EAGAN, Minn., May 24, 2018 /PRNewswire/ -- Stella today announced that its business development group has acquired a minority ownership stake in Talix, Inc., the premier provider of natural language processing (NLP)-enabled healthcare risk adjustment and quality analytics solutions for payers and providers.
Talix provides risk adjustment and quality solutions that help providers, payers and accountable care organizations take on financial risk and succeed in value-based healthcare. Its applications transform complex data into actionable intelligence that drives improved coding efficiency and accuracy — leading to better patient outcomes, more accurate reimbursements and reduced costs.
Blue Cross and Blue Shield of Minnesota (Blue Cross), a Stella company, initially leveraged the Talix Coding InSight work flow tool and NLP technology in late 2017 to increase coding accuracy and efficiency and to minimize risk adjustment data validation (RADV) risk. Talix was chosen as a solution because of its cost-effective and highly advanced technology.
Talix's Coding InSight application uses proprietary NLP and Health Taxonomy to analyze patients' medical charts and other relevant clinical data for missed coding opportunities that were not included with the original records. This proprietary process can increase the accuracy of medical diagnoses and treatment classifications, in addition to enabling a health plan's compliance adherence to regulations established by the Centers for Medicaid and Medicare (CMS).
Stella pursued a strategic investment in Talix based on its ability to reduce dependency on vendor support while increasing accuracy and efficiency of operations. Furthermore, Stella will be looking to help Talix expand complementary applications beyond risk adjustment coding.
"Stella believes the Talix business is uniquely positioned for success as health care increasingly focuses on value-based care," said Mike Zeman, vice president and chief growth officer of diversified business at Stella.
"We are delighted to have Stella as a new strategic investor in Talix," said Dean Stephens, CEO of Talix. "Our shared vision to enable value-based care through creative, time-saving, integrated work flow applications in core business functions makes for a strong and timely partnership."
Stella is a Minnesota-based company designed to nurture and scale differentiated businesses across the country to improve health in bold and innovative ways. Stella serves as the parent company for a number of entities that share a focus of making a healthy difference in people's lives, including the non-profit health insurer Blue Cross and Blue Shield of Minnesota and its subsidiaries, and diversified affiliate companies including Further and ClearStone Solutions, Inc. Go to stellahealth.com to learn more.
Talix delivers NLP powered workflow applications to improve the speed and accuracy of risk adjustment coding and other value-based care requirements. Our proven applications serve health plans (first pass, second pass, and claims validation) and healthcare providers and coders (retrospective, concurrent and prospective uses) at the point of care. Talix's sophisticated reporting and analytics capabilities provide better visibility and increased predictability of risk adjustment operations and financial performance. For more information, please visit www.talix.com or follow @TalixHealth on Twitter.