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Partnership to offer Business Process and Revenue Cycle Management Services bundled with Leading Edge Technology for Insurance Verification using MedeConnect.
WEYMOUTH, MA and PLYMOUTH, MA, (April 11, 2006) - 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 organizations will benefit from improved administrative efficiency and reimbursement management.
As a result of the agreement, Beacon is offering consulting services to provide value-added process improvement integrated with TeraHealth’s proven MedeConnect product. TeraHealth’s automation of insurance verification technology allows Beacon to offer clients improved collections by streamlining the front-end revenue cycle workflow.
MedeConnect is a Web-based, IDX®-integrated EDI tool designed to streamline insurance verification, and payment posting procedures. Future releases will provide functionality for referrals and claims status transaction. This innovative solution automatically updates the client’s IDX system with data obtained via the batch or real time 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 or real time process electronically gathers eligibility, co-pay, benefits and deductible 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 proven software solution and assist them to build processes based on this new functionality" said Ralph Fargnoli, President and CEO of Beacon. "Specifically, MedeConnect enables us to develop and implement more efficient processes that reduce the volume of denied claims and increase staff productivity. We assist clients to leverage their existing applications, achieve efficiencies and cost-savings and improve collections. Providers who were early adopters of MedeConnect have already recognized 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 seventeen years. Our consultants are health care specialists with an average of 20 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.
Contact:
Beacon Partners
Ralph P. Fargnoli Jr., President and CEO
(781) 982-8400, x410
rfargnoli@beaconpartners.com
Terahealth
John Donnelly, President and CEO
(617) 531-6654
jdonnelly@terahealth.com
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