ClearContracts™ to help manage financial relationship with payers and implement workflow to maximize reimbursement.
HAYWARD, Calif., February 17, 2004 – Concuity, the leading provider of revenue cycle management solutions for the healthcare industry, announced today that the University of Utah Hospitals & Clinics, consistently rated among “America’s Best Hospitals” by U.S. News & World Report magazine, has signed an agreement to purchase and implement Concuity’s ClearContracts™ Revenue Cycle Management Solution. ClearContracts combines Web-based technology, business intelligence and revenue-cycle expertise to provide healthcare executives and administrators the visibility needed to ensure accurate payments under today’s complex reimbursement arrangements. ClearContracts will help the University of Utah Hospitals & Clinics to model profitable contracts, prevent claim denials, accelerate cash collections, and improve payer performance. Underscoring the need for improved collections is a recent study sponsored by the American College of Healthcare Executives, which found 65 percent of 984 hospital CEOs surveyed listed reimbursement as one of their top three concerns. “As part of a corporate-wide accounts receivable initiative, we determined the need for an enterprise approach to managing contract and payer compliance,” said Byron Okutsu, Director of Contracting and Reimbursement at the University. “After seeing the Concuity product and speaking with their customers, it was clear that the ClearContracts suite of products was the approach we sought. They have taken the historical approach to contract management (expected reimbursement calculation system) – and have developed an intuitive, web-based solution that both calculates expected reimbursement, and addresses the process breakdowns that occur throughout the contract lifecycle resulting in lost revenue.” “The ability to project and collect expected reimbursements, combined with knowledge of hospital information flow helps Concuity be a value-added partner to its hospital customers”, said Robert E. Watson, President and CEO of Concuity. “To achieve maximum benefit of improved workflow processes, hospitals should take an enterprise-wide approach and not simply focus on discrete functions.”
About University Hospitals & Clinics
As one of the leading research centers in the nation, University of Utah Hospitals & Clinics is heralded as a world-wide leader in pioneering medical knowledge. For the tenth year it has been recognized as one of “America’s Best Hospitals” by U.S. News & World Report magazine. The 425 bed hospital serves as the primary-tertiary referral center for the 5,000,000 residents of the Intermountain West, providing care to over 750,000 inpatients and outpatients annually.
About Concuity
Concuity, offers industry-leading solutions to increase hospital revenue by identifying and correcting payer non-compliance issues in the contract revenue cycle. Founded in 2000 by a group of healthcare industry visionaries, Concuity improves its customers’ bottom lines by delivering technology and service solutions to create and negotiate better contracts, ensure accurate implementation and compliance, and collect what’s owed. Clients include Sutter Health, Stanford Hospitals and Clinics, Covenant Health System, St. Joseph’s Health System and Providence Health System. Concuity is headquartered in Hayward, Calif., with offices throughout the U.S. . For more information, call Concuity, at 847-941-9230 or visit www.concuity.com.