HIPAA News

Transaction Automation Techniques Enable Healthcare Organizations Cut Operational Costs

(May 29, 2008)-- The automation of transaction-based processing is finding new currency among leading health plans in the United States. Foresight Corporation of Dublin, Ohio reports growth in both the number and scale of installations of Transaction Insight - the leading platform used for transaction automation.

Transaction automation techniques enable healthcare organizations to cut operational costs significantly by integrating validation, error reporting, automated alerting, online correction of enrollments, claims, & payments, and real-time business intelligence for all healthcare electronic transactions.

"National and regional health plans are realizing the tremendous advantages available to them when they can capture detailed transactional information and use it to generate a very broad, clear and objective picture
of their operation," said Robert Fisher, Foresight CEO. "More health plans are recognizing the profound impact of this approach which has saved some organizations millions of dollars in first-year costs alone."

Major health plans using Foresight's Transaction Insight now include WellPoint Inc., Coventry Health Care, Independent Health Association Inc., Kaiser Foundation Hospitals, Arizona Health Care Cost Containment System (AZ Medicaid), Blue Cross Blue Shield of Nebraska, New York State Catholic Health Plan, and others.

Now in its fourth year of mission-critical production usage, Transaction Insight has been extended to provide a central monitoring/reporting facility and repository for status information from adjudication, translation, clearinghouse, and other systems to bridge the gap between the IT infrastructure and the business demands for timely, high-value information.

As the market is growing more sophisticated and specific about its requirements, the recent spike in demand reflects recognition among payers that this technology can be used to solve multiple operational challenges as an integral, reliable part of the IT/Business infrastructure. Foresight's collaborative investment with its customers has positioned Transaction Insight as the only transaction automation solution successfully deployed.

This customer base collaboration has also resulted in co-creation of new extensions to Transaction Insight that solve operational and reporting problems that emerge as organizations undertake infrastructure modernization.

Foresight has helped customers build standards-compliant networks, address mandates like HIPAA and NPI, connect partners, validate transactions, and secure operational efficiencies.

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