A New Era for Extract: What to Look Forward to with Extract’s Acquisition
The world of mergers and acquisitions can feel overwhelming and be difficult to understand. Organizational transitions like these come plenty of unknowns, uncertainties, and TBD’s. For us, at Extract, this potential for question marks has been vastly overshadowed by a feeling of excitement that has been buzzing around our Madison, WI based office.
On September 17th, 2024, Vyne Medical announced their acquisition of Extract Systems, which marks the beginning of a new chapter for Extract; one that both Extract clients and the healthcare world should feel very excited about. So, what does this change mean for you?
In short, we remain absolutely committed to the first-in-class service and support that our partners have relied on for over 25 years. This acquisition positions Vyne Medical as the number one player in healthcare document automation, bringing with it several exciting developments for Extract clients.
A Fully Enterprise-Wide Solution
Extract has always been a key player in document automation, specifically in Health Information Management (HIM) and lab workflows. Vyne, on the other hand, has a strong presence in various departments including, but not limited to, Patient Access, Denials, and Referral Management. Combining our companies’ expertise will allow us, as one entity, to reduce the time it takes for your healthcare organization to index and abstract unstructured data in virtually all departments across your organization. There is no company that does what Vyne Medical is now capable of doing on an enterprise-wide level.
Expanded Solutions
As your team and wider organization continue striving for workflow automation, Extract’s merger with Vyne will expand the solutions that are available to Extract clients. A few notable additions to our offerings include:
- Refyne Audits– With Refyne, your team can automate the arduous Medicare audit processes by submitting documents electronically in a timely and trackable manner. Reducing and eliminating the administrative burden that comes with managing, tracking, and fulfilling audit requests saves your team time and money and allows you to provide the best patient care possible.
- Refyne Denials Management- Perfect for hospitals or medical groups who work with CMS Medicare fee-for-service claims. Refyne Denials Management helps teams streamline audit and prior authorizations processes. This workflow alleviates the administrative of managing CMS and commercial payer audits, claim and authorization requests.
- Refyne CloudFax – A healthcare-centric solution that facilitates bi-directional faxing to help teams manage large volumes of sensitive communications. CloudFax can be integrated with your existing technology, or you can use it as a standalone solution to help reduce the need for printing and scanning hard copies.
Better Data, Quicker
Both Vyne Medical and Extract Systems have boasted faster turnaround times, reduction in data entry errors, and overall, less administrative burden to teams who have historically been inundated with unstructured documents and manual workflows. With our combined expertise and deep healthcare workflow knowledge, Vyne Medical will be able to continue providing clients with top notch products. We will have the ability to integrate our existing solutions and build upon the strong bases we’ve each developed over our combined tenure in this space.
Beyond this, however, we have the unique opportunity to connect and coordinate between our customer bases, to find solutions to the problems that are truly important to you and your team.
We are thrilled to be able to combine developmental, product, and partnership resources with a larger team. This opportunity will allow Extract to do more of what we’ve always excelled at: building custom solutions for your non-interfaced documents and delivering disconnected data.
We’re looking forward to the future together, and so should you!
