October 17, 2016 - Hospital of the Infant Jesus Medical Center (HIJMC) has announced today it has partnered with Stash to digitize and to manage their health insurance claims.
Under the partnership, HIJMC will get access to Stash’s platform to ensure successful execution of claims management and connect stakeholders in a central healthcare system to process solutions– from hospitals, HMOs, insurers, clinics, doctors, and patients in the PH on one single platform.
“Hospital of the Infant Jesus (HIJMC) recognizes the value of having a technology in place for claims reimbursement not only for Philhealth but also for their accredited HMOs. We want to become technologically advanced and more innovative in this new healthcare industry.” said Nixon De Jesus, Head Administrator of HIJMC.
On average, It takes three to six months before a claim is paid. For a mid-size hospital, the management of a few thousand transactions per day is troublesome. Not to mention that the amount of physical space the paper records takes. This is highly inefficient and the potential of loss of information is very probable. With Stash, the bottlenecks are minimized by removing most manual processes that involve paper. The claims are now submitted within a few seconds. Stash enables HIJMC to communicate and manage claims faster through the platform’s very intuitive dashboard. Claims can now be processed as soon as they are submitted.
Stash’s value proposition is to cut down on the processing time of claims by ~70-80%. This startup’s aim is to become a partner of healthcare organizations and centralize the system. The fast-paced technology and lower total cost of ownership has made the healthcare industry highly competitive. However, given the nature of the business, there are plenty of requirements on top of processes or regulation changes that old businesses or programs can’t comply to. The healthcare industry understands the value of a Subscription as a Service, (SAAS) and seamless onboarding to teams as one of the long-term benefits.
“We are glad that more and more hospitals and clinics are recognizing the value and benefits of leveraging cloud solutions to streamline their business processes that affects revenue in both bottom-line and topline, not to mention having a better patient engagement. With barely two years in the market, we are hopeful to penetrate Luzon, where healthcare concentration is currently at, then rapidly advance to nearby regions and eventually, Asia.” says Omar Cruz, Founder & CEO of Stash.
Stash is raising seed funding to enable support of new client onboarding, and hire additional developers, sales, and administrators in the Philippines and Myanmar.
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