Q&A: ReveMed Technologies

CARY, N.C. -- Increasing productivity in processing insurance claims may sound like some sort of crazy dream, but Cary-based ReveMed Technologies is making that dream come true. Startup TechWire spoke with Co-founder and CEO Ken Poray to learn more about his company’s innovations.

When was your company founded and why? 
Our company was founded in 2013 to deliver technology innovation to Revenue Cycle Management (RCM) and solve decades old problems, including waiting on hold to talk with payers.

NK Patent LawWhat are your company’s core products or services?
Payer Concierge is our patent pending, flagship product. Developed over the course of 3 years, Payer Concierge combines historical hold time patterns of payers with our proprietary algorithm to detect and avoid hold time with payers, which may be over one hour for certain payers when staff calls about prior authorization for example.  A core feature of Payer Concierge is accountability as reporting is available to highlight usage on a staff member basis, including calls to specific payers throughout the day and time spent on those calls.  For three years, I have asked RCM leaders how they track calls to payers and have not found one that has this kind of reporting mechanism in place.  It’s important to track calls to payers to understand patterns among staff members. For example, why is Bob spending four hours of time on the phone with Aetna everyday whereas Sue is only spending three hours of time on the phone with Aetna everyday when both have similar workloads?

Who or what are you competing against?
Our biggest competitor is business as usual…we have not hit critical market awareness yet and many users continue to waste time on the phone. We have demonstrated two-plus hours of savings per staff member per day by not only avoiding hold time, but eliminating the need for staff members to pick up the phone and call payers.  Our competitive edge is being enhanced as our platform name, RevX, is being used as a verb…..I’m going to RevX Aetna….which translates into….I am going to have Aetna call me with minimal or no hold time.  That is Concierge Service compared to the drudgery today of spending three minutes dialing the payer, responding to IVR prompts and listening to the same payer IVR messages that have played every time you call that payer…and then you begin waiting on hold, which is a massive drain on efficiency.

Who are your customers?  
Our customers are large Revenue Cycle Management firms…we are now in discussions with hospitals and physician groups as well.

What problems does your company solve?  
Every day about two hours of time are wasted by insurance verifiers (prior authorization) and Claims Analyst (following up on the status of claims) trying to call and speak with payers.  The process has become an annoyance to staff members and a drain on productivity. Frustration is rampant among staff members, particularly after holding for long periods of time. We have a very simple design to balance the complexity of staff members day.  A simple dashboard guides staff members throughout the day with a running indicator of when they can expect to receive a call from a particular payer. The payer mix is customized for that particular staff member. It’s one click and schedule a call….RevX the payer!

Please share any examples of situations where your products or services achieved a positive result for clients.  
Before Payer Concierge: The collector wasted one hour on a single account between calling United Healthcare and the Independent Physician Association in CA.  This was a very frustrating experience for the collector and a drain on productivity because of experiencing hold time with United Healthcare and then with the Independent Physician Association.

With Payer Concierge: The collector knew immediately that the Independent Physician Association was the entity to contact.  With the click of a single button (phone icon), the phone rings at the collectors desk and the conversation is ready to begin with minimal or no hold time! Dramatic difference.

What new products or services or services will you be rolling-out in 2017?  
1) Advanced reporting and analytics on payer hold times.  2) Business Intelligence to drive further insight on opportunities to most efficiently capture time that is lost due to waiting on hold.  3) Hold time reduction for members (B2C offering) trying to reach payers about a new policy and/or servicing needs 4) Hold time reduction in other industries (specific industries to be named in early 2017).

What makes your company relevant to the future of your industry?  
The continual need to be in touch, by phone, with payers about authorizing services (prior authorization) for patients and resolving issues with claims submitted….like “Why was this claim not paid in full?"

Where can people go to find out more information? 

Startup TechWire - Reporting on business, innovation, and education for America's vibrant startup community | David Menzies | 919-274-6862 | Writer and Public Relations Consultant | Editor StartupTechWire.com | startuptechwire@gmail.com | www.daviddeanmenzies.com