Issue link: http://read.dmtmag.com/i/36985
www.hmenews.com RemitData Use technology: It’s good for your health BY JENNIFER KEIRN Contributing Editor remittances to uncover which claims are getting paid and which ones aren’t. Now the company’s taking steps to put that power in the hands of providers with Titan, a business-metrics software tool that allows providers to customize remittance data to create benchmarks and answer their burning business questions. “The biggest problem is that provid- F ers are kept in the dark,” said RemitData President Michael Sanderson. “Everyone else has the data, but the typical Joe’s HME is in the dark.” Instead, Titan is all about transparency. Using the data, providers can uncover how their denial rate compares to peers; whether they’re an outlier in the areas that may trig- ger an audit; how quickly other providers or more than a decade, RemitData has been crunching the numbers that all providers need—tracking are getting paid by certain payors; and how their biller productivity compares to others. What’s driving many providers toward this data, he said, are the double-whammies of competitive bidding and audits. “I’ve never seen providers more in a panic,” Sanderson said. “Our tool can highlight areas of risk before they get ham- mered with an audit.” M. Sanderson RemitData is also part- nering with other tech companies to integrate their wealth of remittance data into their systems. “You’ll see less and less RemitData, and more and more ‘powered by RemitData,’” he said. True to his number-crunching roots, Sanderson believes that knowledge—in the form of meaningful business performance data—is the key to strength, “and only the strong will survive,” he said. HME Key product RemitData Founded in 2000, RemitData Inc. helps more than 75,000 healthcare provid- ers reduce risk and improve revenue and cash collections by identifying and correcting performance issues in the post-adjudication stage of the revenue cycle. The company provides a range of system-agnostic solutions with pat- ented, proprietary technology offered in Software as a Service (SaaS) form for immediate value-add implementation, resulting in a faster return on invest- ment. The end result is more enlight- ened providers with better-educated practice management teams, improved employee productivity and increased profitability. Based in Memphis, Tennessee, and Dallas, the company has enjoyed a more than 90% client renewal rate since its inception. WWW.REMITDATA.COM SPECIAL REPORT Technology AUGUS T 2 0 1 1 9