ROSWELL, Ga. — The world of healthcare technology is rapidly changing and expanding; with many looking for ways to increase efficiency while cutting costs.
It was partially because of this that Roswell-based healthcare tech firm Medistreams drew U.S. Rep. Tom Price to tour their offices Jan. 9.
Medistreams takes the payments of insurance companies and processes them to be in an electronic format.
The industry uses the phrase, “healthcare revenue cycle management,” to describe this process.
This is the business of ordering the right coverage of benefits to each individual patient or consumer.
“When you go to the doctor and he files a claim and the insurance company pays that claim, someone has to receive the check along with the ‘Explanation of Benefits’ and figure out how to reconcile the two,” said Medistreams CEO James Coyle. “It’s a very labor intensive process to key [that information] back into management software.”
Medistreams takes care of that.
“Each of our modules have been designed to reduce cost, increase efficiency and maintain compliance with all associated regulatory agencies,” Coyle said.
Employing 35 workers in their Roswell offices, Medistreams also looks to reverse a trend of recent years, where medical companies outsource data processing and inputting overseas, such as to India and China. Problems arise, Coyle said, when people stop to think about privacy concerns and the possibility of a security breach.
“It’s almost like shipping IRS tax returns to India,” he said. “Who do you sue in India if they release it?”
It is dealing with problems like these that attracted Price to visit Medistreams.
A surgeon by profession, Price led the Republican charge in Washington on the healthcare debate and has remained a powerful figure on that issue in Washington.
He sits on the Ways and Means Committee and is vice chairman of the Budget Committee.
Price made the point that of the $3.5 trillion in revenue that the government brings in, fully $2.5 trillion of that goes into Medicare, Medicaid, Social Security and debt payments.
“We could do away with the entire government and still not balance the budget,” Price said, because of those social programs’ expense.
Cutting costs and red tape and streamlining complicated processes are important. And that is where companies like Medistreams get Price’s attention.
Price said the best thing the government can do for companies like Medistreams is to get Washington out of the way and get patients closer to their physicians.
“They are encumbered by the rules of Washington,” he said. “They can [help patients and healthcare] in a nimble way and can think outside the box and be efficient. They could do a better job if we can only unleash them.”
For more on Medistreams, visit it online at www.medistreams.com.