organizations’ professional
and facility claims with the use of ProVation MD multi-specialty
clinical procedure documentation and coding compliance software.
This coding improvement translates to a potential 15 percent reimbursement
revenue increase for the facilities. Depending on the payer mix,
this 15 percent improvement in net revenue could improve an organization’s
overall profitability by 1 to 2 percent. Because more specific codes
were generated by the application, the participating organizations
are also likely to achieve additional cost savings from improved
coding compliance. The ProVation software is the key to this outcome – the
application links clinical terminology and reimbursement codes by
prompting physicians to document procedures completely and compliantly
at the point of care.
“The FCG study results demonstrate the enormous value that
ProVation software brings to our hospital and ASC clients,” said
Mark Wagner, chief executive officer, ProVation Medical, Inc. “The
traditional clinical document was not designed to meet coding and
compliance requirements – back end scrubbing attempts can’t
correct many omissions, ambiguities, and conceptual mismatches in
documentation. The incomplete documentation can result in non-compliance,
claim rejections and lost revenue from under-coding and billing delays.
“The key to our success,” he continued, “is matching
clinical documentation to reimbursement coding rules at the point
of care
through our software application. Further, we can achieve results
because clinicians find our software—with its specialty-specific
medical content and CPT/ICD/CCI edit codes—easy to use. And
clinical utilization drives downstream financial benefits for healthcare
facilities.”
About ProVation Medical, Inc.
ProVation Medical, Inc. (Minneapolis, MN), a leading healthcare software
and services company, provides solutions that significantly enhance
revenue and decrease costs per medical procedure by improving reimbursement
coding accuracy, streamlining clinical workflow and documentation
effectiveness to increase patient throughput, and reducing dictation,
transcription and image printing expenses. The company is driven
by the following tenets:
- Clinicians will achieve productive use within 90 days
- Clinicians will find the software intuitive and medically relevant
because it is designed by physicians and nurses with the goal of
securing 100% usage and satisfaction
- Productivity measures will focus on allowing the facility to
increase its capacity by streamlining clinical workflow to increase
patient
throughput and reduce expenses, ensuring accurate and compliant
coding thereby securing proper and timely reimbursement, and integrating
the application with other information systems in the facility.
Contact:
ProVation™ Medical, Inc.
Laura Gilbert
612.313.1506
laura.gilbert@provationmedical.com
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2003
