In the fast-changing world of healthcare, doctors and hospitals are finding it more and more difficult to manage its cash flow from both the insurance companies and the patients they see. Because of this increasing cash flow problem, CereSoft has become one of the leading healthcare revenue cycle management companies in the world by providing innovative services in a broken healthcare cash disbursement model for more than 20 years. CereSoft’s mission is simple.
“Every day we focus on providing healthcare financial transactions in a form of a digital stream that will speed the collection of cash from insurance companies and patients. Our client base, as a whole, are seeing 100s of millions of dollars 4 to 5 days earlier than they have previously using the CereSoft platform,” says Hsing-Hen Chen, key executive.
CereSoft, Inc. is a corporation registered and headquartered in Maryland, USA, and was established in 1994.The company processes millions of healthcare transactions monthly for both doctors and hospitals across the United States. The CereSoft platform has built in migration path where today a small 10 doctor group in the Midwest is using the same Cash Centric platform as some of the largest doctors and hospitals organizations on the east and west coast.
Thought Provoking conversation with the CEO
Why was the company set up? How did you select the vertical and decide to be a part of the global platform?
The goal of our company is to provide technology to read, understand, interpret and extract useful data from documents of all kinds, paper and electronic, structured and un-structured. Currently, we are focusing on the trillion-dollar healthcare industry as our primary target due to the urgent needs within a broken healthcare, cash disbursement model that they have been living with for decades.
Tell us about your first product that was launched.
We started by processing consumer bills and invoices. We pull data from invoices and deliver the extracted in-formation to the downstream accounting and billing systems for reconciliation, re-association and posting.
What were the grounds on which you have expanded your company and its offerings over the years?
We moved from an in-house software system provider to a hosted cloud based service provider. This enables our company to make daily contact with our customers for understanding their current business needs directly and for allowing us to design more relevant systems for handling their requirements. We also decided to partner with the financial institutions to offer our services in conjunction with the Bank Lockbox program to healthcare providers to benefit all parties directly and with CereSoft acting as the Hub of all businesses and even clinical data for all parties involved in the healthcare industry.
What kind of mixed responses have you received from your consumers over the years? Have they motivated you to shape your offerings/grow the company?
Currently, over 80% of our portal touch and feel design is directly inspired from input from our clients.
We are always seeking a true partnership with our clients and this is just one example of how their input on the workflow is shown. They want a SingleView platform that can handle all kinds of file formats, paper and electronic, structured and un-structured data in one single application. We are offering a true virtual work desk for every employee to have a SingleView of all the financial transactions. This type of thought leadership was non-existent in the healthcare industry before we arrived.
If you have to list five factors that have been/are the biggest asset to your organization, what would they be and why?
For me, they would be-
How do you and your company contribute to the global IT platform and society at large?
Healthcare cost in this country and other parts of the world continues to grow at an alarming rate. At least 20% of the GDP in this country is consumed in healthcare. Our cloud based platform that anyone with an internet connection anywhere in the world can access, monitor and work will provide significant cost reductions in the years to come.
Do you have any new products ready to be/getting ready to be rolled out into the market?
We, as a team, are constantly working on new modules to elevate our current system. A new denial management system that incorporates all ERA/EOB/Correspondence denials will be rolled out in the spring. Financial forecasting for Accounts Receivable will also be enabled giving healthcare provider management a better grasp of the cash available on-hand, even in short terms in the future.
We will also pushout a general “AR-direct” product line that will help businesses in all industries to deal with their AP/AR needs online integrated with their bank accounts and procurement and payment systems.
Where do you see you and your company a couple of years from now?
We will be a complete revenue cycle billing and payment company for healthcare and all other industry segments. From a corporate stand point, we are projecting to double our revenues in the next 5 years with the pace we are currently on.
Roll out the red carpet for HH Chen, CEO
HHChen, CEO, President and Founder has been active in the Healthcare RCM services for the past two decades. He has served as professor in Physics and computer sciences for the University of Maryland for more than thirty years where he has excelled and specialized in complex systems analysis. CereSoft was founded in 1995 after Adobe Systems acquired his previous company “Nonlinear Technologies” which helped Adobe to build their Acrobat Capture product. Currently, today, CereSoft partners with many Banks’ lockbox operations for providing RCM services to healthcare provider clients for receiving, storing, balancing and posting all their daily receipts from insurance payers and patient payments in the form of paper EOBs and parties involved in the healthcare industry.