Vyne, a market leader in health information exchange and electronic healthcare communication management, announced today that it has acquired Renaissance Electronic Services, LLC, an Indianapolis-based technology company providing EDI products and services to dental practices across the United States.
This strategic investment bolsters Vyne’s current dental portfolio, which includes the market-leading FastAttach electronic claim attachment platform from NEA Powered by Vyne.
The acquisition brings together two leading dental technology solution providers to create a single source for the electronic management of dental claims and claim attachments. Benefits to dental practices include integrated workflows, lower operating costs, enhanced revenue cycle operations and improved practice communications.
“Vyne’s investment in Renaissance enables us to expand offerings for our dental clients, partners and payers,” said Vyne president and CEO Lindy Benton. “This growth opportunity represents a natural extension of our business following our 2019 acquisition by The Jordan Company.”
According to Benton, “Vyne and Renaissance share a common goal of empowering providers with technology solutions to better run their businesses. Uniting our companies means we’re able to strategically offer dental practices the unique opportunity to partner with a single organization that possesses more than 50 years of combined experience developing cutting-edge dental technology solutions.”
Inc. magazine has revealed that Vyne is No. 3723 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. Vyne’s 2019 ranking marks the organization’s 12th consecutive year on the list, which honors the most successful companies within the American economy’s most dynamic segment — independent small businesses.
Vyne’s technology provides health systems, dental
providers, and insurance payers the ability to exchange health information in a
compliant manner and improve revenue cycle management processes. Its HITRUST CSF
Certified solutions – the Trace platform
for health systems and the FastAttach software
for dental practices are leading technologies in their respective market
Lindy Benton, president and CEO of Vyne, said: “Our
overwhelming commitment to healthcare innovation drives our success, and being
recognized by Inc.
for the 12th consecutive year proves that the role we play in
helping medical and dental businesses run more efficiently and profitably is
vital for their success.”
“We are proud of this honor and remain dedicated to
serving the more than 800 hospital and health system clients, more than 73,000
dental providers, and the more than 750 payers and health plans that place
their trust in us,” Benton added.
Complete results of the Inc. 5000, including company
profiles and an interactive database — sorted by industry, region and other
criteria — are available at www.inc.com/inc5000.
Vyne is a recognized leader in health information
exchange and electronic healthcare communication management. The company’s
robust technology platform facilitates the electronic capture, storage, and
submission of healthcare data in any form – voice, document, image, data, fax,
or electronic interface. Vyne’s solutions connect disconnected data to close
gaps in documentation and improve the continuum of care through a more complete
and fully accessible patient record. Outcomes include improved financial strength,
operational performance, and patient experience for medical and dental
providers and payers. For more information, visit vynecorp.com.
About Inc. Media
Founded in 1979 and acquired in 2005 by Mansueto
Ventures, Inc. is
the only major brand dedicated exclusively to owners and managers of growing
private companies, to deliver real solutions for today’s innovative company
builders. Inc. took
home the National Magazine Award for General Excellence in both 2014 and 2012.
The total monthly audience reach for the brand continues to grow significantly,
from 2,000,000 in 2010 to more than 25,000,000 today. For more information,
The Inc. 5000 is a list of the fastest-growing private
companies in the nation. Started in 1982, the list has become the hallmark of
Vyne, Trace and FastAttach
are trademarks or registered trademarks of Vyne and/or its affiliates. Other
company and product names mentioned herein may be trademarks are the property
of their respective owners.
Guest post by Lindy Benton, president and CEO, Vyne.
The world of denials management is a constantly shifting landscape, one that has changed dramatically with the onset of ICD-10. Now more than ever, denials management requires an organizational focus with built-in workflows for prevention, monitoring and tracking of claims through the system.
In the years leading up to ICD-10, providers were apprehensive about the potential drain it would place on both resources and reimbursement. CMS predicted that – with the onset of ICD-10 – denial rates would increase by 100 to 200 percent, days in A/R would grow by 20 percent to 40 percent and claims error rates would more than double. CMS warned that error rates could reach a high of 6 percent to 10 percent, significantly higher than the 3 percent average error rate with ICD-9.
Providers also feared cash flow problems stemming from coding backlogs, expected to increase by at least 20 percent because of the complexity of the new coding system. “A typical turnaround time for claims processing of 45 to 55 days could end up being extended another 10 to 20 days,” cited Healthcare Payer News.
And the change has been momentous. With ICD-10, the number of diagnostic codes increased from 13,000 ICD-9 codes to 68,000 ICD-10 codes. The new system challenges providers to document conditions more specifically, supporting codes with thorough and accurate medical documentation.
Despite the gravity of the change, many providers say it has been a smooth transition thus far, with minimal delays in productivity and reimbursement. But as the industry moves through this period of adjustment, providers must continue to seek opportunities to protect revenue and generate cash flow for a successful claims management strategy in the wake of ICD-10.
ICD-10 requires an organizational focus around the management, prevention and defense of denials. Denials management is no longer an effort reserved just for the revenue cycle but for all departments. For coding to complete a claim, pieces of information must be collected from multiple areas across the organization. For this reason, all departments should be educated on the part they play and how cross-department collaboration can aid the process.
In preparing providers for ICD-10, the Healthcare Financial Management Association (HFMA) noted, “Claims denials will not strictly be a matter of clarification that can be handled by a nonclinical person in the billing office. Denials will raise questions about medical necessity or the clarity of medical documentation supporting a code; such questions will require input from a physician, nurse specialists or outside expertise.”
Workflow processes are also critical as hospitals work to achieve accurate coding and get bills out the door. Technologies that streamline hand-offs between departments can help reduce bottlenecks that often delay reimbursement. A work queue keeps denials moving, assigning and tracking accountability at each checkpoint and monitoring progress to ensure no claim falls through the cracks.