Plantation, FL, May 8, 2013 (GLOBE NEWSWIRE) -- Health Revenue Assurance Holdings Inc. (OTCBB: HRAA), a provider of technology and revenue integrity solutions for healthcare organizations, announced today that Vanderbilt University Medical Center (VUMC) has selected HRAA as a strategic partner in evaluating the impact that the upcoming ICD-10 transition will have on its organization.
As part of this initiative, VUMC has licensed HRAA's ICDVisualizer, a business intelligence platform, to plan for the ICD-10 transition, HIM business productivity and clinical documentation improvement. VUMC will utilize the ICDVisualizer to determine the expected impact of the transition on the organization through the integration of General Equivalence Maps (GEMs) and CMS Reimbursement Maps into the Enterprise Data Warehouse (EDW) to ensure the business continuity of existing data assets vital to quality improvement programs for patient care, educational services and research.
VUMC is one of the nation's premier academic medical institutions. With more than 60 locations throughout Tennessee and Kentucky, VUMC's 2,200 clinical provider physicians see more than 1.7 million patients each year. By using the ICDVisualizer as a business intelligence solution that creates mappings for enterprise analytics and data integrity, VUMC will have these maps available to finance, payor relations, clinical informatics, physician relations and compliance departments to ensure business continuity and planning across the transition.
With the ICDVisualizer, VUMC will identify and quantify risks that can be classified by facility, payor, DRG, physician and individual claim or code. Identified risks will help prioritize programs to mitigate potential revenue losses and study projected revenue gains. Analytics and historical performance data regarding payor(s), and key DRGs will be used to strengthen payor negotiations.
"The change over to ICD-10 is the biggest fundamental shift in coding and revenue management for the hospital and healthcare system. Finding a partner that brings a data analytic approach to this laborious pathway is critical to managing this change over," said Andrea Clark, CEO and Founder of HRAA. "We believe that VUMC's decision to partner with HRAA is a tremendous validation of the ICDVisualizer, and should serve as a significant milepost for the overall industry as it prepares for this paradigm shift."
The HRAA ICDVisualizer and transition services will help bridge the chasm that is expected with the October 1, 2014 ICD-10 deadline. The ICD-10 transition is expected to disrupt trended data in quality, informatics and other key areas of finance, patient care, and operations which rely heavily on ICD-9 coded metrics for reporting and business planning.
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 a 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
Caution Regarding Forward Looking 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 be placed on such forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control. The Company's actual results, performance and trends could differ materially from those indicated or implied by 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 factors, as well as by factors applicable to most companies such as 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.
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