Revenue Management Solutions Announces Commercial Relationship with Finalytics
OKLAHOMA CITY, OKLAHOMA , UNITED STATES , June 22, 2022 /EINPresswire.com/ -- Finalytics, a healthcare fintech company, offers its patented Flex FaaS Payments solution to monetize insurance claims in three days, significantly reducing days insurance outstanding and returning business intelligence.
Revenue Management Solutions, LLC (“RMS”) the leader in healthcare revenue cycle remittance automation today announced its commercial relationship with Finalytics, LLC (“Finalytics”, Niwot, CO), a healthcare company with breakthrough fintech solutions modernizing the insurance revenue cycle. Finalytics and its Flex Financing-as-a-Service (FaaS) is the first platform to bring the retail reimbursement environment to healthcare RCM, e.g., getting insurance claims paid immediately after delivering healthcare services. Flex FaaS cloud-based platform monetizes insurance claims in three days and seamlessly integrates with RMS’ advanced claim-payment reconciliation automation technology, yielding best-in-class cloud-based insurance revenue cycle.
Current legacy insurance reimbursement workflows challenge providers to convert claims to cash in a timely manner. Flex significantly reduces days insurance outstanding by monetizing commercial insurance claims in 3 days via Flex ACH payment and an 835 provided by RMS that posts into the practice management system at the patient account level. The Finalytics-RMS commercial relationship yields an end-to-end solution automating claim monetization and insurance payment reconciliation as well as electronification of paper workflows surrounding the payment posting process.
“Our commercial relationship with Finalytics offers our client base an opportunity to transition their legacy RCM to a retail reimbursement cycle to deliver healthcare services on Monday, file claims on Tuesday, and get paid by Friday,” says Scott Thomas, CEO of RMS. “Our processes are synchronized allowing Flex to deliver an ACH payment three days after claim submission along with an 835 that we provide that posts into the practice management system. Together, we truly modernize the insurance revenue cycle.”
Flex-RMS clients experience the industry’s first retail revenue cycle solution realizing immediate insurance revenue, claim-payment data, business analytics, and intelligent automation – making their insurance revenue cycle more agile and forward-looking. Flex significantly reduces days insurance outstanding and delivers faster, more accurate revenue cycle reimbursement. RMS standardizes and automates time-consuming, repetitive, and inefficient manual revenue cycle processes found in legacy revenue cycle workflows.
“Since Flex integrates with RMS’ platform and is automated, our unified Flex-RMS offering encompasses RMS’ remittance automation solution and our fintech platform to overcome an inherently inefficient legacy RCM and immediately eliminate workflow inefficiencies,” says Mark Fontenot, CEO of Finalytics. “Our provider clients now have more control of their RCM and can elect to monetize any aspect of their commercial insurance at any time to meaningfully reduce their days insurance outstanding on the order of 90%.”
Scott Thomas also said that “our decision to partner with Finalytics was easy, especially considering that we believe that Flex coupled with our remittance automation platform offers significant breakthroughs in RCM workflow dynamics such as improved insurance A/R financial metrics and returning increased cash. Without a doubt, our commercial relationship collectively delivers breakthrough solutions in healthcare RCM.”
Founded in 2006 and based in Oklahoma City, Oklahoma, RMS (https://rmsweb.com/) is the leading technology-based healthcare remittance automation platform. Used by more than 1,000 acute care, revenue cycle management, dental and pharmacy clients, RMS allows healthcare providers, outsourcers, and facilities to optimize the remittance matching, reconciliation, and RCM processes. RMS processes over 16 million transactions monthly, offering its technology-driven solutions directly to customers and via established channel relationships with leading financial institutions throughout the United States.
Finalytics is a healthcare fintech company founded in 2017 and located in Niwot, CO (www.finalytics.com). Finalytics offers is its unique Flex FaaS and Worx cloud solutions in the commercial insurance revenue cycle. Flex (www.flexbyfinalytics.com) brings the only automated retail reimbursement solution to commercial and worker’s compensation (WC) insurance revenue cycle. Flex monetizes insurance claims in 3 days via ACH along with a postable 835, significantly reducing days insurance outstanding, while returning revenue cycle business intelligence and analytics. Worx by Finalytics (www.worxbyfinalytics.com) modernizes the WC revenue cycle by centralizing and digitizing WC workflows. Worx and Flex are seamlessly integrated, bringing the retail reimbursement environment to WC claims. Louisiana is our initial WC market entry.