Kryptiq Unveils New Solution for Managing Healthcare Insurance Contracts

February 23, 2004

ORLANDO, Fla., Feb. 23 /PRNewswire/ -- (HIMSS Conference & Exhibition) -- Kryptiq Corp. announced today that it has released a contract management solution aimed at helping medical insurance payers better manage their contracts with medical care

ORLANDO, Fla., Feb. 23 /PRNewswire/ -- (HIMSS Conference & Exhibition) -- Kryptiq Corp. announced today that it has released a contract management solution aimed at helping medical insurance payers better manage their contracts with medical care providers. Kryptiq Guardian Contract Manager(TM) is the first end-to-end, modular solution that is specifically designed to help insurance companies quickly and easily manage the requirements in any given contract to ensure timely payments to the medical providers at the agreed upon contracted rates.

According to a recent American Medical Association study, on average, 25 percent of all health claims are rejected by the payer. Of the rejected claims, 43 percent are attributed to contractual inconsistencies. As soon as a claim falls out of auto adjudication, it must be processed manually, which dramatically increases overall costs. It is not uncommon for a mid-size insurance company to adjudicate a million procedure claims a month.

Guardian Contract Manager is an enterprise solution that provides healthcare insurance companies a universal contract repository for standardizing, managing, and analyzing corporate contracts. The application ensures timely compliance between the rates agreed upon and the rates in the billing reimbursement systems. The solution enables organizations to create a library of contractual language terms, clauses, and fee schedules that can be utilized as a shared resource to ensure all contacts use consistent terms and language.

 

The primary benefits of the Kryptiq contract management solution include: 1. Reduced administration time -- Guardian Contract Manager reduces errors in billing procedures. This enables medical providers to get paid faster and payers to spend less claims time on processing rejected claims. 2. Enhanced profit/loss analysis -- With Guardian Contract Manager, payers and providers can easily analyze the profit or loss associated with any given contract and the overall performance over the term of the contract. 3. Reduced management time -- Guardian Contract Manager enables payers to streamline the preparation, distribution, and negotiation of contracts. Every data element of a contract (terms, clauses, rates, etc.) is stored discretely and can be flagged and tracked. 4. Secured communication & Web access -- Guardian Contract Manager incorporates secure email as the transport mechanism for contracts and other related communications. This solution integrates with back-end payer databases that control rates and reimbursements to others. All contract information is stored on a secure Web portal, enabling all users in an organization with access to the contract information when and where it is needed.

"Streamlining the healthcare process and reducing costs for both providers and payers are primary objectives at Kryptiq," said Luis Machuca, president and CEO of Kryptiq. "With the Guardian Contract Manager solution, we are taking great strides in helping payer organizations become advocates for the provider groups they work with on a daily basis. The Kryptiq solution enables our customers to utilize existing systems and improve the communications with their customers at all levels. It's another step forward in making the connected healthcare system a reality today."

About Kryptiq Corporation

Kryptiq is the leading provider of workflow connectivity solutions for healthcare. Kryptiq streamlines healthcare communications among patients, providers and payers with automation, contract management, and secure messaging technologies. By integrating these solutions with existing systems and applications, Kryptiq enables the trusted transport of health information where and when it is needed. Kryptiq's fast growing customer base includes well-known providers and payers, such as Blue Cross and Blue Shield of Minnesota, Providence Health Systems, Capital Region Healthcare, Austin Diagnostic Clinic, and Michigan State University. For more information, visit the company on the Web at http://www.kryptiq.com/.

Legal Notice: All rights reserved. Kryptiq is either a trademark or registered trademark and the Kryptiq logo is a service mark of Kryptiq Corp. Product specifications are subject to change without notice. Microsoft Outlook is a trademark or registered trademark of Microsoft Corp. in the United States and other countries.

CONTACT: Lisa MacKenzie of MacKenzie Marketing Group, +1-503-225-0725, or lisam@mackenzie-marketing.com, for Kryptiq Corporation.

Kryptiq Corp.

CONTACT: Lisa MacKenzie of MacKenzie Marketing Group, +1-503-225-0725,
or lisam@mackenzie-marketing.com, for Kryptiq Corporation

Web site: http://www.kryptiq.com/