Ritesh Shah, CEO, HealthTeq Services
Outstanding payments and disorganized revenue cycles are two significant factors that bring down the efficiency in managing complex finance operations at hospitals. A few years ago, Ritesh Shah, CEO of HealthTeq Services, witnessed a similar situation where the lack of transparency in billing systems provided by third-party vendors increased operating cost and slackened health care providers’ growth. Third-party firms were inefficient in keeping healthcare organizations informed about changes made to the billing functionalities within their products. This resulted in an inaccuracy between the actual cost of treatment and received payment from patients’ insurance provider. To mitigate such challenges, Shah laid down the cornerstone for Health Services, with an ambition to eliminate inconsistency in billing processes. “We have structured our portfolio of solutions and services in a way that clients’ accounts are handled by an assigned, designated account manager with a team of certified coders and billers to iron out any disparity in invoices,” says Shah. “This allows clients to contact their account handler and resolve any ambiguity in billing and avoid denials and late payments.”
HealthTeq Services is a healthcare outsourcing organization that assists companies with revenue cycle management (RCM) solutions to reduce denial rates and increase returns. With the recent changes in the medical guidelines from ICD-9 to ICD-10, managing medical billing has become complicated, thereby resulting in higher denial rates. To streamline the billing for healthcare providers, HealthTeq Services developed a proprietary software that leverages artificial intelligence (AI) and blockchain technology, empowering hospitals to conduct patient insurance eligibility check, claims scrubbing and submission, payment posting, and denial management.
Our software helps us eliminate errors and in turn has reduced denial rates by 45 percentages since we started integrating our model
The firm executes these operations by deploying an AI-powered bot that gathers information from claims and rectifies them. A combination of this bot and the task-centric software validates discrepancies in billing with regards to current procedural terminology (CPT) codes, demographic users, and insurance information within applications and generates error reports. This assists users in fixing flaws pertaining to billing processes, ensuring that claims does not get rejected due to simple errors. “Our software helps us eliminate errors, and in turn, reduces denial rates by 45 percent for our clients,” adds Shah.
Since its inception in 2006, HealthTeq Services has been bringing in a sense of flexibility to a multitude of business operations through its software offering. Stressing on the robustness of this portfolio, Shah cites how the software helped the firm retain every client engagement since its establishment. Unlike other organizations that are limited to a few specializations such as dermatology, gastro, and others, HealthTeq Services’ team caters in over 25 different verticals. The firm is adept at more than 30 electro medical record (EMR), which enables the organization to manage billings for a wide range of healthcare providers.
HealthTeq Services’ RCM solutions have helped many healthcare providers overcome billing discrepancies and achieve complete control of their invoices workflow. More recently, the firm collaborated with a client to assist them in reducing the rejection of their claims as well as aging payments of worth $6 million. On implementation of its software, the client could handle their billing efficiently, which improved claims’ collection rate to 94 percent.
Over the years, HealthTeq Services has garnered a vast clientele across the U.S. and is now focused on hiring teams to establish and scale its business in the Bahamas. The firm is further committed to developing a proprietary EMR and electronic health record (EHR) system in the next 18 to 24 months. “We understand physicians’ needs with regards to EMR systems; thus, we plan to reach the next milestone of launching our EMR system,” concludes Shah.