SCOTTSDALE, ARIZONA--(Marketwired - March 20, 2014) - The Board of Directors of Certive Solutions Inc. (the "Company or Certive") (CSE:CBP) is pleased to announce in association with its strategic partners, Titan Health Management Solutions Inc. ("Titan Health") and Liability Exchange, LLC ("LE"), the launch of a claims recovery collaboration for a select group of medical practitioners based in Phoenix, Arizona. The project involves the collection of medical liability claims incurred by physician practice groups in the treatment of automobile accident victims. These are claims against liable third parties outside the traditional health insurance infrastructure and represents a significant long term revenue opportunity for all three parties.
Titan Health will provide the operational infrastructure and deep claims management expertise necessary to drive positive claim adjudication. Liability Exchange and Certive will manage the customer relations, the technology and the workflow toolsets necessary to streamline interactivity between the customer and auto insurance claims adjusters. The intended result is increased collection of these otherwise ignored claims. Certive, additionally, has provided the financial resources necessary to implement effective manual and automated collection solutions, while in the process ensuring that the technology toolsets deployed are continuously monitored and configurable to multiple third party liability medical use case environments.
The initial project's annualized work in progress under management from the first customer is estimated at US$2,000,000, which is anticipated to cycle on a six month basis. Certive is actively identifying additional medical practice groups in the Phoenix market from which to leverage the initial customer and has identified two additional customers.
Third party liability is a growing market primarily due to the reduction in reimbursement from within the commercial healthcare insurance marketplace. Providers are now collecting claims outside of traditional sources to receive appropriate reimbursement for their services. Workflow management tools such as Liability Exchange will facilitate near term adjudication of claims resulting in more cash and fewer write-offs. Certive's partnership with Titan Health and Liability Exchange, provides the necessary human and technology resources to maximize collections from third parties.
Thomas Hoehner, CEO of Titan Health commented that "Liability Exchange is a significant market opportunity for us and is a much overlooked recovery segment with long-term implications for physicians and facilities. We look forward to working on this project with both Certive and Liability Exchange."
John Ragan, Managing Partner of Liability Exchange stated that "we are very encouraged by this partnership as it provides us with the operational support necessary for execution, the technical bandwidth to address virtually any identified opportunity and the resources to be highly successful."
Van Potter, CEO of Certive, remarked that "we continue to be witness to the importance of technology as the key enabler to providing efficiency solutions and therefore the financial survival of the U.S. healthcare industry as it faces enormous challenges with the management of data. Over 50% of all health care dollars spent in the United States today are allocated to administrative activities. Our sector, being denied claims, is rich with opportunities to drive new technology solutions that benefit all participants including the payer, the provider and the patient. We look forward to working closely with both Titan Health and HCF on this and many other initiatives."
ON BEHALF OF THE BOARD OF DIRECTORS OF CERTIVE SOLUTIONS INC.
Van Potter, President, CEO, Director
About Certive Solutions Inc.
Certive Solutions Inc. (Scottsdale, Arizona) provides cloud revenue cycle management solutions to U.S. hospitals, delivered collaboratively, utilizing proprietary workflow document management and analytics technologies tailored to healthcare business processes. Certive is currently focused on the denied claim segment of revenue cycle management. Certive's solutions enhance the efficiency and effectiveness of denied claims recovery in a revenue sharing relationship that improves hospital net operating results.
About Titan Health Management Solutions, Inc.
Titan Health Management Solutions Inc. (Tucson, Arizona) provides a wide variety of revenue cycle management solutions to its partner hospitals and facilities. Titan has proven excellence in zero-balance audit and recoveries, A/R early-out recoveries, denial management services, and various billing support functions. By partnering with hospitals, Titan is able to increase the hospital's cash flow, while providing valuable feedback to enhance its revenue cycle management.
About Liability Exchange
Liability Exchange has created a process for managing and collecting third party claims that is embedded into its proprietary software technology. Developed by health care insiders, this claims processing technology can significantly increase any provider's cash flow by converting contractual write-offs into cash. Liability Exchange's dual business process approach protects the legal position of the provider and delivers an expedient approach to negotiating a settlement with an auto carrier. It is a balanced, stratified approach designed to accelerate payment from liable auto insurance companies.
The forward-looking information contained in this press release is made as of the date of this press release and except as required by applicable law, the company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires the company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Neither the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.