Innovative combination of services plus technology helps physicians improve
efficiency and reduce their administrative burden.
ANNAPOLIS, Md., Oct. 29 /PRNewswire-FirstCall/ -- CBaySystems, a leading provider of health care BPO services, today announced the introduction of CBayPraxis.
CBayPraxis is a revolutionary electronic patient folder, a simple, intuitive, and web enabled solution that unifies transcripts, patient charts and diagnostic records on the physician's desktop. This is the first in a series of solutions that CBayPraxis will be launching in the integrated practice management and EMR space.
"Today, small physician practices are being squeezed like never before," says Christopher Foley, President of CBaySystems and Services, Inc. "Faced with building pressures on claims reimbursement, the enormous amount of medical data they need to collect and manage, and the advent of Electronic Medical Records (EMR), they're working more hours, seeing more patients, and in many cases struggling to achieve greater efficiency. CBayPraxis was designed to change the game -- and help them take back more control."
According to Frost and Sullivan, the workload in physician's offices keeps growing, in some cases exceeding 150 patient visits per week. Additionally, every patient visit generates about 10 pages of documentation and paperwork, on average, from insurance claims to prescriptions. As a result, it becomes very difficult for a physicians office to complete the work and also maintain patient data. Some studies have reported that physicians are spending 25% to as much as 55% of their revenues on administrative overhead.
-- Managed care and government agencies both are putting an incredible
burden on physicians. Stretching their administrative staff, requiring
them to see more and more patients than ever before, and causing delays
in their ability to collect money (and causing them to collect less
than they're entitled to).
-- Rejected claims create an administrative burden and cash flow problems.
Physicians end up leaving too much money on the table because of things
like inadequate documentation, incorrect codes, and their
administrative teams have to spend hours and hours on the phone trying
to fix problems and collect what the physician is due.
As a result, physician practices face a number of significant challenges. From understaffing and high job turnover, to inadequate financial reporting, lost revenue due to submission errors or bad insurance claims, and unsatisfactory customer service -- as the administrative team spends time trying to collect money rather than service patients.
"I became a physician to treat patients, not to handle paperwork," says Diego Escobosa, M.D., from Bayside Pediatrics. "Every day, I'm seeing more and more patients and making less and less money. I've seen it happen in my practice, and with all of the other physicians I know who work in small practices."
A Breakthrough Solution.
CBayPraxis brings together a comprehensive suite of practice management offerings, including transcription, electronic medical records, e-prescription and billing services on a single desktop platform. Using a high-definition dashboard featuring "widget" technology, these services are delivered directly to physicians, giving them access to the information, records and reports they need when they need them -- quickly and easily.
"CBayPraxis allows us to outsource many of our back office functions," notes Dr. Mirza Nusairee, MD, Internal Medicine a user of CBayPraxis. "Their team makes the calls, confirms coverage, follows-up on collections, corrects documentation, and handles other tasks we used to do internally. It's reduced our costs significantly, and reduced headaches for our staff."
In the front office, CBayPraxis helps with registration of new patients, appointment scheduling, eligibility verification and co-pay collection. Back-office functions include billing, insurance claims processing and management, insurance follow-up, and accurate and reliable financial reporting. CBayPraxis also features a revolutionary "Electronic Patient Folder," which unifies patient transcripts, charts and diagnostic records on the physician's desktop. This is the first in a series of CBayPraxis solutions that will focus on integrated practice management and Electronic Medical Records (EMR).
Much Simpler and Less Expensive than Software.
For over 20 years, Practice Management Software (PMS) has been marketed as a way to help physicians run their practices more efficiently. However, more often than not, it has proven to be too complex and too expensive for physicians to implement and maintain. Moreover, its promise of higher productivity and efficiency has not been realized.
"Through our experience working alongside thousands of physicians, we've learned that technology alone is not the solution," notes Foley, "which is why we designed CBayPraxis with a services component -- easy to use, easy to afford, and focused on results."
Unlike Practice Management Systems, which can require a substantial up-front investment in software, hardware and training, plus ongoing upgrades and maintenance, CBayPraxis requires no upfront software or setup charges. Practices are charged on a "per encounter" basis, per patient, meaning there is zero upfront capital investment, training, upgrades or licensing fees. As a result, the cost for CBayPraxis nets out to only a small percentage of the practice Adjusted Gross Income, compared to 20-40% for typical Practice Management Systems (PMS).
CBaySystems and Services Inc.'s parent, CBaySystems Holdings (AIM: CBAY), is a leading provider of healthcare technology and business process outsourcing (BPO) services and a leading provider of transcription services to the healthcare industry. CBay delivers fully integrated transcription and receivables management solutions that improve processes, lower costs, and ultimately help physicians to provide superior patient care. Using HIPAA-compliant web-based technologies, CBay's 5,000 highly-credentialed medical language specialists and customer service professionals deliver the highest quality medical documentation to thousands of clients.
Since 1998, CBay has been serving major health systems, hospitals, clinics and physician practices 24 hours a day, 365 days a year -- always with a commitment to the highest standards of quality and customer service. CBay is headquartered in Annapolis, Maryland. For more information, visit http://www.cbaysystems.com.
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