SANTA CLARA, Calif., Nov. 1, 2017 /PRNewswire/ -- Based on its recent analysis of the revenue cycle management (RCM) industry, Frost & Sullivan recognizes GE Healthcare with the 2017 North America Enabling Technology Leadership Award for its highly customized, scalable, and agile RCM IT solutions for hospitals, ambulatory practices, specialty practices, health plans, billing companies, managed service organizations, and other stakeholders.
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Despite the widespread adoption of basic RCM IT solutions, most US healthcare providers still grapple with low operating margins resulting from poor accounts receivable (A/R) performance and high average denial volumes. As a result, hospitals across the country lose approximately $262 billion per year on denied claims from insurers. Frost & Sullivan observed that many large healthcare providers, including accountable care organizations, integrated delivery networks, and group practices, continue to manage revenue cycles in silos, without taking advantage of a RCM IT solution that can drive RCM performance while managing all payment models. This often results in underpayments and lost rebates and incentives from payers.
"Healthcare providers have long struggled with the difficulty of implementing enterprise-wide RCM solutions," said Koustav Chatterjee, Industry Analyst, Frost & Sullivan. "In addition, physicians, administrators, and other system users believe that the RCM IT learning curve is simply too steep. The complexity associated with the process of developing, deploying, and optimizing proprietary RCM IT solutions drives these providers to rely on external solution and service providers, such as GE Healthcare. In our analysis, we found GE Healthcare's value proposition to be unique, disruptive, and pioneering from the context of the US RCM vendor market. The company's solutions integrate with virtually any EHR [electronic health record] and can help facilitate clinical and financial analytics across the enterprise while delivering informed workflows that drive the outcomes that are critical to organizations' success."
"GE Healthcare is proud to have been recognized by Frost & Sullivan with the Best Practices Award for Enabling Technology in Revenue Cycle Management," said Shiv Gopalkrishnan, Vice President, GE Healthcare. "This award is a testament to our commitment to helping our customers deliver the revenue cycle outcomes necessary to enable them to pursue their mission of caring for their community."
The company's RCM IT solution begins with their flagship solution, Centricity™ Business, which enables health systems to manage both ambulatory and hospital RCM all on one RCM platform and can be combined with a range of other value-added financial solutions. GE Healthcare takes payer connectivity to the next level by offering Centricity EDI (Electronic Data Interchange) Services to optimize billing process, DenialsIQ™ to reduce the costly impact of denied claims, and Centricity Payer Connect to ensure that customers can monitor, benchmark, and respond to gaps in care in real time and prevent revenue leakage. GE Healthcare provides an integrated, enterprise-level RCM IT platform for a wide range of payer and provider enterprises in the United States.
GE Healthcare's financial management solution portfolio improves the following:
- Payment experience for patients. Patient-portal connectivity (incumbent or external portal) provides effective scheduling and built-in payment modules for informed financial decision-making.
- Value-based payment model adoption and care management for providers and payer-providers: For healthcare organizations engaged in risk-based contracts and value-based reimbursement ranging from shared savings to global capitation, GE Healthcare provides highly scalable solutions that streamline management of administrative costs, utilization, and care coordination of patient populations.
- Cost management for all: The company's point-of-service toolkits can estimate patient liability and propensity to pay, thereby preventing loss of revenue. Additionally, with the help of EDI and DenialsIQ, patient eligibility assessment is digitized, claim errors are auto-highlighted, and denials are managed with predictive analytics.
"GE Healthcare enables its customers to achieve tangible financial outcomes that are better than the industry standards," said Chatterjee. "For example, GE Healthcare's top 20 ambulatory customers' average number of A/R days is at least 10% lower than average. This is achieved through its efficiency in A/R management, using a persistent approach to optimizing patient access processes, streamlining billing workflows, pre-adjudicating claims, and automating financial reporting around claim denials' root-cause analysis and regulatory adherence."
GE Healthcare has been successful in driving a consolidated, value-based care approach for its customers. The company has demonstrated its proven expertise in streamlining costs and optimizing collections through an impressive portfolio of IT solutions combined with optimization services that ensure greater financial performance. For these reasons, GE Healthcare has earned Frost & Sullivan's 2017 North America Enabling Technology Leadership Award.
Each year, Frost & Sullivan presents this award to a company that has developed a pioneering technology that not only enhances current products but also enables the development of new products and applications. The award recognizes the high market acceptance potential of the recipient's technology.
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.
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. For more information about GE Healthcare, visit our website at www.gehealthcare.com.
About Frost & Sullivan
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