Dear Colleague,

As we prepare to turn another leaf of the calendar, all of us at Navicure are indulging in a few moments for reflection – and enjoying a sense of satisfaction and accomplishment. We believe we succeeded in developing new services and enhancing functionality in 2006 that genuinely benefits our clients.

1. We enriched our editing engine so claims are cleaner and clients are paid faster. Problems are identified and corrected before a claim is even submitted, eliminating delays associated with rejections and denials.
2. We expanded our list of payers supplying CMS 835 electronic remittance advice (ERA) from 30 to 130. This provides physician practices with vital information more quickly and relieves their staff of the burdensome task of manual posting.
3. We can now handle all secondary claims submissions – either paper-based or electronic – on behalf of our clients, allowing them to capture revenue they may have written off in the past.
4. We introduced “remittance matching” capabilities, providing a link between ERAs and original claims. This functionality allows us to automatically reconcile the amount paid against the amount originally billed – so practices can begin collecting outstanding balances in a timely manner.

This fourth accomplishment is of particular importance because it serves as the foundation for Navicure’s primary New Year’s resolution: to provide even greater automation and functionality for customers in 2007.

For instance, we are in the process of developing an ERA “scoreboard” that displays captured remittance matching information. It will provide an enterprise-level view of the status of all claims – which are pending, which have been paid, and if the paid amount is equal to the charges submitted. Navicure clients will be able to leverage this data in a myriad of ways, analyzing amounts paid and days in A/R on a payer-by-payer basis, for instance.

We also plan to extend the chain of custody beyond ERA. Navicure developers are designing data fields that will allow banks to communicate the actual amount paid so we can produce client summaries reconciling these figures with information communicated on the ERA. The ERA may contain notification that check #1234 has been issued in the amount of $175 against claim #129, for instance. Navicure will be able to confirm that the check was actually deposited into the practice’s account.

Further, we are developing secure “lockbox” capabilities, providing a destination for all mail related to claims payment. This functionality will automatically redirect mail – typically EOBs and payments – from insurers to the practice’s bank, which will digitize the information and process the transaction electronically, reporting activity through Navicure. This, in essence, will remove the burden of opening and handling mail from the practice. Patient statements can also be automatically generated once insurance payment has been received, so outstanding balances can be collected.

Finally, Navicure will offer clients a secure, private-label credit card portal in 2007. This will allow patients to log onto the practice’s Website to pay any charges. Front desk staff will also be able to grant patients access to the portal at check-in, so deductibles and co-pays can be processed automatically in real time, at the practice location.

2007 holds great promise. All of us at Navicure are excited about the opportunities ahead – and look forward to providing our clients with even higher levels of service and support.

In the meantime, we extend our warmest holiday greetings and sincere wishes for a prosperous 2007.

Sincerely,

Jim Denny
President
jdenny@navicure.com

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