COLLINSVILLE, Conn., Jan. 5, 2021 /PRNewswire/ — Penstock Group is a healthcare fee integrity and reimbursement firm that not too long ago launched with the mission of reducing healthcare prices by completely correcting recurring medical billing errors. By figuring out persistent gaps within the billing processes of well being plans, suppliers and self-insured employer teams, Penstock boosts its purchasers’ backside line whereas disrupting healthcare auditing as an entire.
“There are lots of firms that determine coding errors when suppliers invoice insurance coverage firms,” says Jeff Snyder, VP of Operations at Penstock, “however they do not stop the identical errors from occurring again and again. For the reason that market rewards these firms for catching errors, they don’t have any incentive to shut the loop, and the result’s rising healthcare prices. Penstock is including a lot wanted transparency by combining deep medical and pharmacy experience with supplier outreach and schooling as a way to change the sport.”
Penstock is an affiliate of Goodroot, which launches and grows firms devoted to reinventing healthcare one system at a time. “Penstock is an ideal instance of the Goodroot method to altering healthcare for the higher by tackling area of interest, solvable issues,” says Penstock President Jim Harper, who can be CFO of Goodroot. “Penstock’s willingness to place within the further effort to make sure stakeholders on totally different ranges of the healthcare system talk successfully and function with higher monetary effectivity represents a crucial step towards fixing systemic issues like affordability and accessibility of healthcare.”
“The Penstock workforce,” continues Harper, “consists of extremely skilled and proficient healthcare coders, billing specialists, pharmacists and technologists. The concept for Penstock grew out of their insights on bettering how billing and coding are achieved, and their lack of a channel for that innovation at their earlier jobs with main healthcare organizations.”
With $four trillion in medical companies billed annually within the US–an estimated 3-10 p.c of which include billing errors–the alternative for Penstock within the market is big. “By making error discount a precedence, it might seem to be we’re making an attempt to work ourselves out of a job,” says Chris Gallagher, VP of Supply at Penstock, “however the want for what we’re doing is kind of huge. With reality as our aggressive differentiator, we’re assured that we are able to quickly acquire market share just by doing the appropriate factor.”
SOURCE Penstock Group