Data management is a huge and critical function for hospitals and healthcare providers. Patient, clinical, financial, insurance, legal and employment records contain massive amounts of essential and confidential information, all of which must be accurately stored and easily accessed.
Healthcare organizations have made significant investments in their technology infrastructures.
MediQuant, which develops active archiving software for hospitals, has expanded to respond to this increased technology demand.
“Instead of keeping old systems up and running just to access data or trying to convert data from an old system to a new healthcare information system, our data solutions can save time, prevent potential revenue loss and provide significant cost savings compared to alternative methods,” explains Tony Paparella, president.
Due to its rapid growth, MediQuant recently moved to larger new corporate headquarters in Brecksville. Paparella attributes the company’s growth to an increase in the number of system conversions, healthcare market trends, regulations, and pressure on healthcare providers to control costs.
The company has three products for healthcare data solutions – DataArk, FirstComply and AccuRules.
DataArk houses data from old, retired systems while still allowing for real-time access to the data by end-users,” Paparella explains. “This is done at a fraction of the cost it would take to keep the old system up and running just to access this data.
MediQuant was first to develop the concept of an active archive for hospitals and healthcare organizations, he says. “With DataArk, users can still actively process accounts receivables, post payments, and issue bills while decommissioning an old system.”
MediQuant’s other two products, FirstComply and AccuRules, help healthcare providers avoid insurance denials and also verify medical necessity before a procedure is completed, preventing a potential loss in revenue.
The company currently has 40 employees and plans to hire new team members in its technical and project management departments by the end of the year.
Source: Tony Paparella, MediQuant
Writers: Lynne Meyer