CPSI (NASDAQ: CPSI), a healthcare solutions company, and ChartWise Medical Systems Inc. (ChartWise), a computer-assisted clinical document improvement (CDI) company, today announced a partnership that will help healthcare organizations of all sizes improve clinical documentation accuracy and overall medical reimbursement.
To strategically manage costs, while also requiring improvements in the quality of patient care, payers continue to shift from fee-for-service to fee-for-value reimbursement models. However, providers struggle with incomplete or inaccurate documentation that often results in incorrect billing, reimbursement and quality reporting. By leveraging the ChartWise computer-assisted CDI software, physicians and clinical documentation specialists (CDS) have the tools and guidance necessary to improve documentation quality, resulting in reduced claim denials and more accurate reimbursement.
Dr. Jon Elion, founder of ChartWise, said, “We have spent the last 25 years focusing on technology innovations that help healthcare providers work smarter, not harder. ChartWise enables patient care to be delivered in a more efficient and effective manner, while empowering the clinicians and staff with the tools they need every day.”
“TruBridge provides end-to-end revenue cycle management products and services to healthcare organizations of all sizes,” said Chris Fowler, president of TruBridge. “Through this partnership with ChartWise, we will enhance our existing CDI service with the software and technology that will ultimately improve reimbursement for clients. With this electronic health record (EHR)-agnostic offering, we believe there will be real interest in the added value to the bottom line of many healthcare organizations – especially considering the current financial dynamics being experienced during the COVID-19 pandemic.”
Steven Mason, president and chief executive officer of ChartWise, said, “We are proud and excited to have a mutually beneficial partnership that will improve the value proposition of the TruBridge CDI offering. Our award-winning solution with built-in intelligent expertise guides physicians and CDS toward a complete diagnostic picture, automatically analyzing lab data, medications and procedures to help identify complications and additional diagnoses that have not been specified completely in the notes. The result is improved patient acuity determination, quality scores and revenue capture.”
CPSI is a leading provider of healthcare solutions and services for community hospitals, their clinics and post-acute care facilities. Founded in 1979, CPSI is the parent of four companies – Evident, LLC, American HealthTech, Inc., TruBridge, LLC, and iNetXperts, Corp. d/b/a Get Real Health. Our combined companies are focused on helping improve the health of the communities we serve, connecting communities for a better patient care experience, and improving the financial operations of our clients. Evident provides comprehensive EHR solutions for community hospitals and their affiliated clinics. American HealthTech is one of the nation’s largest providers of EHR solutions and services for post-acute care facilities. TruBridge focuses on providing business, consulting and managed IT services, along with its complete RCM solution, for all care settings. Get Real Health focuses on solutions aimed at improving patient engagement for individuals and healthcare providers. For more information, visit www.cpsi.com.
About TruBridge TruBridge, a member of the CPSI family of companies, provides business and consulting services, and an end-to-end Revenue Cycle Management (RCM) solution. With our arsenal of RCM offerings that include a HFMA Peer Reviewed® product and an HMFA Peer Reviewed® complete outsourcing service, TruBridge helps hospitals, physician clinics, and skilled nursing organizations of all sizes become more efficient at serving their communities. For further information visit www.trubridge.com.
About ChartWise ChartWise Medical Systems, Inc., based in Wakefield, RI, is a healthcare software firm and the developer of ChartWise CDI, a web-based solution for Computer-Assisted Clinical Documentation Improvement. ChartWise CDI’s built-in clinical intelligence and efficient workflow assists physicians and clinical documentation specialists with increased completeness and accuracy of documentation, risk-adjustment, reimbursement and quality scores. Developed by renowned physician Jon Elion, M.D., ChartWise CDI is the only clinical documentation software that translates clinical language used by physicians into accurate diagnostic language required for documentation and reimbursement. ChartWise CDI has provided a positive ROI between five (5) to eighteen (18) times the cost of the software for every client who has used ChartWise CDI. ChartWise was recognized in the 2016 and 2017 Inc. 5000 List as one of America’s fastest-growing private companies, placing first among all Rhode Island-based businesses on the list each year. ChartWise has also been a KLAS award winner for the CDI software category for three (3) consecutive years. For more information, visit www.chartwisemed.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “projects,” “targets,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to the prospects of CPSI’s partnership with ChartWise are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. Such factors may include: risks related to TruBridge’s ability to successfully leverage ChartWise’s computer-assisted CDI software to improve reimbursement for, and add value to, healthcare organizations; the impact of COVID-19 and related economic disruptions which have materially affected the Company’s revenue and could materially affect the Company’s gross margin and income, as well as the Company’s financial position and/or liquidity; actions to be taken by the Company in response to the pandemic; the legal, regulatory and administrative developments that occur at the federal, state and local levels; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of the Company’s or its partners’ information systems, including unauthorized access to or theft of patient, business associate, or other sensitive information or inability to provide patient care because of system unavailability; changes in revenues due to declining hospital demand and deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients); potential increased expenses related to labor or other expenditures; and the impact of our substantial indebtedness and the ability to refinance such indebtedness on acceptable terms or at all, as well as risks associated with disruptions in the financial markets and the business of financial institutions as the result of the COVID-19 pandemic which could impact us from a financial perspective. Numerous other risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. Such factors include risk factors described from time to time in CPSI’s public releases and reports filed with the Securities and Exchange Commission, including but not limited to, CPSI’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10 Q. We also caution investors that the forward-looking information described herein represents CPSI’s outlook only as of this date, and CPSI undertakes no obligation to update or revise any forward-looking statements to reflect events or development after the date of this press release.
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