SOURCE: ZirMed

October 05, 2009 08:00 ET

ZirMed® Debuts Denial Management Analytics Tool for Growing Healthcare Practices

Affordable Denial Management and Decision Support Levels Playing Field With Payers; Analytics Engine Helps Providers of All Sizes Reduce Unpaid Claims and Increase Cash Collections

LOUISVILLE, KY--(Marketwire - October 5, 2009) - ZirMed®, a leading national revenue cycle management software and solutions provider to the healthcare industry, today announced the immediate availability of its new Denial Management and Decision Support (DMDS) solution, part of ZirMed's Analytics services. ZirMed Analytics is an advanced analytic engine that helps healthcare providers of all sizes better understand, correct, and receive payments and better organize the business to deal with payer- and patient-related revenue issues.

"One of the most challenging aspects of managing a healthcare business today is handling denials, zero-pays and audits. DMDS helps healthcare providers by analyzing vast amounts of claim and payment data to identify errors and areas for increased efficiencies," said Jim Lacy, Chief Financial Officer of ZirMed. "The magic of the Solution is to distil extremely complex and highly cognitive analytics into a simple and easy to understand set of tools that are consistent with healthcare revenue cycle workflow."

Industry statistics point to the negative impact of underpayments and unpaid claims. According to data from Physicians Practice magazine, denial rates can range from 5 to 20%. More alarming is that on average, 3.5 to 4% of providers' monthly billings are simply not paid.

ZirMed's denial management solution enables providers to collect much of this lost income at minimal cost. Denial Management and Decision Support is a subscription-based service that converts revenue cycle data into actionable information. It also establishes best practices that can be used to pursue continuous improvement.

For example, the Solution can quickly identify and prioritize unpaid claims, enabling administrators to assign appeal based on workflow needs. These key characteristics enable staff members to become skilled at working high dollar denials from particular payers, learning that company's idiosyncrasies and effectively pursuing redeterminations.

Other valuable reports in ZirMed's DMDS analyze patient payment data to determine the increase in consumerism and patient responsibilities within a provider's healthcare business. Providers are able to track changing patterns in co-pays, deductibles, and co-insurance with comparative data across payers enabling providers to strengthen patient collections tools and procedures. The broader benchmarking capabilities allow providers to compare performance -- whether financial or operational, such as coding practices -- within the business and to national averages.

Basic, Professional Versions

The Denial Management and Decision Support Solution is available in two subscription options, ensuring that every provider can find a solution that is both affordable and valuable to its needs. DMDS Basic offers workflow solutions to help manage denials, zero-paid claims and reversals/corrections; it also helps users post payments, keep patient information up to date, and mitigate the impact of Recovery Audit Contractor (RAC) audits. DMDS Professional adds nine analytical reports that support the strategic decision-making of managers, administrators and owners. To learn more, visit the ZirMed website (www.zirmed.com/pr) to download a white paper and other informational materials, or contact a ZirMed representative at (877) 494-7633.

About ZirMed:

Founded in 1999, ZirMed is a nationally recognized leader in delivering revenue cycle management solutions to healthcare providers. ZirMed enables healthcare providers to leverage the power of technology to cure administrative burdens and increase cash flow. ZirMed solutions include eligibility verification, credit/debit card processing, check processing, claims management, coding compliancy and reimbursement management, electronic remittance advice, patient statements, patient e-commerce solutions, provider credentialing, and lock box services. ZirMed solutions are designed to complement provider workflow and to provide innovative, creative and flexible solutions for healthcare's most pressing administrative challenges. For more information about ZirMed, visit www.zirmed.com/pr.

Contact Information

  • ZIRMED CONTACT:
    Jim Lacy
    CFO & Counsel
    ZirMed
    502-779-4302
    Email Contact

    MEDIA CONTACT:
    Hanni Itah
    S&S Public Relations
    847-415-9324
    Email Contact