Paperless Productivity, a workflow automation consultancy and systems integrator, has announced its acquisition of the WiseCLAIM platform from WiseTREND. Financial terms of the acquisition were not disclosed.
WiseCLAIM was developed in response to the continued prevalence of paper CMS claims forms among healthcare payers, Third Party Administrators (TPAs), and billing services. By automating data extraction from CMS/HCFA/UB forms, it has become an integral tool for mid-market and large firms in the health insurance space, all while garnering numerous industry awards.
According to Mr. Naguib, the acquisition represents a long-term commitment to streamlining one of the industry’s most onerous processes. In conjunction with the rest of Paperless Productivity’s solutions portfolio, clients will also find it easier to maximize ROI through easier data integration with other workflows, adjudication software, and document management solutions.
“So many organizations are still buried in CMS-1500 forms, UB-04 forms, and all sorts of other manual data entry. It affects the provider and the payer’s revenue cycles, and ultimately affects care on some level,” says Shamel Naguib, President of Paperless Productivity. “WiseCLAIM excites us because no tool is simpler or more powerful at solving those problems. It makes innovative use of best-of-breed OCR technology from ABBYY along with a decade-long track record of solving tough, real-life problems quickly and with a compelling return on investment (ROI). For years our clients have relied on this very technology to solve their data entry issues from CMS claim forms; the interest and adoption have been very high and rapid, and now we are adding significant research and development by implementing our clients’ feature requests.”