|By PR Newswire||
|February 19, 2014 09:42 AM EST||
PLANO, Texas, Feb. 19, 2014 /PRNewswire/ -- RemitDATA Inc., the leading provider of comparative analytics in revenue cycle, utilization and productivity data, today announced the launch of its all new TITAN® business intelligence and comparative analytics solution leveraging a cloud-based, Analytics-as-a-Service platform. The new TITAN is the only business intelligence solution designed to provide automated, actionable performance analytics enhanced with near real-time comparative analytics for credible peer-to-peer benchmarking for tracking, measuring and managing key operational and financial measures.
Outpatient physician offices, hospitals/health systems, healthcare IT (HCIT) vendors and revenue cycle management (RCM) providers will benefit from the new TITAN's more robust and customizable user interface, expanded data for deeper real-time comparatives and an unlimited view of historical data for broader insights and trending.
In addition to providing customers with unlimited data and the largest comparative analytics database available today, TITAN features open Application Programming Interfaces (APIs). The API's provide HCIT vendors and advanced group practices/RCMs with a clean method of embedding the data and analytics from TITAN directly into their mission-critical user solutions, thereby eliminating the need for a separate, standalone analytics/BI application.
RemitDATA Chief Executive Officer Dave Ellett explained that the new version of TITAN was developed in response to evolving technology and a changing healthcare environment that is focusing more on analytics and business intelligence to pinpoint areas for operational and financial improvements. In addition, "customers and partners require more fully integrated workflow tools to better compete in an increasingly competitive marketplace."
"Healthcare providers continue to be challenged with decreasing reimbursement rates, claim denials, increased risk of audits, unending regulatory changes and improving operational efficiencies to control costs. To succeed in today's marketplace, it is critical that performance issues that can harm the bottom line are identified and corrected. With the new TITAN, not only will practices benefit by spending more time solving problems and less time searching for data; our partners can enhance the solutions they offer their customers through our APIs," he added.
Judy Hanover, research director, IDC Health Insights, noted that, "in today's dynamic and complex healthcare environment, outpatient providers, revenue cycle management companies, consultants and health systems with outpatient business units need greater transparency of their data to improve business intelligence and create more efficient processes. A cloud-based solution that provides the tools they need, including transparent comparative data, proactive financial and productivity insights, workflow integration and utilization monitoring will enable providers to better compete and thrive in an evolving healthcare landscape."
Drilling down from a fully customizable dashboard, TITAN enables users to view trend metrics, set targets and define alerts for a variety of key performance indicators (KPIs) across multiple departments. Users can set up Insight alerts for proactive monitoring on specific metrics and set custom threshold levels for performance. Insights are automatically emailed to selected team members when a KPI falls outside an acceptable range as determined by the user.
Over time, additional enhancements will be integrated into the new TITAN that will:
- enable analysis and comparative analytics of claim-based data;
- offer fully integrated denial management workflow tools including providing instant access to paper Explanations of Benefits (EOBs) and Electronic Explanations of Benefits (ERAs) in one place;
- supply embedded analysis and recommendations for improvement as well as predictive monitoring; and,
- offer hospitals/health systems with unique provider-facing analysis tools.
Founded in 2000, RemitDATA Inc. helps more than 100,000 healthcare providers improve revenue and cash collections by identifying and correcting performance issues in the post-adjudication stage of the revenue cycle. The company provides a range of system-agnostic comparative analytic solutions with patented, proprietary technology offered in Analytics-as-a-Service form for immediate value-add implementation, resulting in a faster return on investment. The end result is more enlightened providers with empowered practice management teams, improved employee productivity and increased profitability. Based in Memphis, Tennessee, and Plano, Texas, the company has enjoyed a more than 90 percent client renewal rate since its inception. For more information, please visit www.RemitDATA.com.
SOURCE RemitDATA Inc.