CodeSmart™ Group signs new business as it implements refocused plan, post ICD-10 delay - KCTV5

CodeSmart™ Group signs new business as it implements refocused plan, post ICD-10 delay

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SOURCE CodeSmart Group

NEW YORK, April 30, 2014 /PRNewswire/ -- CodeSmart Holdings, Inc. (OTCQB: ITEN), with its subsidiary, The CODESMART Group, Inc. (collectively, "CODESMART"), a premier ICD-10 Medical Coding education and clinical documentation software group that offers CODESMART UNIVERSITY, its on-line education solution, outsourced medical coding and clinical documentation software, announced today that it has signed the agreements listed below with new customers. The Agreements consist of a blend of services to be provided in the different lines of business now provided by CODESMART after its restructuring resulting from the projected ICD-10 implementation delay of October 15, 2015. Additionally, CODESMART™ University has enrolled new coder students and clinicians into their program of study over the past month on a steady basis.

The following Agreements have been signed between CODESMART™ and their new customers:

  • New York Methodist Hospital in Brooklyn purchased the CDI SMART™ Software and training for clinical documentation improvement through the CODESMART™ education program. This contract value is $70,000.
  • Wilson Medical located in Neodehsa, KS. Has contracted with CODESMART™ to do clinical training and ICD-10 transitioning. That contract has a value of $19,375.
  • San Antonio Community Hospital in Upland, CA., has purchased the CDI SMART™ software for an annual subscription of $22,000.
  • Over the past 30 days through April 28, 2014, CODESMART™ UNIVERSITY has enrolled  429 clinician students totaling over $200,000 in tuition and 13 new coder students totaling over $50,000 in tuition.

"Placing an emphasis on our software, new coder education program, and outsourced coding addresses problems that we believe all providers share.  They appear to be concerned about the enormous coding shortage and how to protect their revenue cycle. CODESMART™ is building a strong long term foundation in this direction and we believe we are gaining some traction again in the market," said Ira Shapiro, Chairman and CEO of CODESMART.  "Having these products readily available as the ICD-10 delay hit gave us the adaptability to be able to accommodate the needs of healthcare providers today and for the future."  Added Shari Franey, President and COO of CODESMART™, "The ICD-10 delay actually enabled us to focus our resources on the more scalable products we have. We were placing our resources in a more labor intensive ICD-10 consulting capacity to accommodate customer need to transition before they recently extended the deadline. We have also significantly cut our expenses through a reduction in force, focus on only essential function and streamlining of operations in an effort to be self-sufficient as soon as possible."

About CodeSmart™

CodeSmart Holdings, Inc. (OTCQB: ITEN) with its subsidiary, The CODESMART™ Group, Inc., is a premier national subject matter expert for Medical Coding, ICD-10 education and clinical documentation, and the revenue cycle in the United States. Its products include, CODESMART™ UNIVERSITY, is an on-line program of study for, new coders, clinicians, existing coders and healthcare roles of all types. CDI SMART™ is a unique clinical documentation software helping clinicians to document efficiently and code properly for both ICD9 and 10. Created by a combination of a leading panel of ICD-10, clinical, and clinical documentation experts. CODESMART's suite of products addresses the significant coding shortage as well as the large gap in revenue cycle effectiveness the entire industry faces.

To learn more about CODESMART™ GROUP's proprietary programs, visit www.codesmartgroup.com.

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