- CRH Medical has made a strategic investment in Graphium Health a leading EMR or Electronic Medical Records company focused on Anesthesia Practices. The investment is part of a Strategic Alliance designed to further digitize and modernize CRH's billing and back-office processes.
- Based on a recent pilot project with Graphium Health, CRH has demonstrated that it improved its time to capture billable charges by 58% or 5.6 days and reduced its overall accounts receivable (AR) balance at the pilot project sites by 24%.
- CRH has made numerous advancements to digitize its business since its acquisition by WELL more than two years ago resulting in several tangible business improvements including improving insurance and patient accounts receivable recovery, enhancing denial management performance, and expediting charge capture reconciliation.
VANCOUVER, BC, June 22, 2023 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the "Company" or "WELL") — a practitioner focused digital health company that is positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to provide key business updates to its wholly owned subsidiary CRH Medical Corp. ("CRH").
CRH Medical, a subsidiary of WELL Health Technologies, announces a significant milestone in its pursuit of enhancing digitization across the CRH platform with the recent strategic investment in Graphium Health LP ("Graphium"). This investment marks a pivotal moment in CRH's history as it continues to prioritize technology enablement to deliver performance enhancement and improved patient experiences. In the fourth quarter of 2021, CRH embarked on a journey to transition its RCM service partners, aiming to modernize and optimize its overall RCM performance. This process revealed opportunities for CRH to leverage technologically enabled point solutions, including artificial intelligence (AI), process automation, data analytics, and patient-focused data science. Through these innovations, CRH is well on its way to transforming its RCM capabilities and disseminating these advancements throughout the broader WELL Health Technologies ecosystem.
To capitalize on these opportunities, CRH has recently made a strategic investment in Graphium Health LP, a leading provider of electronic medical record (EMR) solutions primarily serving anesthesia practices in both inpatient and outpatient settings across the United States. CRH Anesthesia, a part of CRH, began a successful pilot program with Graphium's products in two sites under a commercial contract signed in 2022. Based on a recent pilot project with Graphium Health, CRH has demonstrated that it was able to: 1- reduce delays and as such expedite charge capture by 58% or 5.6 days and 2- Reduce its overall AR at the sites affected by the pilot project by 24%. As a result of this investment, CRH Medical plans to expand this initiative to at least 54 additional ambulatory surgical centers (ASCs) over the next three years, where CRH provides anesthesia services.
Notably, nearly one-third of CRH Anesthesia's sites currently operate without an EMR, relying solely on paper-based systems. By implementing Graphium's software in these ASCs, CRH will achieve full EMR digitization across its entire platform, ensuring seamless integration and streamlined operations. CRH has made numerous advancements to digitize its business since its acquisition by WELL more than two years ago, resulting in several tangible business improvements, including improving insurance and patient accounts receivable recovery, enhancing denial management performance, and expediting charge capture reconciliation.
"We are thrilled to announce our strategic investment in Graphium Health. This transition to advanced technology solutions aligns perfectly with our commitment to improving performance and enhancing the provider and partner experience," said Jay Kreger, CEO of CRH. "By harnessing the power of artificial intelligence, process automation, and data analytics, we are empowering our team to deliver more accurate billing information, expedite charge capture reconciliation, and drive improved collections. This investment reinforces our dedication to digitization and innovation in healthcare technology."
The investment in Graphium Health aligns with WELL Health Technologies' original thesis for acquiring CRH Medical, emphasizing the realization of digitization benefits across the CRH Medical platform and helping "tech enable" care providers and their support personnel. Preliminary findings from the implementation of Graphium's software have demonstrated the potential for significant RCM improvements, including quicker and more accurate billing information. After broader implementation across CRH's ASCs, Graphium's software is expected to holistically drive improved collections and enhanced data mining capabilities to deliver better analytics across the platform.
WELL Health Technologies remains committed to driving digitization efforts at CRH Medical, empowering healthcare providers to deliver better and more efficient care to their patients. Through ongoing innovation and strategic investments, WELL, through CRH, further establishes itself as a leader in healthcare technology solutions.
For more information on CRH Medical, please visit: https://investors.crhsystem.com/
For more information on Graphium Health, please visit: https://graphiumhealth.com/
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is a practitioner-focused digital healthcare company. WELL's overarching mission is to positively impact health outcomes by leveraging technology to empower healthcare practitioners and their patients globally. WELL exists to enable healthcare practitioners with best-in-class technology and services. WELL has built the most comprehensive end-to-end healthcare system across Canada including the nation's largest network of clinics supporting primary care, specialized care, and diagnostics services. In the United States, WELL provides omni-channel healthcare services and solutions targeting specialized markets such as the gastrointestinal market, women's health, primary care, and mental disorders. In addition to providing patient services, WELL develops, integrates, and sells its own suite of technology software and solutions to medical clinics and healthcare practitioners. WELL's practitioner enablement platform includes: Electronic Medical Records ("EMR"), telehealth platforms, practice management, billing, Revenue Cycle Management ("RCM"), digital health apps and data protection solutions. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about the Company, please visit: www.well.company.
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SOURCE WELL Health Technologies Corp.
