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Plantation, FL, July 29, 2013 (GLOBE NEWSWIRE) -- Health Revenue Assurance Holdings Inc. (OTCBB: HRAA) today announced that it was selected as a strategic partner to provide ICD-10 services to four health systems in the Midwest through the October 1, 2014 transition and beyond starting July 15, 2013. These health systems provide quality patient care to over 300,000 patients a year and employ more than 500 physicians across 65 medical specialties.
Under these new contracts, HRAA will provide ICD-10 transition services that include Technology, Coding Education, Coding Reviews and Risk Mitigation Services. The coding education is designed to ensure retention of the selected data, while minimizing the interruption to staff productivity. HRAA will also provide coding reviews, where inpatient and outpatient medical records will be evaluated to provide assessments that will enable the health systems to analyze their clinical documentation.
HRAA will utilize its proprietary business intelligence software,
ICD Visualizer™, to analyze the health systems' financial, coding and productivity impacts to help mitigate risks and potential revenue shortfalls associated with ICD-10 and thereafter. HRAA's team will then review the analysis and develop risk mitigation strategies as it relates to payor contracting relations, financial and productivity impacts and documentation improvement, and recommend sample sets for future coding audits.
Based on initial contracts, HRAA expects to receive total revenues ranging from $200,000 to $300,000 for the four health systems.
"The transition to ICD-10 codes is not just a coding conversion; it is a change that impacts all areas of the revenue cycle. With four new health systems on board, this further validates that HRAA has best-in-breed technology and consulting services for the ICD-10 transition," commented President and COO Robert Rubinowitz. "The addition of these customers to our growing client base is a significant step forward as we draw nearer to the transition date of October 1, 2014."