Friends and business partners Jennifer Wexler and Kelly Bucci have poured their money, talent and time into a software company that helps hospitals catch billing errors that lead to lost dollars.
The pair founded Eris Medical Technologies, housed in the Youngstown Business Incubator, to build on more than two decades of personal experience finding those errors.
"Our software looks at patients' claims and predicts where hospitals have inaccurately charged for services, or services that have not been charged for," Wexler said. "For a very long time Kelly and I travelled together across the U.S. and did this work manually. We reviewed claims and showed clients where they were missing money or had charged insurance incorrectly. We thought, There has to be a better way to do this."
Bucci, who has a background in medical coding, believed she and Wexler could develop a better way. So they quit their jobs, borrowed money on their houses and in 2007 started Eris. Three years later they're still going strong, selling two web-based products: erisRx and assess.
The software is based a proprietary engine that boasts over 375,000 algorithms with code pairing capability. Wexler and Bucci developed the algorithms, and subcontracted an outside software firm to complete development.
The software is out on the market, and the company is working to expand its client base and partner with other companies to reach a wider healthcare provider network. The incubator has been crucial in allowing the self-financed company to grow offering free rent in their early years and access to accounting and other business services.
Sources: Jennifer Wexler and Kelly Bucci, Eris Medical Technologies
Writer: Feoshia Henderson