Altus Nova Technologies Delivers Transformative Custom Software Solution for FinMed, Enhancing Healthcare Billing and Payment Systems

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Sep 17, 2024, 10:13 ET

AUSTIN, Texas, Sept. 17, 2024 /PRNewswire/ -- Altus Nova Technologies, a leading custom software development firm based in Austin, Texas, has successfully completed a pivotal software development project for FinMed, a trailblazer in healthcare claims management. The new platform, developed by Altus Nova, is designed to revolutionize the efficiency of provider-payer interactions, making healthcare billing more accurate, faster, and more efficient—ultimately allowing doctors to focus on patient care.

This innovative solution addresses longstanding challenges in healthcare billing, where delays and errors in payment processing have burdened providers. By partnering with Altus Nova, FinMed has implemented a custom system that automates error correction, streamlines claim submission, and reduces the payment cycle by up to 90 days. As a result, healthcare providers using FinMed's platform can now bill more efficiently, significantly reduce claim errors, and improve cash flow.

"This project signifies a major advancement for FinMed and the healthcare providers they serve," said Jason Parrish, General Partner of Altus Nova. "It's been an incredible experience working with FinMed to develop a solution that simplifies complex billing systems and delivers real, measurable results to healthcare organizations."

One of the standout features of the new platform is the introduction of FinMed's "Pay Forward" system, a cashflow management tool that provides healthcare providers with micro-loans at the time of claim submission. This feature allows providers to access up to 60% of Medicare-approved claim values immediately, significantly reducing the waiting period for payments and improving overall business operations.

"We are excited to have partnered with FinMed on this transformative project. The collaboration allowed us to leverage our deep technical expertise to bring their vision to life, helping healthcare providers focus more on patient care while improving their financial health. We're proud of the solution we've built together, and we look forward to seeing its impact across the industry," said Puru Agrawal, General Partner of Altus Nova.

The first release of FinMed's new solution is being rolled out to major healthcare organizations, positioning FinMed and Altus Nova at the forefront of HealthTech and FinTech innovation. By automating key aspects of claim processing and cash flow management, the system strengthens healthcare businesses, reduces administrative burdens, and enhances the overall efficiency of the healthcare system.

John Wheeler, CTO and Co-CEO of FinMed expressed his appreciation, stating "Working with Altus Nova, we are able to focus on growing our business through sales and marketing, trusting Altus Nova to take our input, define, and execute a product strategy that will deliver our promise to our customers."

For more information on Altus Nova Technologies, visit https://altusnova.com/industries/fintech.

About Altus Nova Technologies:
Altus Nova Technologies is a leading digital product strategy, management, and development company with over 65 employees. Based in Austin, Texas, the company provides innovative technology solutions to clients across multiple industries, including Healthtech, Fintech, Insuretech, and more. Altus Nova turns business vision into bottom-line advantage with digital product strategy done right.

SOURCE Altus Nova