ProxyMed Now Doing Business as MedAvant Healthcare Solutions.
ProxyMed (NASDAQ:PILL), a leader in healthcare technology services, today announced its new focus and new operating name of MedAvant Healthcare Solutions (MedAvant). The Company's ticker symbol remains the same. The newly launched corporate identity unites all business units and employees under one brand identity and is one of several outcomes resulting from the strategic analysis the company completed in Q3 2005 following the acquisition of seven companies between 1997 and 2004.
Working closely with its partners, MedAvant will concentrate its business on solutions that empower providers to initiate healthcare transactions electronically and take control over the financial aspect of their business. By automating transactions at the physician office, the Company will be able to deliver higher quality and lower costs for its payer, lab and pharmacy clients, and introduce real-time direct connectivity and transaction processing solutions for all.
All customers will benefit from a simplified corporate and technology infrastructure that improves accessibility to and control over critical information. MedAvant is concurrently announcing today the Envision Portal for Providers(TM), a secure website for providers that supports real-time and batch claims processing and delivers enhanced visibility and greater control over healthcare transaction processing.
"The healthcare industry has shown a remarkable tolerance for low-quality, inefficient processes, and it's time we delivered high-quality, integrated solutions that fully automate transactions and bring real-time processing to healthcare," said John Lettko, CEO of MedAvant.
"The Company already has the elements in place to do this," Lettko continued. "Three years ago we built Phoenix(TM), the industry's only real-time processing platform that can perform at scale and handle batch processing, and it's now the foundation for our healthcare transactions. We are connected to more than 450,000 providers through NPPN, our PPO network, and over 100,000 providers through our clearinghouse. In addition, MedAvant will be implementing a quality program based on Six Sigma led by the black belts currently on staff. We are very excited to put these pieces together to lower the costs of healthcare for everyone and extend real-time processing capabilities to all our clients."
Eric Arnson, EVP of Product Management added, "We are raising the bar by offering products that enable the real-time exchange of healthcare information. Our Envision Portal for providers is just the first step in this endeavor. The Portal will help transform the claims filing process from a black hole to one of transparency and visibility. It allows our providers to enroll online, submit their claims, check for quality and edits, track a claim at any point in the process, receive electronic remittance advice and better understand their rejected claims. Access to information that is critical to running a business should not be mysterious and it should not take days or weeks. Our clients need better information and our mission is to deliver this information in real-time."
"We've been working on this re-branding and repositioning effort since June and wanted our Company identity to have significant meaning for us and for our customers," said Lettko. "Particularly as we've changed the focus of the Company, it's important that our name reflects our business philosophy and strategy. The root word 'Med' literally means 'to take appropriate measures,' and 'Avant' means 'before,' 'in front of' or 'leading.' The full 'MedAvant' (pronounced Med-A-Vaunt) translates into 'to take appropriate measures ahead of others in our industry.' Our industry leading, real-time processing platform, Phoenix(TM), is the tool we are using to move the market towards true automation and improved efficiency for all customers."
Customers rely on MedAvant for a variety of healthcare transaction services including eligibility, claims tracking, referrals, remittance, e-prescriptions, and lab reports. The new Envision line of products for providers is MedAvant's first suite that offers an unparalleled approach to cash-flow management and delivers on the promise of empowerment, transparency and secured open access. MedAvant also owns the National Preferred Provider Network (NPPN), one of the largest and oldest Preferred Provider Organizations (PPO) in the nation.
"John Lettko's experience in bringing high-quality, electronic imaging and check processing to the banking industry is invaluable as MedAvant drives paperless, real-time transactions and processing in the healthcare industry," said Kevin McNamara, chairman of the board for MedAvant. "Under John's leadership, efficiency has been a driving factor at MedAvant both internally and externally. By implementing a Six Sigma process across the board and integrating internal operations and technology platforms, MedAvant is agile and able to be more responsive to customer needs."
About MedAvant Healthcare Solutions
MedAvant (NASDAQ:PILL) is a provider-focused healthcare technology company that delivers healthcare transaction processing, medical cost containment services and business process outsourcing solutions to physicians, payers, pharmacies, medical laboratories and other healthcare suppliers. To facilitate these services, MedAvant operates Phoenix(TM), a highly scalable and secure national information platform, which supports real-time direct connectivity and transaction processing between healthcare clients. For more information about MedAvant, please visit the company's website at http://www.medavanthealth.com.
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|Article Type:||Company Profile|
|Date:||Dec 5, 2005|
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