Kovo HealthTech Corporation (TSX-V:KOVO) revealed that it has launched the next generation of its OneRev technology platform, which streamlines the complex process of US healthcare billing for clinics, hospitals and physicians.
In a statement, Kovo CEO Greg Noble said: “After a two-year development process, the company launched its upgraded OneRev platform to several of its larger healthcare Billing-as-a-Service clients in mid-February 2022. The company expects to upgrade the majority of its 1,700+ healthcare clients onto the new cloud-powered service over the next few months.”
The Vancouver, British Columbia-based growing healthcare technology company said the next generation OneRev billing-as-a-service platform boosts back-office efficiencies by up to 60%.
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“Kovo has been beta testing the newest version of our OneRev service with several client partners for the past few months and launching the updated platform this month is a critical milestone in our long-term growth plan,” noted Noble. "OneRev is a key competitive advantage for Kovo and powers our industry-leading sub 30 days cash conversion cycle on medical billing reimbursement."
Noble said the new OneRev application programming interface (API) provides fintech-level sophistication and configurability required by larger US medical billing clients as the digital acceleration of US healthcare billing continues to evolve.
According to Noble, Kovo and its customers will “benefit from up to 60% reduction in back-office staffing requirements as a result of the upgrade”.
Kovo specializes in Billing-as-a-Service offering for more than 1,700 US healthcare providers. It helps healthcare providers digitally track and manage complex patient care registration, services, billing and payments in a seamless way, using the firm’s OneRev tech platform. Through its clients, Kovo processes billing transactions for over 3.5 million patients. By offering effective billing practices and technology through long-term SaaS-style contracts, Kovo helps healthcare practitioners get paid so they can focus on offering quality care.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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