CareMedic Systems

Momentum buoyed by rollout of new blended technology and services offerings; company pursues strategy to tackle the difficult challenges of the revenue cycle process

ST. PETERSBURG, Fla.—February 25, 2008—CareMedic Systems, Inc., a leader in proactive financial management for hospitals and providers, today reviewed highlights of a successful year-end 2007, underscored by a winning strategy to offer blended technology and services designed to tackle challenging aspects of the healthcare revenue cycle. More than 30 percent of the company’s third and fourth quarter sales were generated by new solutions, including SecondaryGold™, which combines the power of CareMedic’s flagship products, AccelerateAR™ MedicareRT™ and Claims Management with skilled personnel to successfully collect high volume, low dollar secondary claims. The company also reported it signed a record number of new facilities, seven in the fourth quarter alone, for its newest offering, OptimizeAR™ Consolidated Payment Management (CPM), which was launched in September 2007.

"This past year, we made real strides toward delivery of our electronic Financial Record® Network strategy and in using our expertise to introduce overarching technology and service solutions that will help our customers achieve the next level of value in the revenue cycle,” said Sheila Schweitzer, chairperson and chief executive officer of CareMedic. “The ‘easy’ is done in closing the workflow gaps. We offer solutions that can supplement and augment legacy systems and staff to address those areas that still lack automation or resource focus, and significantly impact the bottom line. The very positive response we’ve received from the marketplace means we are on the right track, and we plan to continue to build on this momentum in 2008 to deliver value to our customers."

CareMedic’s new CPM solution specifically addresses the unique challenges associated with converting paper-based payment data to electronic format and consolidating it with data received electronically. The system applies optical character recognition technology to automatically create electronic 835 remittance advices from paper explanation of benefits (EOBS).

Among other 2007 milestones, CareMedic rolled out significant enhancements to its VerifyAR Compliance Checking solution, and launched complementary performance management dashboards for the company’s four point-of-management solutions—MedicareRT, Claims Management, SecondaryGold, and the electronic Financial Record (eFR®), the only overarching solution available that connects information from disparate systems into a single patient financial record.

Tuscaloosa, Ala.-based DCH Health System is one of several multi-facility customers to select CareMedic’s solutions in 2007. DCH went live on the eFR Network in January 2008.

“The eFR’s productivity tools are second to none,” said Mike Wilson, DCH Health System’s director of business services. “Within the initial 30 days, we increased staff productivity by more than 35 percent by identifying accounts receivable that were previously hidden and remained outstanding with no one working them. We anticipate an additional 15 percent increase within the next 30 to 45 days, and a 100 percent return on our investment within the initial 12 months of implementation.”

Wilson added that the eFR also has significantly increased business office morale. “The gained efficiency from having all associated documents scanned and tied to the patient account has allowed us to integrate multiple departments to work together in an efficient environment,” he said. “The system has improved accountability across all lines of business, plus, our staff no longer has to spend time trying to hunt down documents.”

About DCH Health System
DCH Health System is a not for profit health care system located in Western Alabama that consists of three hospitals providing primary health care for a seven county area. Its annual gross revenues exceed $1.25 billion with a collective average daily census of over 600 inpatients. In addition, it operates a nursing home, ambulance service and level two trauma services, and also provides home health services.

About CareMedic Systems, Inc.
Founded in 1997, CareMedic Systems provides enabling technologies and outsourced services that move and manage critical data through the healthcare revenue cycle, ultimately improving cash flow and margins while reducing operational expenses. The company’s fully integrated data management and workflow tools address revenue cycle activity from inception through claims resolution, and require manual intervention only when necessary. CareMedic is committed to consistently delivering results to its customers. For additional information, visit www.caremedic.com 

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Media Contacts:
Robin Wrinn
Songbird Communications
Tel: 404.307.3029
E-mail: robin@songbirdcommunications.com

Mindy Belt
CareMedic Systems, Inc.
Tel: 404.201.6223
E-mail: mbelt@caremedic.com

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