IDX Launches IDX(R) Flowcast(R) Business Advantage to Optimize Practice Performance with Low Barrier to Entry
November 02 2005 - 9:37AM
PR Newswire (US)
Enhances back office billing services through acquisition of
Healthcare Resource Solution, Inc. BURLINGTON, Vt., Nov. 2
/PRNewswire-FirstCall/ -- IDX Systems Corporation (NASDAQ:IDXC), a
leading provider of healthcare information systems, today announced
the launch of IDX(R) Flowcast(R) Business Advantage, combining best
practice services and leading revenue cycle management software for
physician organizations seeking higher levels of business
performance with minimal capital outlay. Flowcast Business
Advantage delivers revenue cycle management services, expert
staffing and proven workflows. This combination enables physician
organizations to achieve breakthrough results by improving
collections, decreasing billing costs, improving charge capture and
lowering A/R days-all while enriching the patient experience and
reducing overhead. "Flowcast Business Advantage further
demonstrates IDX's commitment to helping its customers improve
business performance while keeping their resources focused on what
is important-patient care and the viability of the physician
organization," said Jeff Kao, Senior Vice President and General
Manager, IDX Flowcast Operating Unit. "Flowcast Business Advantage
is a unique service offering, giving physician organizations access
to world-class technology and best practices without the
requirement of a large capital outlay. Business Advantage makes it
easier to run a smarter, more profitable practice." The potential
of the Flowcast Business Advantage approach was validated during a
pilot at Louisiana State University (LSU) Healthcare Network, an
academic, multi-specialty physician practice with over 600
clinicians representing the complete range of medical and surgical
specialties. For LSU, Flowcast Business Advantage (branded as
Flowcast Business Services Outsourcing when the pilot began in June
2004) manages all back-end operations from billing to follow-up,
payment posting and collections. Claims are processed
electronically using Electronic Data Interchange (EDI) technology.
IDX also provided LSU with best practice workflows and staff
reorganization to help improve efficiency on the front end of the
patient encounter. HIPAA-compliant rejection reporting-and tight
integration with Flowcast claims management and editing features-is
increasing the efficiency of claims production and follow-up and
accelerating reimbursement. This has helped LSU to better capture
complete and accurate patient information, leading to the
production of cleaner claims on the back end. Acquisition of HRSI
Supports Strategy In support of the new Flowcast Business Advantage
offering, IDX also announced that it has completed an agreement to
purchase substantially all of the assets of Healthcare Resource
Solution, Inc. (HRSI), a privately-held medical billing
organization based near Springfield, MA. Since its inception in
1996, HRSI has achieved considerable success in the medical billing
field by focusing on improving client revenue operations with a
custom process to streamline operations, reduce overhead and
aggressively address revenue issues for customers utilizing
Flowcast and Allscripts EHR software solutions. HRSI has managed
more than $200 million in annual billings while servicing a mix of
hospital affiliation groups, multi-location specialty practices and
solo practitioners. "Our formula for success has always been to
provide leading edge technology and solutions for improved workflow
and client revenue operations," said Arlene Kelly, President of
HRSI. "Integrating our medical billing resources with Business
Advantage from Flowcast will enable us to more easily provide new
IDX services and solutions and deliver system enhancements faster
and more affordably to customers. This takes our billing service
offering to the next level of performance." With the new combined
operations, IDX now manages over 30 customers with facilities,
staff and operational centers in Springfield and Boston,
Massachusetts, Burlington, Vermont, and Dallas, Texas. About IDX(R)
Flowcast(R) Flowcast is a comprehensive revenue cycle management
solution designed to help large physician organizations, hospitals
and integrated delivery networks (IDNs) improve business
performance. Flowcast optimizes the revenue cycle through the
improvement of business processes associated with patient access,
billing and reimbursement. The product also offers robust business
intelligence capabilities to help monitor and improve performance
metrics, including patient satisfaction, regulatory compliance
issues and key financial indicators. Flowcast enables the seamless
flow of information across the enterprise, promoting greater
efficiency and data integrity from the front desk to the back
office. Flowcast combines proven capabilities with embedded best
practices to advance business success. Whether deployed in-house,
delivered as a hosted solution, or provided as a comprehensive
outsourced business service, Flowcast is at the foundation of
world-class patient service and business performance. For more
information, visit http://www.idx.com/flowcast. About IDX Founded
in 1969, IDX Systems Corporation provides information technology
solutions to maximize value in the delivery of healthcare, improve
the quality of patient service, enhance medical outcomes, and
reduce the costs of care. Our systems are deployed to serve
approximately 150,000 physicians and are installed at over 3,400
customer sites, including more than 850 group practices and
approximately 370 integrated delivery networks servicing more than
500 hospitals. IDX also provides its enterprise clinical software
as a subcontractor to BT, Local Service Provider for the United
Kingdom National Health Service's National Programme for
Information Technology, an initiative to establish electronic
patient records for 50 million patients. The IDX web strategy
includes browser technology, e-commerce and web-based tools --
built using Internet architecture -- that facilitate access for
patients, physicians and care providers to vital health information
and data managed by the IDX clinical, administrative, financial and
managed care products. IDX has approximately 2,400 full-time
employees. IDX and Flowcast are registered trademarks of IDX
Investment Corporation. This press release contains forward-looking
statements about IDX Systems Corporation that involve a number of
risks and uncertainties. Among the important factors that could
cause actual results to differ materially from those indicated by
such forward-looking statements are uncertainties or difficulties
in developing new services and systems, including Flowcast,
difficulties in implementing systems, possible deferral, delay or
cancellation by customers of computer system or service purchase
decisions, possible delay of system installations and service
implementations, development by competitors of new or superior
technologies, changing economic, political and regulatory
influences on the healthcare industry, possible disruptions in the
national economy caused by terrorist activities and foreign
conflicts, changes in product pricing policies, governmental
regulation of IDX's software and operations, the possibility of
product-related liabilities, and factors detailed from time to time
in IDX's periodic reports and registration statements filed with
the Securities and Exchange Commission, which important factors are
incorporated herein by reference. IDX undertakes no obligation to
update forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events, or changes in future
operating results, financial condition or business over time. For
more information, contact: Kate Cartwright Media Relations, IDX
Systems Corporation 802.859.6009 DATASOURCE: IDX Systems
Corporation CONTACT: Kate Cartwright, Media Relations of IDX
Systems Corporation, +1-802-859-6009, Web site: http://www.idx.com/
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