HIPAA Compliance Solutions Available Now; Healthcare Companies Bracing for Daunting Regulations.
ADDISON, Texas--(BUSINESS WIRE)--March 1, 2000
Electronic Transmission Corp. (Nasdaq:ETSM). ETC, an Addison, Texas-based medical claims administration firm, has developed process applications to address upcoming HIPAA (Health Insurance Portability and Accountability Act) EDI compliance issues nearly one year ahead of the government's scheduled mid-2001 deadline.
The new HIPAA regulations have been mandated by the Health Care Financing Administration office of Clinical Standards and Quality, an entity of the federal government's Health and Human Services. The 1996 act, which requires a major overhaul of the nation's healthcare information system, demands that everyone who holds or transmits medical information must use a standard format. Claim forms, medical records, laboratory reports for bills, records and other submissions are included. The regulations, expected to be finalized by mid-2001, will compel hospitals, health plans and other providers to reconfigure patient records into a uniform electronic format. HIPAA legislators' intent is to make it easier for providers to switch from traditional paper claims submission and payment to standardized electronic claims administration, a move which will save healthcare organizations billions of dollars a year.
"Healthcare claim payers who wait until the HIPAA regulations are signed and sealed before determining what they will have to do -- or deciding how much of the compliance burden can be shifted to their software vendors -- may find themselves confronted by a formidable challenge," said Robert Fortier, ETC's chairman and chief executive. "PPO's, PPM's, TPA's, insurance companies, nursing homes, doctors' offices, insurers as well as other third party claims administrators should already be gearing up for the daunting work of HIPAA implementation."
For the past six years ETC's totally electronic medical claims automation and data transmission services have functioned as a third-party information collector/clearing house. The firm's unique paperless automated processing system eliminates reams of paper converting critical data from paper forms to digital images, all electronically. "Most healthcare institutions don't have the in-house technological expertise to comply with the upcoming HIPAA standards, but we are up and running and our experience in electronic automation processing has propelled us to the head of the class," said Fortier. "Our systems, which are already in place, put us in position to resolve many of the compliance issues, and we can, inexpensively and quickly, enable healthcare payers to receive electronic claims submissions and provide technical services to process existing claims handling. Coupled with our new pporepricer.com system and our EDI (Electronic Data Interchange) product, we are in the unique position to help healthcare companies facing HIPAA compliance," Fortier continued.
The foregoing comments include statements indicated by words or phrases such as "expect," "estimate," "believe," "intend," "anticipate," "may" and similar expressions. Such words are intended to identify forward-looking statements and are based on current expectations and are subject to certain risks, uncertainties and assumptions, including without limitation, market factors and economic conditions. Electronic Transmission Corporation expressly disclaims any obligation to release publicly any updates or revision to such forward-looking statements to reflect any change in its expectation with regard thereto or any change in events or circumstances on which any such statement is based.
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 1, 2000|
|Previous Article:||Mexican Restaurants Inc. Announces Appointment of David Nierenberg to the Board of Directors.|
|Next Article:||Metretek Technologies Inc. CEO Interviewed On America-iNvest.com's `CEO Says ... '.|