ATLANTA, Jan. 28, 2004 (PRIMEZONE) -- pMDsoft announced today that it had signed a strategic partnership with Matrix Management Services ("Matrix") of Brooklyn, New York, to implement the pMDsoft hand-held data capture system in over 100 skilled nursing and assisted living facilities throughout New York, New Jersey and Florida by year end. The partnership is a result of a successful trial implementation in which the system was used for data capture and billing by Matrix Physicians in over 25 skilled nursing facilities. The information was integrated with Matrix's proprietary administrative back office system and provided a seamless approach to billing. The pMDsoft-Matrix partnership resulted in reduced billing costs, improved charge capture, and improved cash flow management.
The system far exceeded expectations according to Matrix's President, Michael Quilty. "The system eliminates the need for unnecessary paper work and has increased charge capture by 5%, resulting in over $200,000 in found revenue. In addition the system supported a reduction in billing errors, the elimination of billing paperwork, and helped facilitate a shift from weekly to daily billing, all of which has improved cash flow," stated Quilty. The pMDsoft system also provides Matrix with real time information about visit frequency and coding breakdowns for data analysis and compliance monitoring.
The trial took place over 90 days at 25 skilled nursing facilities throughout New York, New Jersey, and Florida, with the actual installation of the pMDsoft system and physician training completed in less than one week. During the trial Matrix was able to recoup lost revenue well in excess of the cost of the pMDsoft implementation. Based on these favorable results, Matrix made the decision to fully implement the system across the facilities it serves.
"Matrix presented an opportunity for pMDsoft to grow and expanded its customer base into the skilled nursing arena. The successful Matrix implementation demonstrates how our product expands the continuum of care while generating a very attractive return on investment for our customers. We are very proud to report this success," stated Philippe d'Offay, Founder of pMDsoft.
Headquartered in Atlanta, pMDsoft develops wireless applications that help physicians streamline and automate their entire practice from point-of-care through reimbursement. The company was started in 1999 to address mobile physicians' need for an effective alternative to their paper-based method for recording patient encounter information. pMDsoft's automated charge capture solution adheres to the highest standards for performance, security and reliability. For more information, visit www.pmdsoft.com.
Matrix Management Services provides administrative support to physicians practicing in the long-term care setting. Matrix Physicians are focused solely on the care of patients in skilled nursing facilities, assisted living facilities and other long-term care facilities. Matrix Physicians do not have office-based practices-their only priority is delivering the best possible care to patients by working with the facility, its administration, and staff. Matrix partners with managed care organizations, hospitals, and State Medicaid programs to improve the health status of patients in the long-term care setting. For more information, visit www.matrixhealth.net.