Certive Solutions Inc. Jointly Announces Commencement of Liability Exchange Initiative
21 March 2014 - 12:15AM
Marketwired
Certive Solutions Inc. Jointly Announces Commencement of Liability
Exchange Initiative
SCOTTSDALE, ARIZONA--(Marketwired - Mar 20, 2014) - The Board of
Directors of Certive Solutions Inc. (the "Company or Certive")
(CSE:CBP) is pleased to announce in association with its strategic
partners, Titan Health Management Solutions Inc. ("Titan Health")
and Liability Exchange, LLC ("LE"), the launch of a claims recovery
collaboration for a select group of medical practitioners based in
Phoenix, Arizona. The project involves the collection of medical
liability claims incurred by physician practice groups in the
treatment of automobile accident victims. These are claims against
liable third parties outside the traditional health insurance
infrastructure and represents a significant long term revenue
opportunity for all three parties.
Titan Health will provide the operational infrastructure and
deep claims management expertise necessary to drive positive claim
adjudication. Liability Exchange and Certive will manage the
customer relations, the technology and the workflow toolsets
necessary to streamline interactivity between the customer and auto
insurance claims adjusters. The intended result is increased
collection of these otherwise ignored claims. Certive,
additionally, has provided the financial resources necessary to
implement effective manual and automated collection solutions,
while in the process ensuring that the technology toolsets deployed
are continuously monitored and configurable to multiple third party
liability medical use case environments.
The initial project's annualized work in progress under
management from the first customer is estimated at US$2,000,000,
which is anticipated to cycle on a six month basis. Certive is
actively identifying additional medical practice groups in the
Phoenix market from which to leverage the initial customer and has
identified two additional customers.
Third party liability is a growing market primarily due to the
reduction in reimbursement from within the commercial healthcare
insurance marketplace. Providers are now collecting claims outside
of traditional sources to receive appropriate reimbursement for
their services. Workflow management tools such as Liability
Exchange will facilitate near term adjudication of claims resulting
in more cash and fewer write-offs. Certive's partnership with Titan
Health and Liability Exchange, provides the necessary human and
technology resources to maximize collections from third
parties.
Thomas Hoehner, CEO of Titan Health commented that "Liability
Exchange is a significant market opportunity for us and is a much
overlooked recovery segment with long-term implications for
physicians and facilities. We look forward to working on this
project with both Certive and Liability Exchange."
John Ragan, Managing Partner of Liability Exchange stated that
"we are very encouraged by this partnership as it provides us with
the operational support necessary for execution, the technical
bandwidth to address virtually any identified opportunity and the
resources to be highly successful."
Van Potter, CEO of Certive, remarked that "we continue to be
witness to the importance of technology as the key enabler to
providing efficiency solutions and therefore the financial survival
of the U.S. healthcare industry as it faces enormous challenges
with the management of data. Over 50% of all health care dollars
spent in the United States today are allocated to administrative
activities. Our sector, being denied claims, is rich with
opportunities to drive new technology solutions that benefit all
participants including the payer, the provider and the patient. We
look forward to working closely with both Titan Health and HCF on
this and many other initiatives."
ON BEHALF OF THE BOARD OF DIRECTORS OF CERTIVE SOLUTIONS
INC.
Van Potter, President, CEO, Director
About Certive Solutions Inc.
Certive Solutions Inc. (Scottsdale, Arizona) provides cloud
revenue cycle management solutions to U.S. hospitals, delivered
collaboratively, utilizing proprietary workflow document management
and analytics technologies tailored to healthcare business
processes. Certive is currently focused on the denied claim segment
of revenue cycle management. Certive's solutions enhance the
efficiency and effectiveness of denied claims recovery in a revenue
sharing relationship that improves hospital net operating
results.
About Titan Health Management Solutions, Inc.
Titan Health Management Solutions Inc. (Tucson, Arizona)
provides a wide variety of revenue cycle management solutions to
its partner hospitals and facilities. Titan has proven excellence
in zero-balance audit and recoveries, A/R early-out recoveries,
denial management services, and various billing support functions.
By partnering with hospitals, Titan is able to increase the
hospital's cash flow, while providing valuable feedback to enhance
its revenue cycle management.
About Liability Exchange
Liability Exchange has created a process for managing and
collecting third party claims that is embedded into its proprietary
software technology. Developed by health care insiders, this claims
processing technology can significantly increase any provider's
cash flow by converting contractual write-offs into cash. Liability
Exchange's dual business process approach protects the legal
position of the provider and delivers an expedient approach to
negotiating a settlement with an auto carrier. It is a balanced,
stratified approach designed to accelerate payment from liable auto
insurance companies.
The forward-looking information contained in this press
release is made as of the date of this press release and except as
required by applicable law, the company does not undertake any
obligation to update publicly or to revise any of the included
forward-looking information, whether as a result of new
information, future events or otherwise. By its very nature, such
forward-looking information requires the company to make
assumptions that may not materialize or that may not be
accurate. This forward-looking information is subject to known and
unknown risks and uncertainties and other factors, which may cause
actual results, levels of activity and achievements to differ
materially from those expressed or implied by such information.
Neither the Canadian Securities Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Certive Solutions Inc.Brian CameronChief Financial
Officer480-922-5327bcameron@certive.com
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