Ventra Health, a leading business solutions provider for facility-based physicians, announced that it has formed a strategic partnership with Radix Health, the innovative No Surprises Act Independent Dispute Resolution (IDR) solutions provider, to help its physician clients optimize out-of-network reimbursement and strengthen their overall payer strategy.
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Ventra is one of the nation’s largest, most sophisticated technology-enabled providers of comprehensive end-to-end revenue cycle management (RCM) services, offering clients access to industry-leading technology, data and analytics, provider education, and payer strategy and contracting.
Radix delivers a comprehensive, transparent, and effective IDR solution that combines state-of-the-art software, proprietary data insights, and unique tactics. From open negotiation to final payment collection, Radix stands as a trusted ally to providers – helping them efficiently secure fair out-of-network reimbursement for their services.
In this preferred partnership, Radix will work closely with Ventra to ensure the process is scalable, simple, and maximizes the number of captured claims. Radix only charges its fee when payments are deposited into the client’s bank account, ensuring perfectly aligned incentives and fostering a uniquely client-centric approach. The relationship will benefit Ventra clients across Emergency Medicine, Hospital Medicine, Anesthesia, Radiology and Pathology.
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Steven Huddleston, CEO of Ventra, said, “Ventra has been exploring industry-leading solutions for offering our physician clients an easier process for out-of-network IDR reimbursement, and we are excited to be partnering with Radix on a proven, transparent technology. Radix impressed us with its innovative software and deep healthcare expertise, and we are pleased that our firms share a strong cultural alignment as well as an integrated IT system, making this initiative seamless for clients. We value the shared commitment to delivering high-touch, white-glove services to clients.”
Radix’s proven strategies, along with its software, data and innovative processes, allow the company to reliably batch claims, work through exceptions, expedite determinations, and chase awards after IDR. The partnership offers Ventra’s clients access to timely reimbursement (average days in IDR of 48 days vs. 120+ days), high chance of success (94% win rate vs. an industry average of 82%) and fair out-of-network reimbursement. In addition, an effective IDR strategy often gives providers additional leverage in future contract negotiations with payers.
Max Mangum, CEO of Radix, commented, “We are excited to be Ventra’s answer to the No Surprises Act IDR process, and to partner in delivering an effective IDR solution to Ventra’s clients. Our two companies believe strongly that giving leverage back to providers and enabling fair out-of-network reimbursement are core to the next generation payer strategy: holistically managing in- and out-of-network dynamics. Most importantly, we believe integrated RCM partnerships are instrumental in accelerating the adoption of IDR as a tool to protect patients and providers.”
Mr. Huddleston continued, “Radix’s IDR software platform has a history of proven and predictable results that can lead to better cash flow management for providers. By continuing to invest in smart technology and innovative partnerships like this one, Ventra is well-positioned to meet our clients’ evolving needs.”
Ventra is a portfolio company of Varsity Healthcare Partners, a leading healthcare-focused private equity firm.
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Source – PR Newswire
