Expanded suite of value-based financial management solutions announced at #HIMSS15
BARRINGTON, IL, April 13, 2015 — The acceleration from fee-for-service to value-based healthcare is well underway. As healthcare leaders work hard to offer better care to patients, they also must check the vitals on their own operations, particularly as they manage multiple payer contracts, optimize patient revenue collections and negotiate new risk-based payment contracts.
To help address these needs and improve profitability across the healthcare network, GE Healthcare announced today at #HIMSS15 the release of new offerings under the Centricity™ Solutions for Financial Management suite. Combining software, services and a new agreement with Accenture, these expanded offerings help providers augment their revenue cycle operations, apply risk-based payment models and better connect with payers.
“As the value-based care movement takes hold, the healthcare industry is reaching a tipping point, where operational excellence becomes a pre-requisite for a provider’s longevity,” said Jan De Witte, President and CEO of GE Healthcare IT. “Health providers need to quickly reorient their organizations with the appropriate strategies and tools to deliver better patient outcomes, while managing their operations. Our latest range of software solutions gives providers more financial transparency, using dynamic insight and foresight into the major performance improvement opportunities in their financial and risk management processes.”
Centricity Solutions for Financial Management now comprises the following products and services:
Centricity™ Business 6.0: The latest edition of GE Healthcare’s enterprise-wide revenue cycle management solution includes new, automated workflows for hospitals and ambulatory centers that help reduce accounts receivable (A/R) days and increase patient collections. The Client Metrics service allows reporting on key financial metrics at the enterprise level, significantly improving productivity. Built on a new web-based user interface, Centricity Business 6.0 is accessible virtually, which eliminates dependency on any single platform and generates major cost savings on software upgrades.
DenialsIQ: This new predictive analytics solution by GE Healthcare—for customers using Centricity Business—is designed to help providers collect payments faster by allowing healthcare administrators to identify claims facing denials before they negatively impact an organization’s financial health. The solution leverages patent-pending statistical algorithms developed by GE’s Global Research Center with input from healthcare providers, including WestMed Practice Partners, Orlando Health and UC Irvine.
Employing DenialsIQ will allow health providers to identify and group root cause issues that lead to denials by both claim volume and dollar value. Armed with this critical information, healthcare administrators can easily prioritize the most impactful issues and make any changes. DenialsIQ is available immediately to current Centricity Business users who leverage Centricity EDI Services.
Centricity™ Workflow Consulting Services: GE Healthcare redesigned its implementation methodology for Centricity Business by engaging Accenture and its revenue cycle management services. This new methodology, Workflow Consulting Services, will help customers reduce the timeline to implement, resulting in a higher ROI by accelerating improvement in revenue collections and reducing accounts/receivable days and cost to collect.
The new offering provides organizations the ability to benchmark themselves against a dashboard of more than 50 key performance indicators, including bad debt write-off as a percent of gross revenue and deposit request rate for unpaid balances. Such measures are then used to develop a customized plan to improve organizational workflows. GE Healthcare experts specially trained in workflow optimization will help customers achieve industry best practices in financial outcomes.
Centricity™ Financial Risk Manager 6.0: Centricity Financial Risk Manager is GE Healthcare’s proven financial risk solution with more than 30 clients managing risk for more than 7 million lives. Designed to assist organizations that manage fully capitated contracts, this solution streamlines claims and consolidates business processes for system-owned health plans, while reducing costs. The latest software release includes an extended business intelligence offering to better manage financial risk and the overall business, as well as an expanded workflow and simplified navigation for improving efficiencies. It also offers enhanced premium billing to support health plans participating in a healthcare exchange.
Centricity™ EDI Service 6.4: The new release of Centricity EDI Services, GE Healthcare’s all-payer clearinghouse with advanced analytics, includes streamlined eligibility response formats to improve the efficiency and accuracy of eligibility inquiries. It also offers healthcare administrators turnkey support for Medicare formatted claims attachments and access to the new EDI Services Center of Excellence for timely, quality support and proactive monitoring to prevent processing errors.
About GE Healthcare
GE Healthcare provides transformational medical technologies and services to meet the demand for increased access, enhanced quality and more affordable healthcare around the world. GE (NYSE: GE) works on things that matter - great people and technologies taking on tough challenges. From medical imaging, software & IT, patient monitoring and diagnostics to drug discovery, biopharmaceutical manufacturing technologies and performance improvement solutions, GE Healthcare helps medical professionals deliver great healthcare to their patients. www.gehealthcare.com