ARxChange Expands Trade Activity to Include Workers Compensation Insurance Claims

NEW YORK - March 5, 2014 - PRLog -- Today, TriCap Technology Group, LLC announced the expansion of medical receivables products trading off its Accounts Receivables Clearinghouse Exchange (ARxChange) to include workers compensation insurance claims.

As highlighted in Forbes, Inside Patient Finance and HFMA, the ARxChange organizes receivables in a central repository, corrects inaccurate demographic information, scores each account, and then allows healthcare providers to redeem or “clear” all or selected receivables for their current cash value, all under compliant and safeguarded servicing terms. In doing so, the ARxChange system transforms outmoded accounts receivables collections processes and strengthens the financial performance of physician networks and health systems nationwide.

“Conventional adjudication processes generally take months and years to resolve, whereas the ARxChange affords healthcare providers with an immediate option to retire workers compensation claims for their fair-market values,” said TriCap Chief Executive Officer Joseph E. LaManna. With over $100 million in trade activity within just the past six-months alone, workers compensation claims are rapidly becoming a key receivables segment for health systems to convert into cash on the ARxChange. “It’s a strong indication that direct, immediate, and guaranteed receivables performance is more preferable than any circuitous payment alternative,” LaManna continued.

“Given today’s dynamic environment, we believed it was essential to utilize new and innovative options like the ARxChange to bolster our workers compensation financial asset performance,” said Dr. Luis E. Lopez, President of the Inland Injury Care Center. “After careful review, we joined the growing ARxChange User community and in turn, secured superior financial performance for our group of physician practices,” Lopez continued.

About TriCap Technology Group

TriCap Technology Group, LLC is a high-growth financial technology company founded in late 2005 to transform the US debt and receivables sector into a more fully articulated liquid market place. With over $10 billion in listings, TriCap's keystone and patented platform, the ARxChange, is the nation's largest and most robust marketplace for medical debt and receivables in the United States. TriCap holds the patents and intellectual property rights on the most essential processes used throughout the US receivables and debt markets to organize, rank, score, value and trade receivables accounts, including those in the medical receivables market segment.

Source:TriCap Technology Group,LLC
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Tags:Healthcare Finance, Bad Debt, Revenue Cycle
Industry:Banking, Finance, Health
Location:New York City - New York - United States
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