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Partnership to offer Business Process and Revenue Cycle Management Services bundled with Leading Edge Technology for Insurance Verification
NORWELL, MA & PLYMOUTH, MA - March 8, 2004 - TeraHealth and Beacon Partners today announced a strategic agreement to provide health care clients with enhanced software and services that will allow them to streamline the eligibility, referral and claim status process to increase efficiencies and improve service and cash flow. Health care providers will benefit from improved administrative efficiency, patient care and reimbursement management.
As a result of the agreement, Beacon has expanded its service offerings to include value-added product and software solutions of TeraHealth. TeraHealth's automation of insurance verification technology allows Beacon to offer clients improved collections by streamlining the front-end revenue cycle workflow.
This innovative software provides a fully integrated solution to obtain electronic eligibility, referral and claim status transactions from payers and automatically update the client's information system with data obtained via the transaction. This streamlined process eliminates paper shuffling, pending or denied claims, redundant processes and ineffective use of resources. Staff will no longer be required to manually query multiple databases to obtain insurance verification, or sit on hold for hours seeking claim status. This fully automated batch process electronically gathers this information, updates the appropriate fields in the information system and creates online work files to allow employees to focus only on those accounts that require additional research.
"By teaming with Beacon Partners our clients can begin to realize the full benefits of true integration," said John Donnelly, President and CEO of TeraHealth. "Using best of breed technology merged with Beacon's expertise in operations, our clients will be able to derive significant cost savings and process improvement. It is an exciting opportunity to significantly reduce the administrative cost of health care."
"Our partnership with TeraHealth allows us to offer our customers a wider array of proven software and services," said Ralph Fargnoli, President and CEO of Beacon. "Specifically, MedeConnect enables us to implement best practice solutions based on leading technology for our customers, helping them leverage their existing applications, achieve efficiencies and cost-savings and improve collections. Providers who are early adopters of these solutions will see increased revenues and higher levels of patient satisfaction."
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Founded in 1995, TeraHealth's primary mission is software development using (M)umps and Windows-based applications. Located in Boston and Los Angeles, TeraHealth is striving to become a leader in delivering expertise and technical resources to IDX customers wanting to maximize their software investment. To learn more about TeraHealth visit www.terahealth.com.
Beacon Partners has provided a wide range of consulting services to health care organizations for over fifteen years. Our consultants are health care specialists with an average of 16 years of experience in the industry. We offer strategic management, clinical and information technology consulting services to health care organizations throughout the country. Our approach is client focused and results oriented. Only when our clients are able to independently achieve their organizational goals do we consider ourselves successful. To learn more about Beacon Partners' health care consulting services, call 1-800-4BEACON or visit www.beaconpartners.com.
For more information:
Beacon Partners
Charles Anastos, Vice President
(781) 982-8400, x409
cra@beaconpartners.com
Terahealth
John Donnelly, President and CEO
(617) 531-6654
jdonnelly@terahealth.com
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