NECTAR – a Client Analytics
Portal
for our Behavioral Health customers
"…meeting customer demands with simple and easy
to use software solutions … "
TORONTO, Aug. 23, 2016 /CNW/ - Syncordia
Technologies and Healthcare Solutions, Corp. (TSXV: SYN)
("Syncordia" or the "Company") today announced the forthcoming
availability of its new software product offering –
Nectar – a Client Analytics Portal.
NECTAR is a customer facing business intelligence dashboard
showing key medical practice performance indicators such as:
- Total billed charges by insurance carrier or level of care; by
day, week, month, and year
- Total payments by insurance carrier or level of care; by day,
week, month, and year
- Aging reports by insurance carrier, level of care, and patient;
intervals of 30, 60, 90, 120 days and beyond
- Average payment by insurance carrier or level of care by year
and month
- Capture rate percentage (payments divided by charges, by
insurance carrier, or level of care)
- Performance by patient including total billed charges, total
payments, average payment and capture rate by patient.
- Adjudication rates of billed charges by insurance carrier or
level of care by month
- Payer mix by month for billed charges
This proprietary software removes the reliance on internal
spreadsheet based reporting models or other internal tools that
require the manual exporting and sending of reports to clients.
NECTAR is web-based and customer facing, allowing on-demand access
to performance analytics of all your facilities.
According to Jimmy Rizzo, CEO of
Billing Solutions, "NECTAR provides a dashboard with the top key
performance indicators that clients care about the most. The beauty
of this revolutionary solution is that clients can access the
information on their own, as frequently as needed to get the latest
data."
Client Portal Reports
- Forecasting of revenue with total billing from patient census
for 3 months
- Projection of total payments from insurance carrier and level
of care, capture and adjudication rates for 3 months.
- Average payment by level of care from payer mix
- Quickest and slowest payers
- 30, 60, 90 days view of Accounts Receivable (AR)
- Historic cash flows
- Percent of captured payments
- Reconciliation
NECTAR's reconciliation module provides insight into every
patient from every angle. For example, the patient account summary
includes billed charges, billed dates, dates of service, payment
dates, payment amounts, amount applied to deductible co-pay,
patient responsibility remainders, patient payment amounts, and
paid-to-patient amounts, collection of paid-to-patient amounts.
NECTAR helps billing providers by consolidating their client
data, which is historically housed in multiple databases, into one
central repository, allowing for easier data management,
customization, and ongoing maintenance. This translates into
saving a lot of time and money. Each provider can have
their administrative assistants access their dashboard via their
own login credentials to see pertinent billing data on demand, in
lieu of running ad-hoc reports. NECTAR provides insight into your
payer mix, based on projected and historical cash flows which can
assist with financial planning at the facility.
Michael Franks, CEO of Syncordia
says, "With this revolutionary new product we hope to create
customer stickiness and enhance Syncordia's nectar (our
attraction, for new customers, to our offerings), and eventually
introduce this product in a Software as a Service environment."
Todd Trask, CTO of Syncordia
says, "This is the first of many steps we are taking to enable
customers to have data at their fingertips to make decisions to
positively impact their business. Delivering up to the minute
analytics to customers, is at the core of every application we
design and develop at Syncordia."
About Syncordia Technologies and Healthcare Solutions,
Corp.
We are a technology enhanced revenue cycle management ("RCM")
company focused on underserved niche segments of the healthcare
industry. We are focused on using our proprietary software suite as
an accelerator for growth. We are building a diversified software
and services business by consolidating healthcare billing
providers. Our growth strategy is to acquire RCM businesses with
and without software and, improve their profitability by increasing
revenues and operating efficiencies using our software, and in
time, commercializing Platform Syncordia, our cloud-based software
offering, to provide customer demanded turn-key solutions from a
single provider and to address compelling RCM market
opportunities.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Statements
Certain statements herein may be "forward looking" statements
that involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of Syncordia or the industry to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward
looking statements involve significant risks and uncertainties,
should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether or not
such results will be achieved. A number of factors could cause
actual results to vary significantly from the results discussed in
the forward looking statements. These forward looking statements
reflect current assumptions and expectations regarding future
events and operating performance and are made as of the date hereof
and we assume no obligation, except as required by law, to update
any forward looking statements to reflect new events or
circumstances.
SOURCE Syncordia Technologies and Healthcare Solutions,
Corp.