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Somatikos
Product Overview
This quote, from a recent healthcare article on practice management
software, probably sums up the needs of the healthcare community:
"Imagine that your practice could submit all claims electronically,
track the status of claims with the push of a button and communicate online with payers to confirm patient eligibility and
determine what services will be paid when. Now imagine that payments could be received electronically and automatically posted
to your practice's accounting software. Finally, imagine that your office could analyze payment data so that you could determine
what procedures; payers and contracts were most or least profitable for your practice. And moreover, what if what I've described
could actually lower your overhead costs?"
Somatikos.com is a combination of software and web data services
developed to provide anytime, anywhere access to a HIPAA-compliant Practice Management service. The service is available to
healthcare providers through a monthly subscription fee. The Company is committed to utilizing the right components needed
to deliver the very best service to its target market.
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Features |
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IAMS RM9 through Somatikos
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Competition |
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Hardware & Security Requirements |
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Any computer
with an Internet connection and web browser, accessed from any location, using any operating system works, no upgrades required.
Satisfies Health Insurance Portability and Accountability Act (HIPAA) security requirements
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More stringent hardware requirements, network configurations, and users are limited
to the location of the equipment.
Not all competitor systems satisfy HIPAA security requirements |
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Operation & Upgrades |
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Networks are
not used, so most on-site technical personnel are eliminated, upgrades are free and are installed at the ATT Data Center on
our system, so on-site cost and downtime for modifications and equipment upgrades are eliminated. Self-hosted users (large
institutions) get free software upgrades, but operate system and install upgrades with own technical personnel; and dont need
additional hardware upgrades for extra data storage space
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Technical staff required to run on-site network, all software
upgrades cost money and are installed on all the computers in the network, costly hardware upgrades are required to keep compatible
with software upgrades, and systems have downtime for upgrades. Remote user access with full integration of system functions
is not available; in some cases just viewing and printing functions are available. |
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User Types |
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Designed for
the single practitioner, clinic, multi-location clinic, hospital/facility, and multi-location hospital/facility offers industry
wide standardization of information. |
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Designed for the billing service, single practitioner, clinic,
or hospital; no one competitor provides software for all practitioners and institutions no standardization of information.
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Accuracy & Efficiency |
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Claims information
is checked automatically, then can be viewed and edited prior to submission resulting in a lower rejection rate. When user
attempts to change claims information, which successfully resulted in a previous claims payment, the system warns the user
before allowing change. Payment for submitted claims are processed and received within 14-21 days. After primary
insurance payments are posted, system automatically generates new claim or patient statement as appropriate. Code cross
checking and other automatic features have been included.
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Software doesnt learn what information is correct to keep users
from making repetitive mistakes. Many input screens and boxes of information on insurance forms do not have drop down
lists of correct information, or does not automatically fill boxes with correct information to eliminate the need to reenter
data. Competitor code-cross-checking features are almost non-existent.
Traditional medical billing has an average billing cycle of 77
days. |
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Customizable Reporting
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Real-time customizable
reporting narrows down and broadens to include multiple search criteria for multiple locations. A user could create
a combined report that includes single or multiple locations by department, diagnosis, or other search criteria to determine
profitability, trends and other factors. System learns fees paid per treatment by payer, so user has access to fee schedule
reports to be used as information in contract negotiations and accurate profit and loss projections. |
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Not capable of providing real-time reporting that covers multi-institutional
locations, broken down by single location, department or treatment, with multiple other search criteria. Many administrators
are manually importing information into Excel to create reports to make the financial determinations necessary to run their
institution. Software not designed to learn valuable information to provide in reports |
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