October 20, 1999....From the desk of John Schmitz
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By rigorously examining every expenditure to ensure maximum value, we sometimes get so aggressive that we cannot resist expanding our margins at the cost of cutting too deep. That is what happened this past week when I thought that we had bandwidth sufficient for our newly expanded servers. Needless to say I made a horrible error. I guess I should listen to our technical people before playing Bill Gates.
The good news is that we are nearing the conclusion of our corporate revenue enhancement process and I really do like what I see.
We are updating our business plan to include many of our findings and while I readily admit that this process has been laborious and painful in many respects, it is something that every company should go through. In a later Chairman's letter, I will detail specific items that we learned and what we are doing to improve our products, delivery systems, management personnel and ultimately our earnings. But as they say "The proof is in the pudding". The best way to share the many improvements is with our earnings results. They will be the judge of our changes.
Today I would like to announce the improvements we have made with Healthcorp. After three months of intensive financials, management and operational review I am proud to announce our new "World Class" medical management company that will now be know as CodeCare©. CodeCare© is the new name replacing PanAmerican Healthcorp. Why a new name? Because CodeCare© is literally a new company. Everything from our operational structure to our personnel is improved. On October 30th, CodeCare© will open at its new location in Norristown, Pennsylvania. Here are just a few changes that our revenue enhancement program identified and we have now implemented in order to improve our medical management business.
CodeCare©... "Your Prescription for Financial Health"
While PanAmerican Healthcorp was essentially a billing company, CodeCare© takes practice management to a new level. CodeCare© is implementing a practice management program that not only performs all the required billing functions but also incorporates the most advanced and comprehensive clinical editing technology available.
Today, healthcare spending exceeds one trillion dollars annually and is expected to be in excess of two trillion dollars by the year 2007. The enormity of the healthcare market has resulted in intense scrutiny by government and private third party payers. To control healthcare expenditures, complex coding regulations and reimbursement guidelines have been implemented that significantly impact the income of healthcare providers. Together with managed care, these regulations and guidelines have both increased the administrative expenses of a provider and decreased their revenues.
The CodeCare© Practice Management System ensures that claims are coded properly and in accordance with applicable state Medicare, Workers Compensation and other third party payer rules and regulations. We examine the whole claim to identify a wide array of information that can result in lost revenue and billing violations that can lead to payor audit.
The claims editing, claims correction, reporting and workflow management capabilities of CodeCare© will produce significant cost and compliance advantages to healthcare providers. Some of the benefits of this highly advanced technology include reduced claims denials, increased and accelerated payments and improved regulatory compliance
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