ATLANTA, May 17, 2007 (PRIME NEWSWIRE) -- MedAvant Healthcare Solutions (MedAvant) (Nasdaq:PILL), a leader in healthcare technology and transaction services, today announced a new version of its premium service and availability of an Application Programming Interface (API) for its business partners. The two new technology solutions will benefit nearly all MedAvant's customers.
The upgraded premium service will allow providers sending institutional claims and insurance payers to take advantage of MedAvant's web-based revenue cycle management tools. Institutional claims include requests for reimbursement for services rendered in settings such as hospitals, rehabilitation facilities or surgery centers. The new version also includes improved features based on feedback from providers who have used the premium service since its original release last fall. Premium service is available on MedAvant's web portal called myMedAvant.
"myMedAvant has been well-received by providers and our partners who use the time-saving features to reduce their workload and improve their office efficiencies," said John Lettko, MedAvant President and Chief Executive Officer. "We're confident that payers and institutional providers will eagerly embrace these features as well."
The API will allow business partners, such as software vendors, to use data from MedAvant's PhoenixSM processing system. Many of the partners have robust software systems, and the API will allow them to use MedAvant information to populate their existing programs.
"These are examples of advances we can make in healthcare technology now that all our transactions are on Phoenix," Lettko noted. "These are the first in a family of web-based services we will offer as we open the door for our customers to take advantage of our technology."
The newly released payer portal allows insurance payers to view all their claims processed through Phoenix and to drill down to claim level detail. They can also schedule reports or generate custom reports on demand. Payers that send remittance advice through MedAvant can use the portal to gather information on their claim turn-around time and other business research.
Providers submitting institutional claims can now take advantage of some of the same features, such as automatic verification of a patient's insurance, tracking a claim throughout its lifecycle, and customizing reports for business intelligence. The tools allow healthcare providers to decrease their days outstanding on insurance claims.
The new version of premium service for providers includes additional search options and report output fields to allow users to analyze their information more specifically.
CSS, an information solutions provider in Linwood, N.J., was one of the first vendors to offer myMedAvant to its provider customers which are mostly laboratories and radiology practices. While their providers customize reports for useable information to manage their revenue cycle, the report capabilities also improve the vendor's level of customer service. "We like to log on and see what's going on with our customers. It allows us to be pro-active instead of re-active," said Jim O'Neill, Vice President of Sales and Marketing.
About MedAvant Healthcare Solutions
MedAvant provides information technology used to process transactions within the healthcare industry. MedAvant offers electronic claims processing to healthcare providers, a Preferred Provider Organization called the National Preferred Provider Network (NPPNTM) and remote reporting solutions for medical laboratories. To facilitate these services, MedAvant operates PhoenixSM, a highly scalable platform which supports real-time connections between healthcare clients. For more information, visit http://www.medavanthealth.com. MedAvant is a trade name of ProxyMed, Inc.
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Forward Looking Statement
Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. Actual results could differ materially from projected results because of factors such as: the soundness of our business strategies relative to the perceived market opportunities; MedAvant's ability to successfully develop, market, sell, cross-sell, install and upgrade its clinical and financial transaction services and applications to current and new physicians, payers, medical laboratories and pharmacies; the ability to compete effectively on price and support services; MedAvant's ability and that of its business associates to perform satisfactorily under the terms of its contractual obligations, and to comply with various government rules regarding healthcare and patient privacy; entry into markets with vigorous competition, market acceptance of existing products and services, changes in licensing programs, product price discounts, delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels; the availability of competitive products or services; the continued ability to protect the company's intellectual property rights, implementation of operating cost structures that align with revenue growth; uninsured losses; adverse results in legal disputes resulting in liabilities; unanticipated tax liabilities; the effects of a natural disaster or other catastrophic event beyond our control that results in the destruction or disruption of any of our critical business or information technology systems. Any of these factors could cause the actual results to differ materially from the guidance given at this time. For further cautions about the risks of investing in MedAvant, we refer you to the documents MedAvant files from time to time with the Securities and Exchange Commission, including, without limitation, its most recently filed Annual Report on Form 10-K. MedAvant does not assume, and expressly disclaims, any obligation to update information contained in this document. Although this release may remain available on our website or elsewhere, its continued availability does not indicate that we are reaffirming or confirming any of the information contained herein.