TORONTO, Feb. 27, 2017 /CNW/ - Syncordia Technologies
and Healthcare Solutions, Corp. (TSXV: SYN) ("Syncordia") is
pleased to announce a new Software as a Solutions ("SaaS") solution
to fill a much needed industry void.
Accurately estimating accrual revenue has historically been an
immense challenge for many healthcare providers. This is even
more apparent with today's ever changing healthcare reimbursement
landscape. Typically, many providers simply use a historical
gross charges to net collections approach, and apply that
collection experience to their current period to estimate revenue
and then perform adjustments quarterly or yearly. The approach
lends itself to the potential of understating revenue or even worse
overstating revenue and many very large well-known companies have
fallen into this trap in the past.
The approach used at our wholly owned subsidiary Health Services
Integration Inc. ("HSI"), is to instead estimate the revenue of
each individual service performed taking into account the payor,
procedure, procedure units, and other key elements in conjunction
with historical collection experience to build up accrual
revenue. This allows us, for instance, to capture macro and
micro changes that could cause current collection estimates to
deviate widely from historical collection trends. Our solution
avoids this and makes revenue reporting more accurate with much
smaller adjustments and fewer surprises.
The core of the HSI analytics platform allows for the adjustment
of the factors that influence the revenue. As we all see and know,
the payor landscape changes … and having hardwired logic that
cannot dynamically change with the reimbursement landscape, will
lead to incorrect projections that create poor business decisions
and misrepresenting reality, which is a big problem for both public
and private companies. "No business looks the same from one month
to the next, so why should we expect our analytics algorithms to
not vary with the changes in our business? At HSI we have
solved this by snapshots and intelligent algorithms," says Todd
Trask CTO of Syncordia. He adds, "We have used this analytics
platform for our HSI clients for many, many years and now it is
time to allow others to enjoy intelligent analytics as well."
"The more we talked with people in the healthcare industry the
more it became apparent that finding a better approach to revenue
recognition was akin to capturing a "Unicorn", in that it was often
discussed but rarely seen," says Chris Martin CSO of
Syncordia. Mr. Franks added, "This solution is consistent
with our vision to provide simple solutions to complex problems and
furthers our focus on commercializing our SaaS solutions."
About HSI
HSI is a technology enhanced claims
management company utilizing proprietary technology to improve
claim workflow, production management, and actionable data
transparency. Realizing a gap in efficiencies in the EMS
transportation medical billing process, HSI develops leading edge
medical billing technology to enable a highly efficient billing
process. The technology developed by HSI automates and speeds
up claims processing and provides analytics for deeper insight to
fine tune the revenue cycle management process.
www.hsihealth.com
About Syncordia Technologies and Healthcare Solutions,
Corp.
We are a technology enhanced revenue cycle management
("RCM") company focused on underserved niche segments of the
healthcare industry. We are focused on using our proprietary
software suite as an accelerator for growth. We are building a
diversified software and services business by consolidating
healthcare billing providers. Our growth strategy is to acquire
revenue cycle management/medical billing businesses with and
without software, improve their profitability by increasing
revenues, operating efficiencies and margins. Syncordia will
leveraging proprietary software to manage scale, drive better
customer experiences and enhance margins while driving a
competitive sustainable profile.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Statements
Certain statements herein may be "forward looking" statements
that involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of Syncordia or the industry to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward
looking statements involve significant risks and uncertainties,
should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether or not
such results will be achieved. A number of factors could cause
actual results to vary significantly from the results discussed in
the forward looking statements. These forward looking statements
reflect current assumptions and expectations regarding future
events and operating performance and are made as of the date hereof
and we assume no obligation, except as required by law, to update
any forward looking statements to reflect new events or
circumstances.
SOURCE Syncordia Technologies and Healthcare Solutions,
Corp.