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
Copyright Business Wire 2015