SOC Telemed Launches Revenue Cycle Management Service Offering
Reduces Telehealth Program Costs and Liability for Partner Hospitals
RESTON, Va. – (October 1, 2019) – SOC Telemed (SOC) announced today the completion of the beta testing and pilot stages for its revenue cycle management offering. In use since January, the innovative program is currently in place at strategic partner hospitals around the country and transitions the responsibility of billing for telemedicine services and associated financial liability from the hospital, directly to SOC.
“Telemedicine policy is complex, especially when delivering care across state lines,” said Hammad Shah, CEO for SOC Telemed. “Hospitals and physicians face unique and geographically variable billing rules from state to state. With our new revenue cycle management solution, we offer our partners the expertise required to capture the professional service revenue with a significant reduction in exposure.”
When billing insurers, physicians traditionally work one of two ways. Either the hospitals they serve bill through reassigned benefits (billing rights), or the physicians manage or outsource it themselves. However, when physicians are geographically distributed away from patients through telemedicine, billing, compliance, and liability become complicated due to complex laws governing interstate medicine, Medicare, and other concerns.
The legal and regulatory environment for hospitals managing telemedicine billing bears a significant risk of failing to comply with current complex regulations. Additionally, doctors who reassign their benefits to hospitals carry equal risk when seeking to satisfy the same laws. To alleviate and simplify these concerns, SOC built and tested a pilot program with key strategic partners. As a measure of program success, SOC successfully enabled telemedicine billing to payers and patients, executed numerous commercial payer contracts, and contracted with Medicare to reduce risk exposure across states for doctors and hospitals alike.
“With increased attention to fraud, waste, and abuse throughout the health care industry, more claims are scrutinized for mistakes leading to painful audits and reduced profits for hospitals,” added Shah. “Through our experience and diligent focus on telemedicine policy, we can effectively capture available revenue for clinical partners to ensure the sustainability of their telemedicine programs through cost reduction.”
About SOC Telemed
SOC Telemed (SOC) is the largest national provider of telemedicine technology and solutions to hospitals, health systems, post-acute providers, physician networks, and value-based care organizations. Built on proven and scalable infrastructure as an enterprise-wide solution, SOC’s technology platform, Telemed IQ, rapidly deploys and seamlessly optimizes telemedicine programs across the continuum of care. SOC provides a supportive and dedicated partner presence, virtually delivering patient care through teleNeurology, telePsychiatry, and teleICU as well as enabling healthcare organizations to build sustainable telemedicine programs in any clinical specialty. SOC enables organizations to enrich their care models and touch more lives by supplying healthcare teams with industry-leading solutions that drive improved clinical care, patient outcomes, and organizational health. The company was the first provider of acute clinical telemedicine services to earn The Joint Commission’s Gold Seal of Approval and has maintained that accreditation every year since inception. SOC Telemed is backed by Warburg Pincus and CRG. For more information, visit www.soctelemed.com.
SOURCE: SOC Telemed