FirstApprove unveils system for physicians that spotlights patient financial responsibility
FirstApprove launched at HIMSS17 the CopernicusMD platform, a patient-centric software-as-a-service suite that brings patient financial responsibility information for any procedure to the front of the patient-physician interaction.
With CopernicusMD, physician groups, caregivers, surgical facilities and others can assess a patient’s carrier eligibility and carrier pre-approval for procedures, which brings patients and payers together within the platform when appropriate to solve the ever-growing copay and deductible challenge, the vendor said.
“The idea for the CopernicusMD platform was to address what we feel is one of the most critical issues in healthcare as we know it: 61% of employed Americans cannot write a $5,000 check in the event of catastrophic illness for themselves or their family members,” said Ellen Shaver, MD, chairman of FirstApprove. “These are very real problems. With ever-growing deductibles that are not going to be lowering, doctors must prepare themselves for a very different series of patient pay transactions.”
The change contemplated by Shaver is fueled by both the uncertain future of the Affordable Care Act coupled with the uncertainty of other changes to come, she said.
“The climate in healthcare in its current state is one of extreme uncertainty,” said Don O’Neill, executive managing director of CopernicusMD. “Physicians are being squeezed by all parties involved, and still must manage an ever-growing patient pay responsibility portion.”
The platform also provides the physician, facility or group with the ability to assess risks associated with patient pay AR, mitigate it with platform lenders specifically matched to patients based on pre-qualification risk parameters, he added. It also manages recurring payments, ACH transaction and overall portfolio management for providers.
Further, the system brings back all outstanding AR receivables under the physicians’ rooftop, engages them through a propensity model and establishes a precise re-engagement plan to maximize internal AR collections and remove the need for expensive and often ineffective outsourced collections.
This article is part of our ongoing coverage of HIMSS17. Visit Destination HIMSS17 for previews, reporting live from the show floor and after the conference.