With nearly five percent of hospital bills containing major errors, according to a recent Consumer Reports survey, a third of hospitals in the U.S. are losing money every day and another third barely make ends meet, according to the American Hospital Association.
Macronetics Inc., a new company joining the University of Maryland’s MTECH Ventures incubator, the Technology Advancement Program, helps hospitals with software that checks bills for errors, automates and regulates clinical and financial processes, and offers real-time access to a health care organization’s status.
“Our software, Automate Business Process Management, can help a hospital recoup up to five percent of its cash flow,” said Macronetics Vice President Dick Coyne. “That money is often tied up in complex internal billing processes or in claims returned due to errors. We can break up much of that cycle and get those funds working for the hospital and its customers.”
Already deployed in other market segments by customers such as Legg Mason, the City of Rochester, N.Y., and Raris Communications, Automate BPM translates business rules into software workflows. Those workflows can tie together different computing systems, integrate processes across an entire organization into one central dashboard, and perform sophisticated error-checking tasks.
The net result is a business that is more organized, more accurate, and has instant access to its information.
Macronetics is joining MTECH Ventures’ portfolio to work with the organization’s expert business development team, as well as to collaborate with faculty and students. Wolters cited the credibility passing MTECH Ventures’ rigorous review process gives to his company.
“Macronetics has an innovative solution to business process management,” said Sarah Djamshidi, associate director of the Technology Advancement Program. “They are focusing on a high-potential niche, and have put together a talented team.”
About MTECH Ventures
MTECH Ventures, part of the University of Maryland’s A. James Clark School of Engineering, delivers a portfolio of services and resources to entrepreneurs committed to bridging the gap between technical ideas and viable ventures. MTECH Ventures also provides entrepreneurship education to technology creators.
About Macronetics Inc.
Macronetics Inc. is a provider of enterprise productivity solutions to help customers maximize their business performance and enhance their ability to respond quickly to changes in the marketplace.