Revenue cycle management is critical to ensuring the financial viability of healthcare organizations. Accurate real-time data capture and efficient workflows are key focus areas that can reduce the lag time in billing. This month, we’re featuring SwiftPayMD, a revenue cycle management platform from Iconic Data. SwiftPayMD’s mobile, desktop and back-end server side technologies address critical medical billing challenges currently facing clinicians and healthcare provider organizations.
What challenges or needs did you see and/or experience in the industry that drove you to build this application?
We created SwiftPayMD to address issues that arise from the use of paper in the provider revenue cycle, including: lost charges, excessive charge lags, and avoidable claim denials. Given the ubiquity of mobile devices among providers, we did not understand why doctors were still submitting their charges to the back office on paper billing cards, superbills and encounter forms – a method that forces billers to decipher cryptic handwriting in order to determine the proper charges. We knew there was a better way.
SwiftPayMD expedites the revenue cycle by leveraging real-time data transmission and speech and video sensor-based data capture technologies. Other charge capture applications do not submit data in real time and require tedious data entry. For many providers, the need to manually rekey data on a mobile device makes the charge capture process take longer than if they simply used paper. As we all know, time is precious for physicians and they simply will not adopt new technologies that make something take longer, particularly when the alternative is quickly jotting down a few notes on paper.
At Iconic Data, we were driven to build SwiftPayMD because we saw a need to create a charge capture software platform that providers actually wanted to use.
What problems does your app solve in healthcare?
Uncaptured revenue adversely affects an organization’s bottom line. SwiftPayMD solves this problem by helping provider organizations:
- Avoid lost charges. SwiftPayMD allows charges to be locked in and booked anywhere, and there are no more lost billing cards, encounter forms or superbills.
- Accelerate time to payment and decrease days in accounts receivable. SwiftPayMD delivers encounter billing data to the back office in real time. This reduces costly charge lags that: 1) starve provider organizations of valuable cash flow; and 2) increase working capital requirements.
- Decrease the cost of charge reconciliation and claims creation. SwiftPayMD eliminates errors in handwriting interpretation, improves provider / biller communications, and makes charge reconciliation easy. This ensures claims are: 1) generated for all encounters; and 2) sent to payers correctly the first time.
SwiftPayMD makes charge capture for patient visits mobile and remarkably simple, saving doctors time and making medical billers’ work easier.
What are the top three features you view as most important when designing and building an mHealth app for physicians and/or patients?
In our experience, the most important design and feature considerations are:
- Is it easy to use?
- Is it faster or more convenient than the status quo alternative?
- Does it solve one of the top three problems for both the end user and the buyer?
We find that these are guiding principles that must be adhered to if a provider-centric software solution is going to be a success.
What are the top features/benefits of your app?
The benefits of SwiftPayMD are simple and straightforward. Organizations that use the platform: 1) capture more revenue by avoiding lost charges; 2) make it easier for their providers to submit billing information for services rendered; and 3) empower their billers with tools to improve the revenue cycle. By eliminating paper from the revenue cycle, SwiftPayMD customers reduce their operating costs and generate more cash flow.
In one sentence, tell us what you think the future of mobile health will look like.
At SwiftPayMD, we believe the future of mobile health is passive data capture, real-time data transmission, and exquisitely simple, uncluttered and intuitive user interfaces.