- CRH Medical has made a strategic investment in Graphium Health
a leading EMR or Electronic Medical Records company focused on
Anesthesia Practices. The investment is part of a Strategic
Alliance designed to further digitize and modernize CRH's billing
and back-office processes.
- Based on a recent pilot project with Graphium Health, CRH has
demonstrated that it improved its time to capture billable charges
by 58% or 5.6 days and reduced its overall accounts receivable (AR)
balance at the pilot project sites by 24%.
- CRH has made numerous advancements to digitize its business
since its acquisition by WELL more than two years ago resulting in
several tangible business improvements including improving
insurance and patient accounts receivable recovery, enhancing
denial management performance, and expediting charge capture
reconciliation.
VANCOUVER, BC, June 22,
2023 /PRNewswire/ - WELL Health Technologies
Corp. (TSX: WELL) (OTCQX: WHTCF) (the "Company" or
"WELL") — a practitioner focused digital health company that
is positively impacting health outcomes by leveraging technology to
empower healthcare practitioners and their patients globally, is
pleased to provide key business updates to its wholly owned
subsidiary CRH Medical Corp. ("CRH").
CRH Medical, a subsidiary of WELL Health Technologies, announces
a significant milestone in its pursuit of enhancing digitization
across the CRH platform with the recent strategic investment in
Graphium Health LP ("Graphium"). This investment marks a
pivotal moment in CRH's history as it continues to prioritize
technology enablement to deliver performance enhancement and
improved patient experiences. In the fourth quarter of 2021, CRH
embarked on a journey to transition its RCM service partners,
aiming to modernize and optimize its overall RCM performance. This
process revealed opportunities for CRH to leverage technologically
enabled point solutions, including artificial intelligence (AI),
process automation, data analytics, and patient-focused data
science. Through these innovations, CRH is well on its way to
transforming its RCM capabilities and disseminating these
advancements throughout the broader WELL Health Technologies
ecosystem.
To capitalize on these opportunities, CRH has recently made a
strategic investment in Graphium Health LP, a leading provider of
electronic medical record (EMR) solutions primarily serving
anesthesia practices in both inpatient and outpatient settings
across the United States. CRH
Anesthesia, a part of CRH, began a successful pilot program with
Graphium's products in two sites under a commercial contract signed
in 2022. Based on a recent pilot project with Graphium Health, CRH
has demonstrated that it was able to: 1- reduce delays and as such
expedite charge capture by 58% or 5.6 days and 2- Reduce its
overall AR at the sites affected by the pilot project by 24%. As a
result of this investment, CRH Medical plans to expand this
initiative to at least 54 additional ambulatory surgical centers
(ASCs) over the next three years, where CRH provides anesthesia
services.
Notably, nearly one-third of CRH Anesthesia's sites currently
operate without an EMR, relying solely on paper-based systems. By
implementing Graphium's software in these ASCs, CRH will achieve
full EMR digitization across its entire platform, ensuring seamless
integration and streamlined operations. CRH has made numerous
advancements to digitize its business since its acquisition by WELL
more than two years ago, resulting in several tangible business
improvements, including improving insurance and patient accounts
receivable recovery, enhancing denial management performance, and
expediting charge capture reconciliation.
"We are thrilled to announce our strategic investment in
Graphium Health. This transition to advanced technology solutions
aligns perfectly with our commitment to improving performance and
enhancing the provider and partner experience," said Jay Kreger, CEO of CRH. "By harnessing the power
of artificial intelligence, process automation, and data analytics,
we are empowering our team to deliver more accurate billing
information, expedite charge capture reconciliation, and drive
improved collections. This investment reinforces our dedication to
digitization and innovation in healthcare technology."
The investment in Graphium Health aligns with WELL Health
Technologies' original thesis for acquiring CRH Medical,
emphasizing the realization of digitization benefits across the CRH
Medical platform and helping "tech enable" care providers and their
support personnel. Preliminary findings from the implementation of
Graphium's software have demonstrated the potential for significant
RCM improvements, including quicker and more accurate billing
information. After broader implementation across CRH's ASCs,
Graphium's software is expected to holistically drive improved
collections and enhanced data mining capabilities to deliver better
analytics across the platform.
WELL Health Technologies remains committed to driving
digitization efforts at CRH Medical, empowering healthcare
providers to deliver better and more efficient care to their
patients. Through ongoing innovation and strategic investments,
WELL, through CRH, further establishes itself as a leader in
healthcare technology solutions.
For more information on CRH Medical, please visit:
https://investors.crhsystem.com/
For more information on Graphium Health, please visit:
https://graphiumhealth.com/
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies
Corp.
WELL is a practitioner-focused digital healthcare company.
WELL's overarching mission is to positively impact health outcomes
by leveraging technology to empower healthcare practitioners and
their patients globally. WELL exists to enable healthcare
practitioners with best-in-class technology and services. WELL has
built the most comprehensive end-to-end healthcare system across
Canada including the nation's
largest network of clinics supporting primary care, specialized
care, and diagnostics services. In the
United States, WELL provides omni-channel healthcare
services and solutions targeting specialized markets such as the
gastrointestinal market, women's health, primary care, and mental
disorders. In addition to providing patient services, WELL
develops, integrates, and sells its own suite of technology
software and solutions to medical clinics and healthcare
practitioners. WELL's practitioner enablement platform includes:
Electronic Medical Records ("EMR"), telehealth platforms, practice
management, billing, Revenue Cycle Management ("RCM"), digital
health apps and data protection solutions. WELL is publicly traded
on the Toronto Stock Exchange under the symbol "WELL" and on the
OTC Exchange under the symbol "WHTCF". To learn more about the
Company, please visit: www.well.company.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/wells-crh-medical-continues-digitization-progress-with-strategic-investment-in-graphium-health-301857827.html
SOURCE WELL Health Technologies Corp.