CARROLLTON, Texas, Aug. 12 /PRNewswire-USNewswire/ -- Preferred Health Technology Inc. (PHT), whose A-Claim(TM) medical payment solution helps physicians and hospitals accurately determine and collect patient payments at the point of service, today announced its endorsement of the Medical Group Management Association's (MGMA) Project SwipeIT.
MGMA launched its Project SwipeIT (www.SwipeIT.org) initiative in January to encourage government and private insurance plans to issue standardized member identification cards that contain a magnetic stripe with machine-readable information. MGMA says clerical errors and inefficiencies caused by non-standardized cards and those without magnetic stripes cost health care providers $2.2 billion annually.
MGMA wants insurers to commit to issue the cards to members by January 2010, and it is calling on physicians to install low-cost card readers to access the information on the cards.
The group says insurers will realize savings from reduced provider inquiries, fewer claims that must be processed more than once, and other reduced labor costs. Health care providers will save by reducing administrative costs associated with manually keying in patient information and resubmitting claims that are rejected due to clerical errors.
"We are proud to support MGMA in its push to reduce health care costs through standardized insurance identification cards," said Mary Dees Griffith, PHT's president and COO. "PHT has been a pioneer in the use of swipe-card technology to improve efficiency, lower costs and accelerate the revenue cycle for physicians and hospitals nationwide."
PHT's proprietary and innovative A-Claim swipe-card technology system (www.A-Claim.com) enables health care providers to simply and securely verify insurance eligibility, adjudicate claims, and accept credit, debit or prepaid cards and checks for payment at the time of service, before a patient leaves the hospital or office. The system works with all major insurance plans.
By making a payment arrangement before the patient leaves the hospital or doctor's office, providers can increase the efficiency of their billing process and improve overall collections and cash flow. The system offers patients payment choices and allows them to authorize future payment of outstanding bills, reducing the need to write and mail checks and helping them better manage medical expenses.
"We appreciate the support PHT has given our efforts and encourage payers, providers and vendors to follow suit and make the commitment to eliminating $2.2 billion in waste from our system," said William F. Jessee, MD, FACMPE, MGMA president and CEO.
Preferred Health Technology Inc., headquartered in Carrollton, Texas, provides electronic payment and transaction-processing services for the health care industry. Its parent company operates one of the largest health care insurance data center sites in the world in support of Medicare, Medicaid, TRICARE, the Federal Employee Program and Medicare Advantage health plans, as well as other private health plans.
|SOURCE Preferred Health Technology Inc.|
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