With the recent shift away from fee-for-service care and toward value-based care, healthcare providers are beginning to understand the benefits associated with implementing healthcare revenue cycle management solutions in their operations. Healthcare revenue cycle management oversees the financial processes involved with healthcare organizations such as registrations, filing and processing claims, collecting payments and analyzing the overall revenue growth.
CereSoft, established in1993, is a healthcare revenue cycle management services company based in Silver Spring, Maryland. The company process millions of healthcare transactions daily for some of the most high profile healthcare providers and financial institutions in the United States.
CereSoft currently concentrates on the healthcare industry as its primary target due to the urgency of needs and the size of the market. The firm started with processing consumer bills and invoices. It pulled data from invoices and provided the extracted information to the downstream accounting and billing system for reconciliation and posting.
The company’s initial product was a success by winning Product of Show at AIIM and also scored number one in a benchmark test conducted by NIST.
The company’s journey initially was a roller coaster ride. It is difficult to convince customers that your system will indeed perform and provide the benefits you claim. You have to build your credibility gradually. Later on, the company is able to find partners from large non-competing organizations with symbiotic goals that help it to overcome this barrier and drive sales.
CereSoft’s success factors are:
The firm greatly contributes to the global IT platform and society at large. Healthcare cost in this country and other parts of the world continues to grow at an alarming rate. At least 20% of the GDP in this country is consumed in healthcare. CereSoft’s cloud base platform allows anyone with an internet connection anywhere in the world access, monitor and work while providing significant cost reductions in the years to come.
CereSoft shifted from in-house software system provider to hosted service provider. This enables the company to have daily contact with its customers, understand directly their business needs and therefore allows it to design more relevant systems to handle their requirements. The firm also decided to partner with the financial institutions to offer its services in conjunction with the Bank Lockbox program to healthcare providers to benefit all parties directly and with CereSoft acting as the Hub of all business and even clinical data for all parties involved in the healthcare industry.
CereSoft is constantly working on new ways of automation, new modules and for improving product efficiencies. A new denial management system that incorporates all ERA/EOB/Correspondence denials has recently been rolled out. Financial forecasting for Accounts Receivable has also been enabled providing healthcare provider management a better understanding of cash on hand for the short term and into the future. The firm envisions being a full service revenue cycle billing and payment company for healthcare and all other industry segments in the future.
Greet the virtuoso
Dr. Hsing-Hen Chen has been active in the Healthcare RCM services for the past two decades. He was a professor in Physics and computer sciences in University of Maryland for more than thirty years with expertise in complex systems analysis. He had worked for many years on Neural Networks with Deep Learning and is responsible for the development of a smart system that can read hand written and printed documents and interpret and extract useful information for complex business processes such as Healthcare Revenue Cycle Management. He is the founder of several companies that put his research into commercial use. CereSoft was founded in 1995 after Adobe System acquired his previous company “the Nonlinear Technologies” which helped Adobe to build their Acrobat Capture product. CereSoft partners with many large Banks’ lockbox operations to provide RCM services to healthcare provider clients to receive, store, balance and post all their daily receipts from insurance payers and patient payments in paper EOBs and electronic remittances advices. The MedAR Web Portal also allows users to handle correspondences, denials, underpays, refunds, secondary, re-associations, etc. online within one single system.
“We have provided cutting edge services to our clients in the healthcare industry, while demonstrating thought leadership in technology services throughout the United States.”
“Our vision can be simply describe in working with healthcare providers to energizing their cash flow.”