BURLINGTON, Vt., Nov. 2 /PRNewswire-FirstCall/ -- IDX Systems Corporation , 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.
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:
Media Relations, IDX Systems Corporation
IDX Systems Corporation