|By Business Wire||
|May 15, 2014 02:14 PM EDT||
Sales of Availity’s revenue cycle management solutions increased by 30% in new physician customers, with revenue bookings growth of nearly 60% as compared to the first quarter last year. The strong growth was bolstered by the demand for tools to help physicians manage revenue cycle changes related to government mandates, and by the market shift to value-based payment models. Even with the recent ICD-10 delay, Availity sees this trend continuing.
Also contributing to the company’s growth were Availity’s Advanced Clearinghouse service, adding more than 4,000 new physician organizations in the first quarter, and the Availity Web Portal which added nearly 42,000 provider organizations across the Country. By the end of 2014, Availity will have expanded its market reach to serve as the designated provider of physician web portal services for 26 Blue Cross and Blue Shield plans nationwide.
“The growth in demand we’re seeing is a byproduct of large-scale shifts in the health care payment landscape,” said Kathleen Hertzog, vice president of marketing and communications for Availity. “Physicians operating within value-based payment models need tools that can automate and provide insight to new — and often quite complex — claims and payment processes. Add in increased patient payment responsibility as a consequence of high deductible plan growth and exchange membership, and that spurs a lot of forward-thinking providers and health plans to evaluate clearinghouse and revenue cycle management tools in a new light. Many vendors can’t meet these new demands, so people are in the market for affordable, flexible solutions that can be integrated into their existing systems and workflows. That’s where Availity shines.”
The company’s client base was further strengthened by the addition of several large billing services, a market segment that continues to grow as a result of Availity’s capabilities for centralizing and streamlining billing operations. Availity also brought on new hospital system clients that typify a common problem among recently integrated delivery networks: how to leverage a single revenue cycle management solution for enterprise hospital and professional practices.
Having already realized significant value from Availity’s Revenue Cycle Management product for professional practices, Deaconess Health System (Evansville, Ind.) selected Availity to provide similar services for its centralized billing office and hospitals, as has SwedishAmerican Health System (Rockford, Ill.). Both systems have grown organically and by integration with regional physicians’ groups. Both are currently implementing Availity in multiple locations; Deaconess on an Epic base, and SwedishAmerican on a Meditech platform.
“Hospitals find that Availity’s solutions effectively address problems specific to the revenue cycle phases of hospitals with integrated physician practices, reducing the need – and cost – to implement and manage disparate solutions,” said Jeff Chester, Availity’s senior vice president and chief revenue officer.
Company forecasts are for an equally strong second quarter of this calendar year.
”We define our mission quite simply to be the trusted intermediary between physicians and health plans,” said Russ Thomas, Availity CEO. “By relentlessly focusing on this mission in the delivery of products and services across our client base, we know Availity is daily relevant in helping our customers improve their business health.”
Availity delivers revenue cycle and related business solutions for health care professionals who want to build healthy, thriving organizations. Availity has the powerful tools, actionable insights and expansive network reach that medical businesses need to get an edge in an industry constantly redefined by change. For more information, including an online demonstration, please visit www.availity.com or call 1.800.AVAILITY (282.4548).