Realmed Offers Patients, Providers and Payers a Better User Experience With TIBCO Software
Healthcare Claims Clearinghouse Streamlines Transaction Processing, Increases Average Daily Transactions Volume and Speeds Payments
TIBCO Software Inc. (NASDAQ:TIBX) today announced RealMed, an industry pioneer in real-time healthcare claims adjudication, is partnering with TIBCO to build an event-driven infrastructure that will deliver greater visibility into the end-to-end flow of healthcare transactions, such as eligibility, claims and remittance processes.
As a leading medical claims clearinghouse, ranked "Best in KLAS" for Claims and Clearinghouse Services in the prestigious KLAS annual report1, RealMed leverages the power of automated workflows and its connection with health plan and practice management systems to process payments and transactions. Continuing its dedication to provide best-in-class technology services, the company is increasing the efficiency with which it facilitates transaction processing and handles exceptions by amplifying the interaction between existing services.
With TIBCO business process management (BPM) technology and enterprise messaging server solutions, RealMed will handle increasing daily transaction volumes and accelerate processing and payment transactions. As a result, patients, providers and payers will engage in a more enhanced and seamlessly integrated experience.
Event-Driven Future Ahead
RealMed will continue to build upon this platform with TIBCO BusinessWorks™ to streamline processes and integrate distributed and incompatible data sets across multiple applications. The creation of a central repository of information will enable the company to leverage newly harmonized data to improve service quality and operational efficiency, while extending its operations with trading partners.
RealMed will also integrate TIBCO BusinessEvents™ to collect, filter, and correlate transaction events throughout their lifecycles. With this complex event-processing software, the company will be able to more efficiently evaluate direct and indirect process impacts to improve resource allocation and problem resolution. In addition, it will leverage TIBCO Spotfire® to easily analyze complex data and report operational insight on the fly.
"We had two objectives with this transformation. First and foremost, we wanted to be able to provide better services to our customers, which also means enhancing the alignment with our partners," said T.E. Rajagopal, EVP & COO/CTO, RealMed. "Secondly, we wanted to use this opportunity to help us prepare for and meet the HIPAA 5010 and ICD-10 migration deadlines and standards currently being mandated in the healthcare industry. We are well on our way to making both become a reality."
"In partnering with TIBCO, RealMed will be able to achieve a competitive advantage with the enhancement of services, which is paramount for any company to survive in the current economy," said Robin Gilthorpe, senior vice president, TIBCO Software Inc. "Additionally, the company will be able to leverage cutting edge technologies, like complex event-processing and business-intelligence analytics, to achieve supreme visibility in their business operations."
RealMed uses the power of the internet to automate healthcare transactions and information exchange between providers, payers and patients. This capability, together with more powerful reporting and workflow enhancing features, can significantly improve administrative efficiency and cash flow for providers. RealMed serves professional providers ranging from one-doctor practices to the nation's largest academic medical centers and specialty providers for all aspects of their revenue cycle management needs. Visit www.realmed.com to learn more.
TIBCO's technology digitized Wall Street in the '80s with its event-driven "Information Bus" software, which helped make real-time business a strategic differentiator in the '90s. Today, TIBCO's infrastructure software gives customers the ability to constantly innovate by connecting applications and data in a service-oriented architecture, streamlining activities through business process management, and giving people the information and intelligence tools they need to make faster and smarter decisions, what we call The Power of Now®. TIBCO serves more than 3,000 customers around the world with offices in more than 20 countries and an ecosystem of over 200 partners. Learn more at www.tibco.com.
TIBCO, TIBCO Software, The Power of Now, TIBCO BusinessEvents, TIBCO BusinessWorks, and TIBCO Spotfire are trademarks or registered trademarks of TIBCO Software Inc. and/or its subsidiaries in the United States and/or other countries. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification purposes only.