The Austin-based digital health company is helping hospitals with the administrative workload of the CMS Advanced Payments Program and CARES Act Provider Relief Fund.
Austin, TX -- (ReleaseWire) -- 04/14/2020 --ClaraPrice Inc., an Austin-based digital health company, is announcing a new Health IT service today called Javelin, which provides administrative relief to hospitals that are overwhelmed by the financial and operational impact of COVID-19. The recently expanded CARES Act allows hospitals to receive up to 125% in advanced Medicare payments as part of the CMS Advanced Payments Program (APP). The ClaraPrice Javelin service provides management of ongoing reporting and planned payback for these advanced payments.
ClaraPrice is 2019 alumni of both the Capital Factory VIP Accelerator program in Austin and Health Wildcatters in Dallas and winners of the 2019 Austin Inno Tech Madness Championship. Co-founders Jory Hatton, previously a founding executive and technologist at EverlyWell, and Sarah Soisson, a 20-year hospital operations and revenue cycle expert, founded ClaraPrice in 2018 to provide hospitals with innovative compliance services. As a business, they have a core focus on revenue cycle, chargemaster management, and price transparency compliance, with patents pending, and are working with a range of Texas hospitals to manage burdensome and time-consuming compliance and administrative workloads.
Important and core facts about the Advanced Payments Program include:
- Hospitals can request up to 100% (125% for Critical Access Hospitals) of the Medicare payment amount based on a six-month period.
- The Hospital must request the accelerated payment by submitting a simple form to the applicable Medicare Administrative Contractor (MAC).
- Once advanced payment is requested, it's estimated that MACs can issue payment within seven calendar days.
In addition to the CMS APP, $30 billion is being distributed immediately through the CARES Act Provider Relief Fund, administered by the Department of Health and Human Services. Payments will arrive via direct deposit to eligible providers throughout the American healthcare system. These payments are unrelated to the Accelerated and Advanced Payments Program through Medicare.
"Capital Factory is proud to partner with ClaraPrice in supporting this novel service to help hospitals in this challenging time", said President of Capital Factory, Gordon Daugherty.
"I have continuously been impressed with the work ClaraPrice has performed and in particular believe the Javelin initiative will bring much needed support to hospitals in need", said CEO of Health Wildcatters, Hubert Zajicek, MD.
If you are a healthcare executive or hospital seeking immediate financial or operational relief, you can complete this contact form on the ClaraPrice website to learn more.