HealthCare Business News spoke with William Cavanaugh, president of Concord Technologies, about the company’s unique approach to data extraction and reorganization for efficient healthcare information exchange, and impact of their technology on the healthcare industry.
HCB News: Can you give us a high-level overview of Concord Technologies’ offerings?
William Cavanaugh: Concord Technologies specializes in electronically exchanging, extracting, classifying, and processing data from paper or electronic formats. We've been a part of the electronic exchange of documents for over two decades, primarily through cloud fax technologies. Our systems securely process over 12 million pages a day, ensuring that sensitive patient information is seamlessly and securely integrated into various healthcare systems.
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HCB News: I understand that you were just recognized by KLAS as the most advanced in the digital fax space which suggests the ongoing importance of cloud fax in healthcare. Tell us more about the technology and the recognition.
WC: That’s correct. We are very proud of this recognition because this latest report from KLAS focuses on next-generation cloud fax capabilities -- beyond security and reliability – such as the ability to interrogate documents using NLP, OCR, or other technology and extract clinical data that can then be inserted into other healthcare workflows. Concord was rated “Most Advanced” which is the highest rating reserved for solutions that demonstrate the ability to automate the extraction and application of specific clinical data from any document and integrate it into the customer’s administrative, clinical, or financial workflows. Another reason we are very proud of this recognition is that KLAS goes beyond what the vendors say they can do and validates that information by interviewing customers actually using the solutions. As a company that prides itself on our relentless commitment to our customers, we find this method of validation particularly meaningful.
HCB News: Can you give us a “for instance” of Concord's technology benefits healthcare organizations?
WC: Our technology significantly enhances operational efficiency in healthcare settings. By electronically categorizing and routing documents, we streamline processes such as patient admissions and transfers. For instance, this has led to reported savings of 2 to 3 hours per day for intake coordinators and boosted bed capacity by up to 60% for certain healthcare facilities.
