Generex Launches DME-IQ, the “Smart Solution”
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Posted On: 01/25/2019 9:04:41 AM
Generex Launches DME-IQ, the “Smart Solution” for In-Office Management of Durable Medical Equipment
GlobeNewswire•January 25, 2019
-- Signs contract with The Orthopaedic Center of Tulsa, OK
-- Expansion of end-to-end patient solutions with a customized software & service platform that will help increase compliance, optimize workflow, and maximize practice revenues
MIRAMAR, FL, Jan. 25, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Generex Biotechnology Corporation (www.generex.com) (GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) announced today that its wholly-owned subsidiary NuGenerex Distribution Solutions 2, LLC (NDS) has launched DME-IQ, a novel service for physicians who manage in-office distribution of durable medical equipment (DME). DME-IQ supports the development and management of compliant and profitable in-office DME programs. DME-IQ focuses on several key areas, which include negotiating on behalf of the physicians with key vendors to decrease the Cost of Goods (COG’s), increasing insurance collections by providing oversight of the coding during the billing process, providing the necessary personnel to manage the appeals processes, and ensuring compliance with state and federal regulations.
DME-IQ will automate and provide the orthopedic practices with a proprietary, tablet-based software package that immediately verifies patient benefits and eligibility. This unique system manages DME inventory, collects patient copays and deductibles, and links patient information with the DME products and necessary patient forms all in one easy to use platform.
The US market for DME is large and growing, a result of several factors including the rising prevalence of chronic diseases requiring long-term care, the rapidly growing geriatric population, and the trend toward home healthcare services. Chronic disorders such as diabetes, diabetic foot & pressure ulcers, chronic pain, and cancer that require long-term patient care and postoperative recovery are driving demand for DME. According to a 2018 market report by Grand View Research, Inc., the US DME market is expected to reach $70.8 billion by 2025, growing at a 6.0% CAGR during the forecast period.
Terry Thompson, President of NDS and COO of Generex, stated, “Today we begin the process of changing the perception of DME programs. DME-IQ is excited to announce our first client agreement with The Orthopaedic Center in Tulsa, Oklahoma, a highly regarded orthopedic group practice dedicated to improving patients’ quality of life through advanced clinical and surgical excellence and patient focused compassionate care. Our commitment to transforming cost centers into profit centers will be unparalleled in the market, as we implement the DME-IQ program to enhance patient satisfaction and practice profitability.”
Justin Clary, Practice Administrator of The Orthopaedic Center of Tulsa, provided his thoughts on the implementation of DME-IQ, “Previously, we had little control over our DME program, which was managed by an outside firm that rented space in our facility. With the launch of DME-IQ, we are engaging DME-IQ to provide the management services that will enable TOC to bring the DME program in-house and allow us to expand our inventory and service offerings with new products that meet the needs of our patients and lower our cost of goods. DME-IQ tracks and maintains our DME inventory to ensure an adequate supply and product mix for our patient population, and the system facilitates insurance claim submissions and adjudication to help us achieve optimal reimbursements. With the DME-IQ system, the practice gains control of our DME program from an operations and financial perspective, while our patients gain access to a wider variety of DME products that are custom fitted for their needs.”
Joseph Moscato, CEO of Generex, stated, “The explosion of high deductible insurance plans has resulted in a dramatic increase of patient out-of-pocket payments for care, and the subsequent requirement that physicians spend more time as collection agents rather than doctors. DME-IQ provides practice workflow solutions for DME with custom, tablet-based software that removes the administrative burden from the practice, facilitating patient eligibility review, collection of patient co-pay and deductibles, centralized insurance adjudication, DME product procurement, and other support services that allow physician practices to increase revenue and service quality. The launch of DME-IQ advances the mission of NDS to provide physicians with end-to-end solutions for patient centric care.”
GlobeNewswire•January 25, 2019
-- Signs contract with The Orthopaedic Center of Tulsa, OK
-- Expansion of end-to-end patient solutions with a customized software & service platform that will help increase compliance, optimize workflow, and maximize practice revenues
MIRAMAR, FL, Jan. 25, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Generex Biotechnology Corporation (www.generex.com) (GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) announced today that its wholly-owned subsidiary NuGenerex Distribution Solutions 2, LLC (NDS) has launched DME-IQ, a novel service for physicians who manage in-office distribution of durable medical equipment (DME). DME-IQ supports the development and management of compliant and profitable in-office DME programs. DME-IQ focuses on several key areas, which include negotiating on behalf of the physicians with key vendors to decrease the Cost of Goods (COG’s), increasing insurance collections by providing oversight of the coding during the billing process, providing the necessary personnel to manage the appeals processes, and ensuring compliance with state and federal regulations.
DME-IQ will automate and provide the orthopedic practices with a proprietary, tablet-based software package that immediately verifies patient benefits and eligibility. This unique system manages DME inventory, collects patient copays and deductibles, and links patient information with the DME products and necessary patient forms all in one easy to use platform.
The US market for DME is large and growing, a result of several factors including the rising prevalence of chronic diseases requiring long-term care, the rapidly growing geriatric population, and the trend toward home healthcare services. Chronic disorders such as diabetes, diabetic foot & pressure ulcers, chronic pain, and cancer that require long-term patient care and postoperative recovery are driving demand for DME. According to a 2018 market report by Grand View Research, Inc., the US DME market is expected to reach $70.8 billion by 2025, growing at a 6.0% CAGR during the forecast period.
Terry Thompson, President of NDS and COO of Generex, stated, “Today we begin the process of changing the perception of DME programs. DME-IQ is excited to announce our first client agreement with The Orthopaedic Center in Tulsa, Oklahoma, a highly regarded orthopedic group practice dedicated to improving patients’ quality of life through advanced clinical and surgical excellence and patient focused compassionate care. Our commitment to transforming cost centers into profit centers will be unparalleled in the market, as we implement the DME-IQ program to enhance patient satisfaction and practice profitability.”
Justin Clary, Practice Administrator of The Orthopaedic Center of Tulsa, provided his thoughts on the implementation of DME-IQ, “Previously, we had little control over our DME program, which was managed by an outside firm that rented space in our facility. With the launch of DME-IQ, we are engaging DME-IQ to provide the management services that will enable TOC to bring the DME program in-house and allow us to expand our inventory and service offerings with new products that meet the needs of our patients and lower our cost of goods. DME-IQ tracks and maintains our DME inventory to ensure an adequate supply and product mix for our patient population, and the system facilitates insurance claim submissions and adjudication to help us achieve optimal reimbursements. With the DME-IQ system, the practice gains control of our DME program from an operations and financial perspective, while our patients gain access to a wider variety of DME products that are custom fitted for their needs.”
Joseph Moscato, CEO of Generex, stated, “The explosion of high deductible insurance plans has resulted in a dramatic increase of patient out-of-pocket payments for care, and the subsequent requirement that physicians spend more time as collection agents rather than doctors. DME-IQ provides practice workflow solutions for DME with custom, tablet-based software that removes the administrative burden from the practice, facilitating patient eligibility review, collection of patient co-pay and deductibles, centralized insurance adjudication, DME product procurement, and other support services that allow physician practices to increase revenue and service quality. The launch of DME-IQ advances the mission of NDS to provide physicians with end-to-end solutions for patient centric care.”
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