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Clinicient, Inc.
Chief Financial Officer/Vice President of Finance & Administration
POSITION FILLED
Clinicient, Inc. develops and markets Revenue Cycle Management (RCM) software and services targeted to the more than 250,000 professionals and supporting staff in the $15+ billion outpatient rehabilitation sector (physical therapists, occupational therapists, speech therapists and other specialty rehabiliatation providers), a rapidly growing sector of the $1.7 trillion healthcare industry. By using customized software, outsourced billing service professionals and a growing database of industry specific rules and knowledge we help our customers get paid as quickly as possible for their therapist's work. We do this in an increasingly complex environment of hundreds of payers with unique contracts and payment policies, increasing regulation and scrutiny of medical necessity-all driven by cost containment and a highly competitive labor market. This combination of forces is driving the creation of new businesses and forcing older business to replace their antiquated business infrastructure and processes in order to compete. Clinicient is the only company providing a full complement of industry specific software as a service in addition to outsourced billing services and a growing database of policies and rules specific to the industry.
The rules for reimbursement in outpatient rehabilitation and physical therapy are unique. Unlike services provided by a doctor or hospital, rehabilitation services require a referral and approved plan of care from a physician, authorization from the insurance provider, and supporting documentation. In addition, insurance companies have complex rules related to reimbursement of rehabilitation services requiring special coding knowledge in order to insure maximum reimbursement.
Today, the processes for managing reimbursement are manual and paper-based, resulting in redundant effort and high denial rates. As a clinic grows, these manual processes create additional overhead for treating staff resulting in a reduction of billable time by 10% or more. In addition, these manual processes result in other "hidden costs": underbilling by as much as 25% and unauthorized visits that result in claim denials costing 10-20% of net profit.
Clinicient addresses these problems through a unique combination of software, experienced staff, and a growing database of rules and policies. Clinicient's InsightTM software as a service platform integrates every interaction in a secure, centralized database, eliminating re-entry and duplication of data. Clinicient Insight also features an embedded business intelligence engine that can be used to mine data and continually improve the rules engine and other workflow management capabilities. Insight provides the foundation of Clinicient's outsourced billing service offering, Clinicient InsourceTM. All billing service clients use our clinical management module as the "input" to our billing service. This approach is vastly superior to the manual data entry and paper processes used by most internal billing staffs and outsourced billing services.
The outpatient rehabilitation and physical therapy market segment has more than 25,000 businesses generating over $15 billion in revenue. One of the defining characteristics of the market is its fragmentation: 80% of businesses have fewer than 20 employees. Clinicient's product strategy was developed with this in mind.
Whereas most software companies are spending their resources selling high dollar software to the small number of large rehabilitation chains and hospitals, or selling low cost software to small clinics, Clinicient is the only company providing a combination of software as a service and outsourced billing services. This approach is key to selling profitability to the smaller customers, since the vast majority of companies do not have the technical resources to host their own software and many clinics do not have the billing expertise or process discipline required to bill and collect effectively, making them ideal candidates for outsourcing. We estimate the size of the outsourcing market to be the company's largest opportunity with more than 20,000 potential businesses and nearly $10 billion in annual revenues this segment represents a $500 million annual available market.
Clinicient now has over 1,500 users in over 150 businesses of every size and in nearly every state, generating over $3 million in annually recurring revenue. Prior to the release of Insight, revenue growth was 50% year over year and we expect that growth rate to increase significantly as we ramp up the new product, scale marketing and sales and shift our sales focus toward our outsourced billing service offering. Our users (including therapists, administrators and billing staff) now depend on Clinicient every day to perform their jobs. Even though the primary users are therapists and administrative staff, Clinicient is purchased by the clinic owner or business manager.
Having just raised $4.75 million in venture capital from Village Ventures and Highway 12 Ventures to help drive growth, Clinicient is well positioned for future market leadership. Previous investors include Capybara Ventures, Northwest Technology Ventures and Irving Levin. Clinicient is based in Portland, Oregon and has 63 employees and is growing rapidly.
The qualified candidate will have the following:
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