MedAptus has announced that longtime customer University Physician Associates of New Jersey, Inc., (UPA), recently signed a five-year contract renewal for the company’s Professional Charge Capture (Pro) software. UPA initially signed with MedAptus in 2003 to support electronic, mobile and compliant capture of physician charge data across more than 30 medical and surgical specialties. The renewal of UPA’s relationship with MedAptus allows UPA physicians and administrative staff to continue capturing and managing professional charges during and beyond the upcoming industry transition to ICD-10.
UPA, the faculty practice plan of the New Jersey Medical School (NJMS), provides billing and administrative support to approximately 400 providers at NJMS with the goal of promoting and fostering the clinical activities of NJMS faculty members. UPA additionally works to ensure that generated revenue supports the mission of NJMS in post-graduate, undergraduate and public education; advances the body of knowledge in both the clinical and basic science of medicine through research; and, offers patients state-of-the-art, competent, compassionate and cost-effective medical care.
UPA first adopted the MedAptus Pro tool in order to re-engineer paper processes and improve the overall revenue cycle related to professional billing activities. Shortly following its MedAptus implementation, UPA undertook a financial benefit analysis which revealed that days-to-billing decreased by over 50 percent and total charges increased by 25 percent. The net result of these changes was a one-time cash infusion of over $13 million from the charge lag reduction and an ongoing annual benefit of nearly $7 million.