Change Healthcare Commended by Frost & Sullivan for Transforming the Revenue Cycle Management Workflow with its AI-enabled Solutions and Services
Its analytics-driven solutions ensure superior user experiences by improving patient management, clinical documentation, and claims management
SANTA CLARA, California, May 5, 2020 /PRNewswire/ -- Based on its recent analysis of the United States revenue cycle management (RCM) market, Frost & Sullivan recognizes Change Healthcare with the 2020 United States Product Leadership Award. The company's advanced AI-powered RCM technologies help it deliver an outstanding patient experience and considerable return on investment by aligning with major industry trends such as patient-centricity and value-based care delivery. Change Healthcare's end-to-end patient engagement and RCM services are ideal for all healthcare settings, including integrated delivery networks (IDNs), large hospitals, academic medical centers, and ambulatory physician practices.
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"Change Healthcare offers integrated financial solutions that establish omni-channel consumer-centricity within a defined RCM workflow. Its next-generation patient access management tools effectively activate patient engagement via a comprehensive benefits eligibility assessment," remarks Koustav Chatterjee, industry analyst of Digital Health at Frost & Sullivan. "The company extends its patient access management services to a broad section of healthcare consumers who are seeking an optimum patient experience, both before care and at the point of service."
Change Healthcare is also a leading provider of best-in-class solutions for revenue integrity management and financial risk minimization. Its RCM AI technologies drive error-free charge capture and predict the propensity of denials before claims are sent to payers. Furthermore, its AI-enabled RCM workforce automation tools help increase efficiency for clinical documentation and coding tasks. Change Healthcare's RCM AI technology can also predict time-to-payment by analyzing each claim against statistical patterns for adjudication responses. Claims that are denied due to avoidable or non-avoidable reasons are automatically reassessed to incorporate evidence into the cognitive platforms, which will help prevent future denials and reduce appeals.
Beyond assisting providers, Change Healthcare facilitates more than 2,000 payer connections and processes 14 billion healthcare transactions within its network of 33,000 pharmacists, 3,300+ imaging centers, 600 laboratories, and 118,000 dentists. It currently claims to have access to 33 percent of total US patient records. This wide market footprint is supported by an unmatched capability to enable end-to-end RCM for a wide variety of customers that are either trying to improve cash flows and reduce costs or are pursuing strategies to enhance the overall patient financial experience.
"A core focus of Change Healthcare has been on advanced analytics to help improve patient access management, clinical documentation, claims management, and payer-provider collaboration. Such outcome-driven RCM workflows can reduce costs in collecting patient revenue, increase productivity, enhance patient satisfaction, and support comprehensive regulatory compliance," notes Chatterjee. "Overall, the company is well positioned to grow its RCM business by leveraging its vast network of payer and provider customers across almost all US states."
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid market acceptance. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
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