ATLANTA--(Navicure, a leading Internet-based medical claims clearinghouse for physician practices, today announced that the company continued its record growth in the third quarter of 2012. During the period, Navicure added 280 new practice locations to its client base and experienced a 30 percent increase in revenue compared to the same period in 2011. Navicure’s third quarter performance builds on the momentum started in 2011, when the company experienced a 28 percent increase in revenue over 2010. This continued growth is the key reason Navicure ranked 14th on Modern Healthcare’s first Healthcare’s Hottest list.)--
“When we started our search for a new clearinghouse, one of our top requirements was that we be able to easily track the status of every claim”
Some of the practices who selected Navicure during the third quarter include:
- Ear, Nose and Throat Associates of South Florida is the fifth largest single-specialty practice in the country, with more than 60 providers and 20 offices in the Boca Raton region.
- Ortho Montana, based in Billings, Montana, is a four-office, 30-provider practice that offers orthopedic services including spinal, rehabilitation, surgery, sports, pediatric and trauma specialties.
“With all of the current changes in the healthcare industry, we needed a partner that would ensure that all of our claims would be processed correctly without disruption to cash flow,” said Todd Blum, Chief Executive Officer at Ear, Nose and Throat Associates of South Florida. “We were impressed with how well Navicure handled the 5010 transition, and are certain they will lead us successfully through all of these pending changes. In addition, we are confident that their clearinghouse solution will help reduce our days in accounts receivable and improve our entire revenue cycle.”
“When we started our search for a new clearinghouse, one of our top requirements was that we be able to easily track the status of every claim,” said Roy Strong, Chief Executive Officer at Ortho Montana. “Navicure’s reporting functionality enables us to do this. Furthermore, we can identify the most common rejection and denial reasons so that we can prevent them from happening in the future. With the help of Navicure’s solution and dedicated client services team, we believe we’ll see a significant decrease in our A/R days.”
Along with the new clients, Navicure was included in Modern Healthcare’s inaugural Healthcare’s Hottest program. This list ranks the 40 fastest growing healthcare companies that are headquartered in the U.S., have at least $20 million in revenue for 2011 and have been in business for five years or more. The list included hospitals, health systems, group practices, insurance companies and technology vendors such as Navicure.
“Everyone at Navicure is thrilled to be one of the fastest growing companies in America as recognized by Modern Healthcare,” said Jim Denny, founder, president and CEO of Navicure. “With the numerous transitions that have recently occurred and are on the horizon for the healthcare industry, it is essential that practices have the correct technology partner in place to ensure there is no disruption to cash flow, revenue, or claims processing. The consistent growth we have experienced illustrates that our clients trust us to provide industry-leading client service and technology solutions, even during times of industry transition.”
Navicure is a leading Internet-based medical claims clearinghouse that helps physician practices increase profitability through improved claims reimbursement and staff productivity. Serving over 28,000 healthcare providers in practices nationwide, Navicure’s solutions automate account receivables processes, including primary and secondary claims reimbursement; patient eligibility verification; rejected and denied claims management, including appeals; electronic remittance and posting; claims and remittance reporting and analysis; and patient statement processing. Navicure’s solution is supported by its unique 3-Ring™ Client Service which guarantees that a client service representative will answer every client call in three rings or less.
Navicure is a member of the MGMA AdminiServe® Partner Network, an exclusive group of pre-screened, peer-reviewed and tested vendors. Navicure is also the founding sponsor of www.icd10hub.com, a free educational website devoted to making physician practices’ transitions to ICD-10 and 5010 easier. Navicure continues to be ranked among the fastest growing companies nationally in the Inc. 5000 and Deloitte Fast 500 rankings. For more information, please visit www.navicure.com.