Physmark Services:

Physmark or a business partner is ready to offer the following as a hosted service.

Revenue cycle management: Healthcare organizations are notorious for producing “phantom receivables”. Using Physmark’s products, actual receivables can be reconciled against received payments, to catch shortages. As HIPAA gains  acceptance, payers will be submitting 835 transactions as funds are remitted to a lock-box or electronically to a bank. Reconciling these reports with actual amounts received can be automated using PayerSoft.

Payable Management: An independent check can be performed on amounts paid to providers using PayerSoft’s claims repricing engine, to avoid double and over payments.

HIPAA Compliant Clearinghouse: Legacy systems can take advantage of the clearinghouse service to accept and transmit HIPAA compliant transactions without modifying their current system.

Data mining and audit services: Healthcare costs are climbing. No one really knows why but always someone else is to blame. Data mining can help discover where the money is going and that can suggest a sensible program to contain those costs. Auditing both medical and pharmacy claims can catch errors and eliminate waste.

Sarbanes Oxley: This law was enacted in reaction to the over-statements of revenues by public companies like Enron and WorldCom. This regulation requires that CEOs and Boards of Directors scrutinize and be responsible for the accuracy of reported financial statements. Having an independent report of revenues by using PayerSoft to confirm audited reports from a company’s AR system can be helpful in complying with Sarbanes Oxley.