Medical technology may have advanced to the 21st century, but the exhaustive documentation required by insurance providers to approve purchase of in-home equipment such as wheelchairs and braces is still stuck in the 1990s, relying largely on paper, ink and faxes.
Now Conduit Technology in Girard has developed software that automates the onerous process. Founder Jim Noland says that while a typical office staffer could complete three orders a day using the old system, the software will boost productivity to 12 orders a day.
Conduit plans to launch a beta version of its software in March with a full rollout later in 2013, boosted by a new $150,000 investment from Ben Franklin Technology Partners of Central and Northern PA. Earlier this year, BFTP/CNP invested $100,000 in the company to support development of its technology.
With a $1.5 billion medical services and equipment market, and individual devices ranging from $3,000 to $40,000 each, the potential is enormous, Noland notes. The software employs a unique mapping tool that allows clinicians to electronically aggregate, format, fill out and sign potentially dozens of forms required for each purchase.
The software is an outgrowth of the billing software that Noland developed for use at his Presque Isle Medical Technologies, a supplier in Erie.
With his extensive contacts in the industry, and the fast-changing landscape for medical insurers, Noland anticipates quick growth. Conduit just made its first fulltime hire and Noland expects to hire three more in the next year, for a fulltime staff of six – all high paying jobs, he adds – within 18 months.
Source: Jim Noland, Conduit Technology
Writer: Elise Vider