Plantation, FL, March 6, 2013 (GLOBE NEWSWIRE) -- Health Revenue Assurance Holdings Inc. (OTCBB: HRAA) a provider of technology and revenue integrity solutions for healthcare organizations, is showcasing the expanded functionality of the ICDVisualizer™ to support ICD-10 transitions, and today announced open enrollment for beta partners to trial the product.
ICDVisualizer™ helps companies assess and understand the impact of the transition to ICD-10, and how it relates to reimbursement risks, clinical documentation quality, coding productivity and process changes. Analysts and executives are able to explore and visualize their own data through the application's intuitive interface, which features customizable analytics and a unique representation of the Company's financial and operational needs.
HRAA is currently selecting hospitals, medical groups, payers and service organizations to participate in the ICDVisualizer™ beta program. During the OHIMA Annual Meeting, taking place March 18-20, 2013, HRAA will be demonstrating the product's functions and capabilities.
"With the upcoming transition to the ICD-10 coding system in October 2014, it is vital that hospitals have accurate insight into how the monumental switch from utilizing 24,000 codes to utilizing 155,000 codes for medical billing will impact their businesses," said Andrea Clark, chief executive officer of HRAA. "HRAA has developed a suite of products and services, including the ICDVisualizer™, to help healthcare systems identify issues now, in order to make a seamless transition to the new system and protect their revenue cycles."
HRAA will also be showcasing their comprehensive Coding Solutions, which provide medical coding and billing expertise for healthcare organizations and physicians.
HRAA's Coding Solutions and quality assurance processes employ a domestic-based team of certified coders to provide healthcare organizations with a deep expertise in the complexities of U.S. coding. HRAA is able to outsource a client's coding services to increase productivity, clear backlog, maximize accuracy and standardize their coding to mitigate risks from variability.
"Estimates predict that with the new ICD-10 coding system, we will see a 50 percent loss of coding productivity and need for a minimum of 30,000 new coders to keep the medical payment and billing system afloat," said Ms. Clark. "To prevent a massive backlog and loss of payments, education and re-training of every healthcare provider and their billing and coding staff must take place now. HRAA's Coding Services ensure that cash flow doesn't drop off during the initial stages of the ICD-10 transition and thereafter."
Today, HRAA supplies Coding Services to dozens of healthcare systems. One HRAA customer improved the quality of their coded claims data by 10 percent in just seven months, which resulted in a net revenue gain of $8 million.
"At HRAA we understand that our clients' needs around the ICD-10 transition are complex and enterprise-wide," said Dr. Mike Gallagher, chief medical officer of HRAA. "We have created a multidimensional approach that is focused on data analytics and collaborative consulting, to provide organizations with a smooth transition."
For a full list of HRAA ICD-10 transition products and services, the ICDVisualizer™ beta program or to request a demo of the product, please contact: John Anderson - Vice President of Sales at 612-670-6706 or janderson@hraa.com.
About HRAA
HRAA (OTCBB: HRAA) is a leading provider of revenue integrity
technology and services for healthcare organizations across the US,
interpreting data to ensure that healthcare is efficient and
effective for everyone. Founded in 2001 and based out of
Plantation, FL, HRAA combines years of industry expertise with
best-in-breed technology to create market leading business
intelligence products and consulting services to improve the
healthcare delivery experience for doctors, nurses and patients.
HRAA offers the only full suite of solutions needed to keep
up with the ever-changing healthcare industry, which include: data
analytics software, business intelligence technology, medical
coding, auditing, education, revenue cycle consulting, and ICD-10
transition solutions. For more information please visit:
http://www.hraa.com
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Statements
Certain statements in this news release and such conference call
are forward-looking, including (without limitation) expectations or
guidance respecting customer contract expansion, growing revenues
and profits through organic growth and acquisitions, attracting new
business that will increase HRAA's revenues, continuing to maintain
costs and consummating any transactions. Undue reliance should not
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and other unpredictable factors, many of which are beyond the
Company's control. The Company's actual results, performance and
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such statements as a result of various factors, including (without
limitation) the continued strengthening of HRAA's selling and
marketing functions, continued customer satisfaction and contract
renewal, new product development, continued availability of capable
dedicated personnel, continued cost management, the success and
availability of acquisitions, availability of financing and other
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general economic, competitive and other business and civil
conditions. Information regarding certain of those and other risk
factors and cautionary statements that could affect future results,
performance or trends are discussed in HRAA's most recent annual
report on Form 10-K, quarterly reports on Form 10-Q, and other
filings made with the Securities and Exchange Commission from time
to time. All of the Company's forward-looking statements are
expressly qualified by all such risk factors and other cautionary
statements.