Waltham, MA (PRWEB) March 28, 2013
Connance, Inc. (http://www.connance.com), a provider of innovative, predictive analytic-based programs that improve financial performance in healthcare enterprises, has joined the HFMA Healthcare Medical Debt Collections Task Force as a founding member. The goal of the Task Force is to identify a common set of medical debt collection practices that can be standardized for widespread industry adoption that will lead to improvement in the overall collection process, the patient experience, and financial performance resulting in a fair collection process for patients.
Connance was invited to join the task force in recognition of its proven track record of aiding providers and their revenue cycle vendors with self-pay revenue collection. The advisory group will be comprised of approximately 15 20 finance and revenue cycle senior leaders representative of community hospitals, safety net hospitals, academic hospitals, large physician clinics, large healthcare systems and other key stakeholders such as ACA International, credit bureaus and collection agencies, and groups representing patients. We want to thank Connance for their support of this remarkable endeavor, said Richard Gundling, HFMA Vice-President. Forging partnerships with strong leaders like Connance creates new opportunities and exciting new possibilities. We expect that Connance will continue to contribute innovative ideas to the industry and aid the Task Force immensely.
We are very proud to have been invited to be a founding member of the HFMA Healthcare Medical Debt Collections Task Force, said Steve Levin, CEO of Connance. We believe the leadership that HFMA is taking here will be welcomed and we look forward to engaging with other senior finance leaders to help to establish and advocate for medical debt best practices. Healthcare debt is a growing issue for consumers and the more the industry can do to lead and set standards the more we can expect consumers to understand fully their obligations and assume an appropriate level of engagement and responsibility.
The Task Force advisory group will compare current processes of medical debt collections by the various constituents, document workflows from initial bill to closure of account to identify inconsistencies in process and process gaps resulting in negative experience for the patient, as well as identify pros and cons of variations in process flows to support the groups conclusions. Based on these findings, the Task Force will develop a best practice medical debt collection process and ensure that the work flows it develops can be adopted by the majority of healthcare providers and medical debt partners with minimal increase in resource consumption. Then the Task Force will seek input on its research and recommendations from other key medical debt stakeholders representing providers, credit bureaus, collection agencies, and patients.
About Connance, Inc.
Connance brings world-class predictive analytics and insights from hundreds of clinical settings to transform the performance of financial processes at hospitals, physician groups and outsourcing organizations. Connance solutions sustainably increase cash flow, reduce operating costs and improve policy compliance in self-pay, denial management, charity, and outsourcing processes. With clients like Centura Health, Florida Hospital, and Geisinger Health System, Connance is changing the expectations of financial executives. Connance is headquartered in Waltham, Mass. For more information visit http://www.connance.com or call (781) 577-5000.
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