Leading Internet-based medical claims clearinghouse builds on record-setting 2011 by adding more than 300 practice locations to client base
ATLANTA--(BUSINESS WIRE)-- Navicure, a leading Internet-based medical claims clearinghouse for physician practices, today announced that the company added 344 new practice locations to its client base during the first quarter of 2012. This represents a 112% increase in new sites booked over the first quarter of 2011. Navicure also experienced a 24% increase in revenue compared to 2011. This follows a year of record growth for the company, which experienced a 28% increase in revenue in 2011 over 2010.
Navicure’s Web-based solutions help practices improve operating margins and enhance cash flow through automated revenue cycle and account receivables management solutions. The company’s account receivables management solutions automate receivables processes, including patient eligibility verification; primary and secondary claims reimbursement; rejected and denied claims management; electronic remittance posting; claims and remittance reporting and analysis; and patient statement processing. Some of the practices that have recently selected Navicure include:
- Healthcare Billing Incorporated, which is based in Flemington, N.J. and provides medical billing and consulting services ranging from staff training, IT support, transcription services and coding support to 33 providers across the country.
- Nephrology Associates of Northern Illinois, the largest nephrology practice in Illinois and second largest in the country, has 79 providers at more than 30 locations across Illinois, Indiana and Ohio.
- Pottstown Medical Specialists, Inc., a multi-specialty practice in Pottstown, Pa., has 49 providers and has been serving patients since 1978.
“We are excited about the new partnership we are forging with Navicure. Their commitment to helping us improve our revenue cycle through a variety of tools and their ability to integrate with our current technology solutions were key factors when we decided to change clearinghouses,” said Beryl Everist, director of patient accounting services of Pottstown Medical Specialists, Inc. “With our old clearinghouse, our days in A/R increased by more than 33 percent. Already with Navicure we have been able to reverse some of that issue while also improving other key metrics.”
“Navicure’s management team and board of directors are really pleased with the company’s first quarter performance. Beyond our financial results, we’re happiest to see continued high client satisfaction in the face of the challenging HIPAA 5010 transition,” said Jim Denny, founder, president and CEO of Navicure. “The transition proved to be a pivotal event for those in our industry, and we were able to showcase our preparedness for the transition and our unique 3-Ring client service policy. We’re thankful for our clients who worked alongside us during this transition, and we’re excited that our customer service continues to be a key differentiator for us.”
Navicure is a leading Internet-based medical claims clearinghouse that helps physician practices increase profitability through improved claims reimbursement and staff productivity. Serving over 20,000 healthcare providers in practices nationwide, Navicure’s solutions automate account receivables processes, including primary and secondary claims reimbursement; patient eligibility verification; rejected and denied claims management, including appeals; electronic remittance and posting; claims and remittance reporting and analysis; and patient statement processing. Navicure’s solution is supported by its unique 3-Ring Client Service™ which guarantees that a client service representative will answer every client call in three rings or less.
Navicure is a member of the MGMA AdminiServe® Partner Network, an exclusive group of pre-screened, peer-reviewed and tested vendors. Navicure is also the founding sponsor of www.icd10hub.com, a free educational website devoted to making physician practices’ transitions to ICD-10 and 5010 easier. Navicure continues to be ranked among the fastest growing companies nationally in the Inc. 5000 and Deloitte Fast 500 rankings. For more information, please visit www.navicure.com.
Megan Smith, 770-576-2560
KEYWORDS: United States North America Georgia
INDUSTRY KEYWORDS: Technology Data Management Internet Practice Management Health Hospitals