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November 23, 2009 8:52 AM ET
Software and Technology Services
CareMedic Systems, Inc.

Company Overview

CareMedic Systems, Inc. provides revenue cycle management solutions to hospitals and healthcare providers in the United States and Puerto Rico. It offers electronic Financial Record, a healthcare financial management system that provides activity tracking capabilities, and recording descriptions and dates for various events that occur inside or outside the patient accounting system; and VerifyAR, a solution for front-end document management, eligibility verification, compliance checking, and medical necessity review. The company also provides AccelerateAR, a Medicare review and editing solution with document management, all-payer claims formatting and submission, and print and mail service c...

Detailed Description

800 Carillon Parkway

Suite 250

St. Petersburg, FL 33716

United States

Founded in 1996

Phone:

727-896-2731

Fax:

727-894-7618

www.caremedic.com

Key Executives

Chairperson and Chief Executive Officer
Age: 61
Chief Operating Officer
Age: 38
Senior Vice President of Product Direction
Senior Vice President of Sales
Chief Technology Officer
Compensation as of Fiscal Year 2009.

Key developments for CareMedic Systems, Inc.

Cleveland Clinic Chooses CareMedic's Audit Management Solution for RAC

CareMedic Systems Inc. announced that Cleveland Clinic is among many prominent healthcare organizations to choose its Audit Management solution for RAC. With this Web-based solution, providers can identify root causes, measure potential exposure track the RAC process and manage the exceptions. A few of the additional organizations choosing CareMedic's solution include Iowa Health System, Bethesda Healthcare, Samaritan Health Services, Sharp Healthcare, MaineGeneral Medical Center and University of Maryland Medical System.

CareMedic Expands Partnership with Healthland to Increase Offering to Healthcare Industry

CareMedic Systems Inc. and Healthland announced an expanded partnership to provide additional value to the healthcare industry. Under the new agreement, Healthland will recommend CareMedic's Audit Management solution to its client base. CareMedic and Healthland have a history working together to provide the high quality in healthcare IT; currently, Healthland offers CareMedic's direct access Medicare solution and its claims and compliance management applications.

CareMedic Launches Patient Access Management Solution in Collaboration with Cleveland Clinic

CareMedic Systems Inc. announced it has launched the Patient Access Management solution to help healthcare organizations realize the positive benefits of a front-end-focused revenue cycle operation. The solution extends existing CareMedic solutions with new Registration Guidance processes, ensuring that all information (demographics, medical necessity, insurance, co-pays, deductibles, and payments) is captured and verified during the patient intake process with precise accuracy, producing greater clean claim rates, resulting in fewer denials or payment delays. It also incorporates a new financial clearance software solution developed by the Cleveland Clinic to further address the challenges associated with self pay, charity care, and consumer healthcare impact. Patient Access Management enables a patient-centric, rules-and data-driven registration process, along with improved workflow processes. By orchestrating all front-end activities to create a 'get it right from the start' operation, the solution coordinates all the disparate information gathering, validation and verification functions into a common standardized process, designed to improve cash flow, productivity, patient satisfaction and quality. CareMedic's Patient Access Management solution delivers a rules-based workflow to create one seamless operation to help front-office staff effectively manage all pre-service processes. The platform supplements the limited functionality found in most registration systems to ensure more accurate data collection through real-time guided registration and post-registration audits and workflow. Additional functionality automates eligibility verification, demographic validation and medical necessity checking, and links the relevant images such as insurance cards and identification. In addition, the inclusion of Cleveland Clinic's Financial Admissions Clearance Tracking Software (FACTS) directly addresses the bad debt risk associated with uncompensated care by enhancing pre-admission workflow and accuracy in managing patients. Featuring integrated patient information with proprietary rules engine technology, the solution guides registrars and financial counselor interactions with insured and uninsured patients to aid in determining payment responsibilities, capacity to pay, and verification of alternate payment options prior to service. In addition, embedded reporting enables hospital administration to review financial counselor productivity to further optimize the patient financial assistance process. Under terms of the agreement, CareMedic will exclusively offer FACTS as an integral part of the company's new Patient Access Management solution set.

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Recent Private Companies Transactions

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November 10, 2009
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