Definitions

Billers: medical billing companies or individuals using billing software to execute insurance claim on behalf of a provider

Blockchain: A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.

Borrowing base: This is the amount of money a lender will loan to a company based on the value of the collateral the company pledges. The borrowing base is usually determined by a method called marginalizing, in which the lender determines a discount factor that is multiplied by the value of the collateral.

Claims adjudication: The process is a phrase used in the insurance industry to refer to the process of paying (or adjusting the amount) claims submitted or denying them after comparing claims to the benefit or coverage requirements.

Clearinghouses: companies that function as intermediaries who forward claims information from healthcare providers to insurance payers are known as clearinghouses. In what is called claims scrubbing, clearinghouses check the claim for errors and verify that it is compatible with the payer software.

Convert2Pay™: a machine learning technology platform that connects businesses

FinCare: the application of financial technology to healthcare

Lenders: banks or funds

Life cycle of a transasction: from the date of service to a patient to deposit in bank account

Machine Learning: a computer that refines projections as it sees more data

Net Asset Value (NAV): asset values is determined from historical billing data over the previous 12 months

NPI: The National Provider Identifier (NPI) is a Health Insurance Portability and Accountability Act (HIPAA) Administrative Simplification Standard. The NPI is a unique identification number for covered health care providers. Covered health care providers and all health plans and health care clearinghouses must use the NPIs in the administrative and financial transactions adopted under HIPAA

Payors: 3,000 insurance companies like United Healthcare

Provider(s): a person or group providing healthcare services

Variance: changes in revenue a specified time. Daily, weekly, or monthly changes of submissions (claims) by a Provider.