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, ICDVisualizer™, 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."
About HRAA
HRAA (OTCBB: HRAA) interprets data to ensure that healthcare is efficient and effective for hospitals, providers and other healthcare organizations by pulling medical data together to create a predictive window to understand cost and revenues looking back and going forward. Founded in 2001, HRAA combines years of industry expertise with best-in-breed technology to create market leading business intelligence products and consulting services to ensure healthcare organizations are reimbursed for every pill they prescribe, every procedure they perform and every test they administer. HRAA both trains and supplies high tech workforce to generate the predictive data used by the whole healthcare system and offers a full suite of solutions needed to keep up with the ever-changing industry including data analytics software, business intelligence technology, medical coding, auditing, education, revenue cycle consulting, and ICD-10 transition solutions. For more information please visit: http://www.hraa.com
Caution Regarding Forward Looking Statements
Certain statements in this news release and such conference call are forward-looking, including (without limitation) expectations or guidance respecting customer contract expansion, growing revenues and profits through organic growth and acquisitions, attracting new business that will increase HRAA's revenues, continuing to maintain costs and consummating any transactions. Undue reliance should not be placed on such forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control. The Company's actual results, performance and trends could differ materially from those indicated or implied by such statements as a result of various factors, including (without limitation) the continued strengthening of HRAA's selling and marketing functions, continued customer satisfaction and contract renewal, new product development, continued availability of capable dedicated personnel, continued cost management, the success and availability of acquisitions, availability of financing and other factors, as well as by factors applicable to most companies such as general economic, competitive and other business and civil conditions. Information regarding certain of those and other risk factors and cautionary statements that could affect future results, performance or trends are discussed in HRAA's most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission from time to time. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
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