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GWU faculty practice signs deal for real-time claims processing services

The academic medical practice at George Washington University has chosen a vendor to provide real-time adjudication and processing of electronic claims transactions at its Washington, D.C., facilities.

RealMed, an Indianapolis-based provider of revenue cycle management software for healthcare providers, hospitals and payers, will provide the services for George Washington University Medical Faculty Associates.

GW-MFA will gain access to Internet-based, real-time adjudication and processing of electronic claims transactions, real-time claims editing, automatic claims status and electronic remittance advice management.

The academic medical practice will have full access to RealMed's services by the first quarter of 2010, according to Stephen Badger, CEO at GW-MFA.

"RealMed complements our own paperless systems with real-time claims submission (and) comprehensive online claims editing," said Badger. He said the technology would help the practice eliminate manual processes by submitting claim attachments and appeals electronically.

GW-MFA consists of more than 550 physicians across 42 medical/surgical specialties.

Robert Van Dyke, regional vice president at RealMed, said healthcare providers are seeing higher patient liabilities and increased receivables with costs and overhead increasing.

"A recent Health Affairs study reported physician billing and insurance-related functions consume 14 percent of medical group revenue." Van Dyke said.