Plantation, FL, July 29, 2013 (GLOBE NEWSWIRE) -- Health Revenue Assurance Holdings Inc. (OTCBB: HRAA) todayannounced that it was selected as a strategic partner to provideICD-10 services to four health systems in the Midwest through theOctober 1, 2014 transition and beyond starting July 15, 2013.These health systems provide quality patient care to over 300,000patients a year and employ more than 500 physicians across 65medical specialties. Under these new contracts, HRAA will provide ICD-10 transitionservices that include Technology, Coding Education, Coding Reviewsand Risk Mitigation Services. The coding education isdesigned to ensure retention of the selected data, while minimizingthe interruption to staff productivity. HRAA will alsoprovide coding reviews, where inpatient and outpatient medicalrecords will be evaluated to provide assessments that will enablethe health systems to analyze their clinicaldocumentation. HRAA will utilize its proprietary businessintelligence software, ICDVisualizer™,to analyze the health systems' financial, coding and productivityimpacts to help mitigate risks and potential revenue shortfallsassociated with ICD-10 and thereafter. HRAA's team will thenreview the analysis and develop risk mitigation strategies as itrelates to payor contracting relations, financial and productivityimpacts and documentation improvement, and recommend sample setsfor future coding audits. Based on initial contracts, HRAA expects to receive totalrevenues ranging from $200,000 to $300,000 for the four healthsystems. "The transition to ICD-10 codes is not just a coding conversion;it is a change that impacts all areas of the revenue cycle. Withfour new health systems on board, this further validates that HRAAhas best-in-breed technology and consulting services for the ICD-10transition," commented President and COO Robert Rubinowitz. "Theaddition of these customers to our growing client base is asignificant step forward as we draw nearer to the transition dateof October 1, 2014."
About HRAAHRAA (OTCBB: HRAA) interprets data to ensurethat healthcare is efficient and effective for hospitals, providersand other healthcare organizations by pulling medical data togetherto create a predictive window to understand cost and revenueslooking back and going forward. Founded in 2001, HRAA combinesyears of industry expertise with best-in-breed technology to createmarket leading business intelligence products and consultingservices to ensure healthcare organizations are reimbursed forevery pill they prescribe, every procedure they perform and everytest they administer. HRAA both trains and supplies high techworkforce to generate the predictive data used by the wholehealthcare system and offers a full suite of solutions needed tokeep up with the ever-changing industry including data analyticssoftware, business intelligence technology, medical coding,auditing, education, revenue cycle consulting, and ICD-10transition solutions. For more information please visit: http://www.hraa.com Caution Regarding Forward LookingStatements Certain statements in this news release and such conference callare forward-looking, including (without limitation) expectations orguidance respecting customer contract expansion, growing revenuesand profits through organic growth and acquisitions, attracting newbusiness that will increase HRAA's revenues, continuing to maintaincosts and consummating any transactions. Undue reliance should notbe placed on such forward-looking statements because the mattersthey describe are subject to known and unknown risks, uncertaintiesand other unpredictable factors, many of which are beyond theCompany's control. The Company's actual results, performance andtrends could differ materially from those indicated or implied bysuch statements as a result of various factors, including (withoutlimitation) the continued strengthening of HRAA's selling andmarketing functions, continued customer satisfaction and contractrenewal, new product development, continued availability of capablededicated personnel, continued cost management, the success andavailability of acquisitions, availability of financing and otherfactors, as well as by factors applicable to most companies such asgeneral economic, competitive and other business and civilconditions. Information regarding certain of those and other riskfactors and cautionary statements that could affect future results,performance or trends are discussed in HRAA's most recent annualreport on Form 10-K, quarterly reports on Form 10-Q, and otherfilings made with the Securities and Exchange Commission from timeto time. All of the Company's forward-looking statements areexpressly qualified by all such risk factors and other cautionarystatements.
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