Navicure, which describes itself as an “Internet-based medical claims clearinghouse for physician practices,” announced today that the company saw a 112 percent increase in new practices hooking up with its accounts receivable services and a 24 percent increase in revenue compared to 2011, according to a company press release.
The press release stated that the company had added 344 new practice locations to its client base during the first quarter of 2012.
According to the press release, “This follows a year of record growth for the company, which experienced a 28 percent increase in revenue in 2011 over 2010.”
Navicure's Web-based solutions allow practices to automate their revenue cycles and account receivables management solutions to improve operating margins and cash flow, reported the press release.
The company's automates patient eligibility verification; primary and secondary claims reimbursement; rejected and denied claims management; electronic remittance posting; claims and remittance reporting and analysis; and patient statement processing.
"We are excited about the new partnership we are forging with Navicure,” said Beryl Everist, director of patient accounting services of Pottstown Medical Specialists, Inc. “Their commitment to helping us improve our revenue cycle through a variety of tools and their ability to integrate with our current technology solutions were key factors when we decided to change clearinghouses. With our old clearinghouse, our days in A/R increased by more than 33 percent. Already with Navicure we have been able to reverse some of that issue while also improving other key metrics."
Navicure stated in the press release that it continues to see high client satisfaction even “in the face of the challenging HIPAA 5010 transition," said Jim Denny, founder, president and CEO of Navicure.
The HIPAA 5010 regulations establish new standards for electronic transactions, but companies have had a hard time getting ready to meet the new requirements, according to Stephanie Bouchard.
Edited by
Brooke Neuman
