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MedAvant Unveils Envision Portal for Providers(TM); First Centralized, Real-Time View into the Claims Process Enhances Visibility and Cash Flow Efficiency for Providers
ATLANTA --(Business Wire)-- Dec. 5, 2005 -- MedAvant (formerly ProxyMed) (NASDAQ:PILL), a leader in healthcare technology services, today launched the Envision Portal for Providers(TM), the first in a series of offerings designed to encourage the real-time exchange of healthcare information. The Envision portal is a secure, online solution that offers providers of care real-time visibility into the status of their claims. This holistic approach to cash-flow management delivers on the promise of empowerment, increased transparency in the adjudication process and secure open access of information to all customers.
MedAvant's aim is to encourage the real-time electronic exchange of data, particularly claims, by giving providers unparalleled and cost-effective access to their healthcare transaction information. From financial and administrative tasks to clinical and patient data, healthcare providers require a much deeper understanding of both their patients' health and the health of their practice. To do that, all providers must have immediate access to their information, every step of the way.
"As we revamped our product and service offerings, we shifted our focus from 'what we do' to 'who we serve' to provide our customers with a depth of information not available elsewhere," said John Lettko, CEO of MedAvant. "To best manage their practices and offer the highest quality care to patients, providers must gain better visibility into actionable data delivered in real-time. We are committed to enabling providers and clinicians with a clearer understanding of their information through faster and more direct access to the claims payment process."
"MedAvant's Envision Portal for Providers adds tremendous value by serving as a point of aggregation for all claims transactions," said Eric Arnson, EVP of Product Management for MedAvant. "All the information our provider clients need about their claims is now available in one place. The critical differentiators are industry leading claims tracking, electronic remittance management and centralized enrollment services. Bringing these capabilities together and making the process transparent will encourage providers to let go of their dependency on paper and begin submitting all claims electronically."
Features and Benefits
MedAvant's Envision Portal for Providers offers a synergistic way to process claims. It delivers a complete, real-time view into the lifecycle of a claim with convenient and easy access to an aggregate of critical data. The tools within the Envision Portal include:
Claims Submission - This tool interfaces directly with a payment management system and allows electronic submission of claims directly to MedAvant. The claim file is immediately processed, and an edit report is generated that identifies any rejected claims that need to be corrected and resubmitted.
Eligibility, Referral Request and Inquiry, and Claim Status Inquiry - The provider is able to immediately verify patient eligibility, obtain a referral in real-time, as well as determine the status of a claim while in the payer's adjudication system. Each of these services eliminates the need for the provider's office to call the payer for this information.
Claims Tracking Service - This product allows users to research claim history after submission. By offering providers a real-time window into the claim transaction, they can eliminate time-consuming tasks and quickly discover whether the claim was accepted, rejected or duplicated to keep the process running smoothly.
Enrollment Services - Using one point of entry, providers can enroll to send transactions electronically to the payer, edit an existing provider profile, attach a provider to a specific site, print agreements to enroll for payers, track those agreements and check the status of each enrollment online. Centralizing the information flow reduces the complexity and susceptibility for errors through handwriting translation and typing.
Remittance Service - With access to detailed information on how claims were paid, reasons for adjustments and explanations for denials management and delivery service, providers can download, view and print remittance advice to better manage cash flow and boost efficiency. Automatic posting eliminates the time-consuming need for keying information and greatly reduces data entry errors. This tool enables quicker processing of patient billing and expedites accounts receivable.
Pricing and Availability
The Envision Portal for Providers is available to current MedAvant customers on a trial basis at no charge. For more information about post-trial and premium pricing please contact Brian Young, Vice President of Product Management at 770-806-4810. Envision Portal accepts ANSI, NSF and HCFA print image files.
About MedAvant
MedAvant, a leader in healthcare technology services, provides healthcare transaction processing, medical cost containment services, business process outsourcing solutions and related value-added products to physicians, payers, pharmacies, medical laboratories, and other healthcare suppliers. To facilitate these services, MedAvant operates Phoenix(TM), a highly scalable and secure national information platform, which supports real-time direct connectivity and transaction processing between providers and payers, chain and independent pharmacies and clinical laboratories. For more information about MedAvant, please visit the company's website at http://www.medavanthealth.com. MedAvant is a trade name of ProxyMed, Inc.
ProxyMed, Inc. d/b/a MedAvant Healthcare Solutions (the "Company") cautions that any forward-looking statements contained in this document are based on current plans and expectations, and that a number of factors could cause the actual results to differ materially from such statements. Some of these factors are described in the Safe Harbor statement below. Except for the historical information contained herein, the matters discussed in this document may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. While these statements reflect our current judgment, they are subject to risks and uncertainties. Actual results may differ significantly from projected results due to a number of factors. In particular, no assurances can be given regarding the success or rate of adoption of any particular product or service, or that the Company's products or services will achieve growth or market penetration. For further cautions about the risks of investing in the Company, we refer you to the documents the Company files from time to time with the Securities and Exchange Commission, particularly the Company's Form 10-K/A for the year ended December 31, 2004, and Form 10-Q for the fiscal quarter ending September 30, 2005. The Company is not undertaking to update this press release. Although this release may remain available on the Company's website or elsewhere, its continued availability does not indicate that the Company is reaffirming or confirming any of the information contained herein.
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