|Newest Quicken Medical Expense Manager Ends Health Care Cost Confusion
|If This is Not a Bill, Then Why am I Getting It?
MOUNTAIN VIEW, Calif. -
Anyone who's ever received one of those perplexing "This is Not a Bill" medical insurance statements knows the confusion and frustration of dealing with the U.S. health care system.
As the industry focus on consumer-directed health care gains momentum, a key component of this system's success remains stalled - people don't have the tools required to help them make smart health care spending choices.
To help Americans become smart health care shoppers and dig out from under the avalanche of medical bills and paperwork, Intuit Inc. (Nasdaq: INTU) today released Quicken® Medical Expense Manager 2.0, the prescription for medical finance headaches.
Quicken Medical Expense Manager 2.0, the newest version of Intuit's pioneering software to manage health care finances, eases the pain of navigating the medical industry maze by providing clarity, control and peace of mind.
"Fighting illness or managing the care of a loved one is tough enough. People shouldn't have to fight with the complexities of the health care system at the same time," said Peter Karpas, vice president and general manager of Intuit's Quicken Solutions Group. "We designed Quicken Medical Expense Manager to help those who feel overwhelmed when trying to understand and keep track of their medical expenses."
Providing Confidence, Ending Confusion
The confusing "This is not a Bill" statement is actually an Explanation of Benefits, or EOB in medical parlance. This document is designed to provide information about the procedures that were performed, their cost and insurance coverage. But in reality, many people either throw it away or file it with other similar notices and forget it. The more than 57 million Americans facing a chronic illness or injury may receive dozens of these notices weekly and are often overwhelmed.
Quicken Medical Expense manager helps people understand what to do when a bill or insurance document comes in, gives them confidence that they are paying only what they truly owe, and provides insight into the complex financial aspects of medical issues, enabling people to make the most of their health care dollars. The software also creates a complete family medical history - including pets - all in one place.
Bill Handling Clarity and Control
When users enter an EOB or bill into Quicken Medical Expense Manager, the software immediately helps them determine what to do next: pay the bill, wait for insurance or start asking questions.
The program is also flexible, allowing users to track only high-level data - such as the service date, patient responsibility and payments - or delve into details - such as insurers, deductibles and tax deductions.
Quicken Medical Expense Manager also lets users track installment payments and multiple insurance plan coverage per service, including Medicare.
Pay What You Owe
The Medical Billing Advocates of America estimates that up to 90 percent of medical bills from hospitals and providers contain errors amounting to more than $10 billion annually in overpayments. Quicken Medical Expense Manager makes it easy to identify overpayments and billing errors, and helps manage the dispute process more effectively.
The software provides dispute letter templates for common problems to help users resolve errors more quickly and easily. The letters automatically prefill with data from the expense in question and prompt the user to enter additional information that will help resolve the issue.
Once the dispute is in action, users can keep track of the progress in the software's billing notes. They can also set pop-up reminders that will alert them to stay on top of pending disputes. The reminder feature can also alert users about upcoming appointments, prescription refills and pending expenses.
With the information all in one place and easily accessible, Quicken Medical Expense Manager provides users with an empowering tool that levels the playing field when dealing with insurance companies and providers.
Financial Insight Creates Smart Shoppers
The Report Center provides valuable spending insights enabling users to make better decisions - something spreadsheets or manual tracking methods can't provide.
By simply entering data from EOBs or bills, users can:
In a recent report, Forrester Research wrote that, "Intuit has the ability to be as powerful an agent for transformation in personal healthcare as it was in consumer finance. Quicken Medical Expense Manager is turning consumers' data into a view of their medical history and a tool for future planning," said vice president Eric Brown in the September 2005 report "Quicken for Healthcare Arrives Quietly."
- Compare prescription costs to see if they can save money by switching to a mail order service.
- Compare the cost of similar procedures performed by family doctors or dentists to see if switching providers is more economical.
- Know when they've met insurance plan deductibles and out-of-pocket maximums so they can make informed decisions when scheduling procedures.
- Track taxable health care deductions and take advantage of overlooked expenses, such as medical mileage, parking and tolls.
- Follow flexible spending account progress to avoid leaving money on the table at the end of the year.
- Create a family medical and prescription history as services are entered. Information regarding any person, provider, insurance, status or date is easily searchable because it is all stored in one place - no more flipping through stacks of paper or multiple folders.
Intuit's Karpas said the overwhelmingly positive customer reaction to Quicken Medical Expense Manager comes from how people feel when they use the product.
"People tell us the real benefit of this product is the sense of control it gives them," Karpas said. "Having customers personally thank us for creating a solution that is making their lives easier makes us incredibly proud and spurs us on to do even more to help them."
To further support customers, Intuit is hosting an active community forum at www.quickenmedical.com that gives customers the opportunity to share experiences and assist each other.
Product Availability and Pricing
Quicken Medical Expense Manager 2.0 is sold online at www.quickenmedical.com for a limited time price of $49.99, a $20 discount off the suggested retail price of $69.99.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants.
Founded in 1983, Intuit had annual revenue of more than $2 billion in its fiscal year 2005. The company has nearly 7,000 employees with major offices in 13 states across the U.S. and offices in Canada and the United Kingdom. More information can be found at www.Intuit.com.
Intuit, the Intuit logo and Quicken, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.
Note to Editors: for more information about Quicken Medical Expense Manager, including screen shots, box shots, sample data, and customer videos, please visit: www.intuit.com/pressroom and select "Quicken Medical Expense Manager" from the Virtual Press Kits menu.