PR - Cash Technologies Unit Signs Deal with TriCap Health Group

Los Angeles-based Cash Technologies, Inc. announced that its wholly owned subsidiary, Claim-Remedi Services, Inc. has entered into a services agreement with TriCap Health Group, LLC to incorporate Claim-Remedi’s products into TriCap’s ARxChange debt disposition platform. TriCap’s ARxChange system is the first centralized on-line marketplace for the disposition of healthcare debt and accounts receivables. ARxChange represents a core solution in TriCap’s compelling product portfolio dedicated to helping solve many of today’s pressing healthcare-related business, financial, and technology challenges.

Under the two-year Agreement, TriCap shall utilize Claim-Remedi’s products to identify portions of patient-debt portfolios that can be recovered from insurance companies, rather than through patient collections, thus substantially increasing the value of such receivables. Fees are based on the value of recovered collections and will be shared between TriCap and Claim-Remedi on an equal basis. The Agreement also permits the parties to market each other’s products to their respective growing client constituencies.

"We expect Claim-Remedi’s products to play an invaluable role in helping us substantially increase the recovery rate of healthcare receivables, thereby enhancing the value of our core ARxChange platform," stated Joseph E. LaManna, TriCap’s CEO.

Healthcare providers in the U.S. set aside $129 billion annually to cover bad debt, amounting to roughly 7 percent of the industry’s revenues, which is twice the industry’s average net profits of 3 percent according to industry research.

LaManna added, "Growing bad debt has severely compressed profitability and lessened liquidity; consequently TriCap’s clients have looked to substantially increase financial performance through the deployment of TriCap’s proven debt disposition and receivables management tools. The addition of Claim-Remedi’s synergistic products will add appreciably to our efforts in these important areas."

Claim-Remedi’s insurance search engine, called ProIdentify Elsee, can locate valid healthcare insurance when a patient’s carrier has changed or is unknown, turning certain uncollected receivables into valid and highly collectable insurance claims. In addition, for insurance claims that have been denied due to claim preparation errors, Claim-Remedi’s Pro837 Claim Editor, with its large database of sophisticated business rules, can identify the exact corrections needed for the claims to be paid by carriers, thus substantially reducing uncertainty and risk when pricing a portfolio of receivables.

Bruce Korman, CEO of Claim-Remedi, remarked, "We are excited to partner with TriCap and participate in their innovative ARxChange platform. Reducing collection costs and maximizing recoverability of receivables assets are two of the most important initiatives currently underway within the healthcare industry today. TriCap’s solution for debt portfolio management and Claim-Remedi’s expertise in maximizing insurance recovery rates create a powerful combination designed to help healthcare executives maximize their revenue cycle and receivables management efforts, both on the front and back-end of the collection process."