ZirMed®, a recognized leader in revenue cycle software and predictive analytics, today was honored with the Frost & Sullivan 2016 North American Technology Innovation Award for the healthcare revenue cycle management (RCM) market.
The honor granted to ZirMed is part of Frost & Sullivan’s Best Practices Awards program, which identifies and evaluates candidates from across North America. Each year, Frost & Sullivan presents this award to the company that demonstrates uniqueness in developing and leveraging new technologies that significantly impact both the functionality and the customer value of the new products and applications. The award lauds the company’s significant, ongoing investment in innovative research and development (R&D), as well as the R&D’s industry relevance and positive impact on the market.
“The healthcare revenue cycle workflow is complex, especially for hospitals and other large healthcare organizations,” said Nancy Fabozzi, principal analyst for transformational health at Frost & Sullivan. “Gaps in workflow and lack of data integrity can result in lost revenue and significantly elevated days in accounts receivable. ZirMed’s end-to-end revenue cycle management platform spans the entire RCM spectrum, from claims and AR management to patient responsibility to financial predictive analytics and solutions for value-based care. As a result, ZirMed’s customers spend less time tracking down delayed payments and simultaneously capture greater revenue from enhanced claims and charging accuracy.”
Healthcare providers suffer an estimated $85 billion in losses annually due to complex and inefficient billing procedures that result in missing charges or coding variances in claims that lead to payment delays or denials, according to Frost & Sullivan. ZirMed’s cloud-based solutions help over 300,000 providers and more than 8,000 healthcare organizations manage major financial challenges, such as uncompensated care, patient responsibility, and the shift to fee-for-value.
ZirMed’s comprehensive end-to-end platform encompasses patient access, charge integrity, claims management, AR management, patient responsibility, and population health management. The company was also recently recognized by Black Book Rankings as the #1 end-to-end RCM solution for hospitals and large medical centers, marking the fifth consecutive year ZirMed has received this recognition.
“Healthcare finance leaders continue to face significant, complex challenges with the disruptive care delivery and payment models that are emerging as the industry shifts to a value-based care approach,” said Tom Butts, chief executive officer at ZirMed. “This award from Frost & Sullivan confirms yet again that ZirMed’s end-to-end platform, tailored for our customers’ specific needs, helps address the entire reimbursement process – not only eliminating gaps, but also delivering on the promise of full visibility, comprehensive revenue integrity, and predictive analytics in healthcare finance. We’re honored to receive this prestigious award for innovation in the RCM market.”