Contemporary RCM offerings provide robust revenue continuity for healthcare providers.
FinThrive, a healthcare revenue cycle management software-as-a-service (SaaS) provider advancing the healthcare economy, announces the launch of two new business continuity solutions, Standby Claims and Standby Eligibility. These solutions are designed to provide critical backup capabilities during unplanned revenue cycle interruptions, significantly improving healthcare providers’ financial stability and reducing risk.
In an increasingly complex healthcare environment, a sustainable and reliable operating model is critical. The healthcare industry has been tested during recent cybersecurity events that impacted many providers by interrupting their ability to process claims and assess insurance eligibility.
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FinThrive Standby Claims and Standby Eligibility complement any third-party claims solution in use by provider organizations, giving them the capability to maintain continuity and protect their revenue streams when facing unplanned downtime. By proactively implementing these solutions, providers can avoid the financial and operational impact of system disruptions, ensuring that their staff and patients are supported with reliable, accurate processes.
Introducing FinThrive Standby Claims
Standby Claims is a comprehensive solution for billing workflows and clearinghouse services. By implementing Standby Claims, healthcare providers can ensure their claims management processes can be quickly restored during system failures or other interruptions. Key features include:
- Preconfigured Backup: Standby Claims is set up alongside existing applications to provide a rapid switchover in case of system failures, such as cyberattacks.
- Full-Version Claims Manager: Access to a full-version of Claims Manager for claims scrubbing and clearinghouse functions, ensuring accurate and efficient claims submission to payers.
- EHR/PAS Integration: Seamless integration with Electronic Health Records (EHR) and Patient Administration Systems (PAS) for tracking and reporting.
- Quick Fail-over: Quick switch to production mode provides a backup alternative for editing and submitting claims. Billing operations can be restored within hours to a few days, depending on customer readiness and regular maintenance.
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Introducing FinThrive Standby Eligibility
Standby Eligibility provides a resilient backup for eligibility verification processes, ensuring that healthcare providers can maintain accurate eligibility checks even during disruptions. Key features include:
- Preconfigured Backup: Standby Eligibility is implemented alongside existing applications to provide a rapid switchover for uninterrupted eligibility activities.
- Full Features of Access Coordinator – Insurance Verifier: Includes all capabilities to screen patients for insurance eligibility before care, helping providers quickly determine payment responsibilities up front.
- Enhanced Patient Experience: Provides clear insights into expected reimbursements, enabling cleaner claims submissions, improved financial counseling, and reduction of unnecessary, duplicative efforts.
- Up-to-Date Coverage Data: Ensures efficiency and accuracy with automation and the latest coverage information, displayed in a user-friendly format.
- Quick Recovery: Access to patient eligibility status and coverage can be accessed within hours to a few days, depending on customer readiness and regular maintenance.
“Our new Standby Claims and Standby Eligibility solutions exemplify our commitment to providing healthcare providers with the tools they need to maintain operational and financial stability in today’s volatile cybersecurity environment,” said Mark Janiszewski, FinThrive’s Chief Solutions Officer. “We are excited to showcase these innovations at the HFMA Annual Conference and demonstrate how we can help our customers be better prepared for potential interruptions to their critical revenue streams.”