MILFORD, MA: Real-time, nationwide connectivity to thousands of government and private payers allows the staff to verify eligibility prior to service without time-consuming phone calls or multiple visits to payer websites. Verification of patients’ insurance coverage terms at check-in improves time-of-service collections so as to ensure faster payments. Psyche Systems Corporation, a laboratory information software provider, has formed a strategic alliance with tevixMD to conduct real-time patient verification and insurance eligibility with better reimbursement percentages and fewer losses and optimize patient access process. The former is going to exploit the latter’s patented technology, Patient Admit System (P.A.S.) to ward off invalid information or insurance coverage.
The patented verification technology in the PAS system makes it, the ideal solution for laboratory billing departments to address patient demographic and insurance eligibility issues either at the point of service, accessioning or when the case is submitted to billing. tevixMD who believes in ‘Better Data and Faster Payments’, verifies the patient first, followed by automatic entry in Psyche’s LIS under the patient’s case history.
Psyche's Laboratory Information Systems (LIS) provide an integrated platform and database to address the specific workflow, testing intricacies, tracking and complex reporting requirements that are unique to molecular, toxicology, drug management and pathology. Besides supporting their clients' ability to provide the best possible patient care and outcomes, Psyche also looks forward to provide the most efficient, productive and profitable process and output ensuring quality service delivery.tevixMD expects to work with both present and future Psyche clients to deliver cutting-edge integration with their real-time patient verification and eligibility systems. Psyche too, is excited to join hands with tevixMD aiming to increase the reimbursements, speed and efficiency gains to the lab by providing the ability to verify and validate coverage before the expenditure in the lab or the billing and collections process begins.
"We know that many labs struggle with the financial end of the business. The cost of performing tests is rising while reimbursements are falling. As such, we are always looking for ways to provide business improvements and better ROI to our customers through expanding technology and automation," says Lisa-Jean Clifford, CEO of Psyche Systems.