Infocrossing Introduces Q/Advantage Medicare Prescription Drug Coverage Solution.Automated Member Management and Premium Billing Provides Outsourced Payer Solution for Medicare Advantage and Part D Plans LEONIA, N.J. -- Infocrossing, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IFOX), a provider of selective IT infrastructure, enterprise application and business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in services, today announced the introduction of Q/Advantage, a Medicare prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, coverage and premium billing solution for Medicare Advantage and Part D plans. The outsourced solution streamlines the enrollment and day-to-day business process for a wide variety of healthcare payers, including managed care organizations, PDPs, HMOs, PPOs, Medicaid programs and indemnity plans indemnity plan, n 1. a plan that provides payment to the insured for the cost of dental care but makes no arrangement for providing care itself. 2. . The Q/Advantage product supports the administration of Medicare Advantage and Part D Plans. Q/Advantage leverages the rules-based, table-driven architecture of Infocrossing's Q/Care health plan and payer management solution to split off specific functionality into a single integrated customized offering that addresses pharmacy benefit management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. . Infocrossing offers Q/Advantage as either a standalone service or as an integrated solution that complements its Q/Care claims management services. The seven Q/Advantage modules include: Eligibility and Enrollment Services Made Simple--Infocrossing provides eligibility and enrollment services under an agreement with the Center for Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. Services (CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. ). Under the agreement, CMS transmits and extracts from the Medicare Beneficiary Database to Infocrossing Healthcare Services on a bi-weekly basis. This extract provides the eligibility information required to successfully enroll members. Infocrossing Healthcare Services makes the information available to its healthcare plan clients in a format each plan can immediately use. Premium Billing & Reconciliation--Medicare Advantage and Part D plans require a robust billing solution due to the new payment options and cost sharing. Q/Advantage provides the capability to split premium billing invoices automatically to accommodate low income subsidies and late enrollment penalties. Payments from the beneficiary and CMS are then applied to the invoices. The system automatically updates billing payment option changes based on the Transaction Reply Report provided by CMS. Healthcare plans also benefit from the system's ability to automatically produce delinquency letters, flexible invoice scheduling, a variety of payment options including Social Security withhold, automatic deduction from the beneficiary's checking or savings account Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: , and flexible general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. extracts. Infocrossing's infrastructure supports high volume processing that is required for healthcare plans. Correspondence--Based upon CMS correspondence requirements, letters can be generated using a unique combination of beneficiary status codes, TRC TRC Noun (in South Africa) Truth and Reconciliation Commission: a commission which encourages people who committed human rights abuses or acts of terror during the apartheid era to reveal the truth about their crimes in return for immunity from prosecution codes, and other CMS responses. The plans can create user-defined letter templates with embedded Q/Advantage variable data or free form text to accommodate CMS correspondence requirements. An online correspondence log file allows users to view or reprint letters. Search capabilities allow the user to view letters by letter ID, date, or member ID. Customer Service--Q/Advantage tracks responsiveness to inquiries, problems and grievances for employer groups employer group Association of employers Managed care An entity with a current group benefits agreement in effect with a health plan to provide covered health care services to its employee-subscribers and eligible dependents. , providers, members and special documents. Users are allowed unlimited comments, online audit trails, and automatic letter and ID card generation. Employer/Enrollment Groups--Identifies employer groups and their unique coverage options, such as network access, benefit coverage, and other payment calculations; enables the tailoring of multiple products, including Medicaid MCO MCO Managed care organization, see there , commercial and TPA (Transient Program Area) See transient area. TPA - Transient Program Area ; and allows employer groups to control product portfolios. Q/Advantage is extremely flexible and this "group" concept is used to establish rules that define benefit plans offered by the healthcare plan. Q/Advantage can interface with other systems to track member and group eligibility and member benefits usage. "With Q/Advantage, Infocrossing Healthcare Services takes over and effectively manages the member from eligibility and enrollment to billing and payment reconciliation, so that our customers, health plans and healthcare claims payers can focus on the delivery of healthcare instead of back-office business processes," said Art Miller, president of Infocrossing Healthcare Services. "While Medicare is changing every day, we have the expertise to make life easier for our customers. Infocrossing knows not only how to tailor custom solutions to address specific needs, but we have established best practices from working with more than 300 Medicare Advantage and Part D plans. With this expertise, we get our Medicare Part D customers up and running in the shortest timeframe possible, while streamlining the process for real cost savings and efficiency." About Infocrossing Healthcare Services, Inc.'s Medicare Support Services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services Infocrossing Healthcare Services, Inc. provides managed care companies with an online, real-time system for reconciling CMS capitation CAPITATION. A poll tax; an imposition which is yearly laid on each person according to his estate and ability. 2. The Constitution of the United States provides that "no capitation, or other direct tax, shall be laid, unless in proportion to the census, or payments. More than 150 managed care companies and pharmacy benefit organizations now use Infocrossing Healthcare Services, Inc.'s solutions. The Infocrossing Medicare Support Services are supported by Infocrossing's five data centers located across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , which ensure the availability, scalability, reliability and redundancy of the offering. More information about Infocrossing Healthcare Services, Inc. can be found at www.infocrossing.com/healthcare. About Infocrossing (www.infocrossing.com) Infocrossing, Inc. (NASDAQ:IFOX) is a provider of selective IT infrastructure, enterprise application and business process outsourcing services delivering the computing platforms and proprietary systems that enable companies, regardless of industry, to process data and share information within their business, and between their customers, suppliers and distribution channels. Leading companies leverage Infocrossing's robust computing infrastructure, skilled technical team, and process-driven operations to reduce costs and improve service delivery by outsourcing the operation of mainframes, mid-range, open system servers, networks and business processes to Infocrossing. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. As such, final results could differ from estimates or expectations due to risks and uncertainties, including, but not limited to: incomplete or preliminary information; changes in government regulations and policies; continued acceptance of the Company's products and services in the marketplace; competitive factors; closing contracts with new customers and renewing contracts with existing customers on favorable terms; expanding services to existing customers; new products; technological changes; the Company's dependence upon third-party suppliers; intellectual property rights; difficulties with the identification, completion, and integration of acquisitions; and other risks. For any of these factors, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, as amended. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion