SOURCE: Apollo

Apollo

June 15, 2009 12:54 ET

Apollo Data Technologies Launches Healthcare Industry's First Automated Predictive Analytics Solution

Automates, Flags Revenue Recovery Opportunities From Billing Inaccuracies; Improves Profit Margins

CHICAGO, IL--(Marketwire - June 15, 2009) - Apollo Data Technologies, a leader in predictive analytics, has developed a groundbreaking portfolio of web-based healthcare software solutions that turn the arduous process of analyzing patient, clinical, and financial data for billing inaccuracies into a streamlined, proactive and profitable system.

The new software automates the detection of missing charges, sniffs out underpayments, and continually flags claims that can increase revenue for cash-strapped hospitals. Based on proven, predictive analytics technology developed for Fortune 100 companies, the Apollo Data Technologies automated solutions increase provider profitability by turning data into a revenue-generating, time-saving resource that can yield hospitals and health systems a net revenue increase of 1 to 2 percent on average.

"We chose Apollo Data Technologies because their predictive analytics solutions could accurately, efficiently, and cost-effectively automate the detection of underpaid accounts," stated David Hennigan, Presbyterian Healthcare Services vice president of revenue cycle. "As a 20-year healthcare veteran, I'm excited to see companies like Apollo developing advanced technologies that can help hospitals increase operating cash flow, which in turn allows us to reinvest in patient care."

The new software is built with an intuitive front-end designed for layperson use, with web-based work-driver screens that provide billing analysts with the account level detail needed to more effectively research and appeal underpaid accounts or bill missed charges. Errant claims are flagged, prioritized for follow-up by potential dollar recovery, and can be chased down quickly and efficiently right in the software, eliminating the time consuming and manual process of sifting through massive amounts of data in multiple healthcare systems.

Delivered as Software as a Service (SaaS), Apollo's solutions are designed to alleviate the burden and cost of hardware, software maintenance and ongoing operations and support.

The Apollo Data Technologies portfolio of solutions includes:

--  Charge Recovery -- Detects missed charges, proactively prevents charge
    capture leakage, and improves coding compliance.
--  Underpayment Recovery -- Indentifies underpaid accounts, detects
    payment variances, and automates batch appeals.
--  Credit Balance Management -- Automates credit balance resolution,
    reduces balance sheet risk and outstanding bad debt, and improves analyst
    productivity.
--  AR Analytics -- Centralizes and processes all accounts, claims and
    transactions to identify additional net revenue opportunities, filters the
    current AR population to highlight accounts with true cash value and
    continuously isolates at-risk accounts to minimize lost revenue.
    

"Apollo is breaking the healthcare industry mold by developing technology that efficiently and expeditiously captures missed charges and underpaid claims, which in turn puts additional revenue back into the system," said Jeff Kaplan, chief executive officer, Apollo Data Technologies. "Our goal is to bring this industry into the 21st century by replacing antiquated software and convoluted processes with automated predictive analytics that will reduce costly complexities and manual inefficiencies in the revenue cycle," Kaplan added.

About Apollo Data Technologies Healthcare

Apollo Data Technologies is the leader in Healthcare Predictive Analytics. Apollo detects anomalies and trends in patient billing, and clinical data to identify lost revenue, improve cash flow and automate manual processes. Its predictive analytics applies the science of advanced statistics and data mining to flag errant accounts and claims with a greater degree of accuracy than traditional methods. For more information, visit www.apollodatatech.com/health.

Contact Information

  • Media Contact:
    Martin Levy
    Martin Levy Public Relations
    Email Contact
    206.851.7256