Columbus, OH, May 5, 2004 –Foresight Corporation, the leading provider of advanced business and transaction processing solutions for healthcare, announces Transaction Insight™ – a new transaction processing application that uses automation to reduce operating expenses and improve the first-pass rate for Payers. For Provider applications, Transaction Insight contributes to accelerated revenue cycles and collections. Transaction Insight is the first to apply the technology of Business Activity Monitoring (BAM) specifically to the challenges associated with healthcare transaction processing. Foresight’s BAM solution for healthcare allows real-time high level monitoring using virtually any metric that can be derived from the HIPAA data stream.
The new technology provides insight into the root causes of inefficiency, capturing information from real-time processes, visualizing the business state, and managing complex systems on an exception basis. It features ad hoc management reports that pinpoint the source of errors based on a wide variety of criteria. A healthcare-centric Web portal provides e-mail alerts that render transactions in familiar human-readable formats to submitters such as billing departments not versed in EDI. The BAM principle of zero-latency is applied to the error resolution process for claims processing.
"Our overarching objective in developing Transaction Insight is better automation - removing humans from all but the exceptions and streamlining the operational controls to manage, monitor, and optimize the entire system," said Robert Fisher, President and CEO of Foresight Corporation. "Using BAM technology to further automate processing and minimize human intervention results in productivity gains and provides a true ROI for the full HIPAA investment."
Among the business challenges for both payers and providers addressed by Transaction Insight:
- Contributes to efficient problem resolution
- Improves provider relations
- Reduces expenses associated with claims and payment processing
- Improves HIPAA activity growth
- Manages partner activity
- Reduces the revenue cycle including billing and collections
- Improves department efficiency and responsiveness
- Provides accountability of application systems.
Transaction Insight operates in a multi-tier, multiple platform environments that can include Unix and Windows 2000 servers.
About Foresight Corporation
Since 1990 Foresight has provided e-commerce productivity and transaction processing automation solutions to many health care organizations and Fortune 500 companies, and today is the marketplace leader in HIPAA transaction validation with its HIPAA Validator® family of offerings, including: CommunityManager™ (for large community enablement), DeskTop (PC-based), InStream™ (real-time) solutions, and Transaction InSight™ (transaction processing automation). Foresight is proud to partner with many BCBS organizations and payer, facility and provider customers, including Aetna, Fairview Health System, Great West Life, Veritus Medicare Services, Mayo Foundation, McKesson, Oxford Health Plans, Inc., Preferred Provider of Michigan, PNC Bank, and Washoe Health Systems, Inc., Truman Medical Centers, as well as 24 of the 40 Blue Cross Blue Shield (BCBS) organizations including: Anthem, HCSC, BCBS of Michigan, Premera BC, and Highmark. For more information, visit the company at www.foresightcorp.com or call 1.888.500.0800.
Transaction Insight, CommunityManager, and InStream are trademarks and HIPAA Validator is a registered trademark of Foresight Corporation.
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