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In 2000 - 2002, RealMed pioneered the development of real time claims adjudication
with four of the largest Blue Cross and Blue Shield Plans in the country. The technology
allowed professional claims to be sent in a secure transmission over the internet
and to be adjudicated in seconds. Tens of millions of claims later, these real time
payer integrations still lead the way in real time health care claim transactions.
At the start of 2002, RealMed introduced its real-time service offering to approximately
a dozen physician practices in three states. A little over three and a half years
later, RealMed is approaching 500 practices on its service involving some 16,000
physicians in the states served by its Blue Cross Plan partners.
Along the way, the RealMed service offering became universal, covering all payers
through a combination of real time, near real time and batch processes. All HIPAA
transactions are included in the RealMed service offering which emphasizes direct
connects between providers and payers. All aspects of revenue cycle management are
now part of the RealMed service offering. Today, RealMed is used by a majority of
the largest practices in the geographies it serves. Many of these practices are
the medical staffs of prestigious academic medical centers or networks of physicians
who have organized into multi specialty practices. Large billing services that serve
small practices are also prominent clients as are the largest ancillary claim submitters
(laboratory providers). The potentially largest segment of the RealMed business
is now emerging - small practices of 1 to 10 physicians who can enjoy the same features
and functionality of the largest practices without any technical capability beyond
an internet connection and a Windows operating system.
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