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About Virence Health Technologies, the Rebranded GE Healthcare Value-Based Care Solutions Group

Virence Will Be An Essential Resource for Customers to Drive Better Healthcare Outcomes

GE Healthcare’s Value-Based Care Solutions Group, recently acquired by Veritas Capital, today announced its rebranding to Virence Health Technologies. The company is a leading software provider that leverages technology and analytics to help healthcare providers across the continuum of care effectively manage their financial, clinical and human capital workflows.

“Our new name, Virence, positions our company as an indispensable partner to our customers,” said Bob Segert, Chairman and CEO of Virence. “Virence plays an essential role in helping customers thrive in an increasingly complex environment, and we intend to combine fast-moving innovation with an unmatched passion for success to positively impact our customers’ evolving business needs.”

Virence‘s revenue cycle, ambulatory practice and workforce management solutions are backed by advanced analytics and are driven by over 30 years of expertise in healthcare software and services. The Virence portfolio includes:

Revenue Cycle Management Solutions: Virence offers powerful tools, services, and an EDI Clearinghouse optimize revenue cycle operations, better connect payers and providers, and enable customers to thrive in an environment of mixed reimbursement models.

Ambulatory Care Management Solutions: Virence provides comprehensive solutions to streamline primary and specialty care workflows including EMR, clinical documentation, quality reporting, analytics, and population management.

Workforce Management Solutions: Virence has industry-leading software, analytics, and consultative services empower health systems to manage labor costs and optimize their workforce, enabling quality patient care delivery.

Current Virence customers are looking forward to continued collaboration to drive outcomes to help improve healthcare. Dr. Fred Rachman, CEO of AllianceChicago said, “This is an exciting milestone for Virence. We are thrilled to be working with such an innovative company, and look forward to continuing to utilize their cutting edge technology as we work to transform Community Health.” Etan Walls, CEO of Adjuvant.Health, added, “Virence is a rare company with an innovative and thoughtful leadership team. This rebirth will allow the Company to continue to change our world with the same empathy, respect, quality, and determination they have always shown, and we look forward to working with them for years to come.”

For more information, visit www.virencehealth.com and follow Virence on Twitter at @VirenceHealth and on LinkedIn.

About Virence Health Technologies

Virence Health Technologies is a leading software provider that leverages technology and analytics to help healthcare providers across the continuum of care effectively manage their financial, clinical, and human capital workflows. Offering a comprehensive suite of innovative technology-enabled solutions, Virence aims to improve quality, increase efficiency, and reduce waste in the healthcare industry.

About Veritas Capital

Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the aerospace & defense, healthcare, technology, national security, communications, energy, government services and education industries. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means.

The Keys to Successful Healthcare Revenue Cycle Management

Keeping pace with the changes in healthcare RCM can seem like a daunting task that takes considerable expertise, time, and resources. Today, medical professionals spend more money billing and collecting than in any other industry, and even with powerful management software and trained employees, maximizing clinic profits can be a challenge.

Creating a well-maintained healthcare revenue cycle management process can make a huge difference in a clinic’s bottom line but how do you know if your RCM process is doing what it should?

Measuring Effectiveness in Healthcare Revenue Cycle Management

Understanding the effectiveness of your current healthcare revenue cycle process is key to identifying what needs change or improvement. In general there are four pillars to successful RCM in healthcare:

People

They are the backbone of a well-managed revenue cycle. Healthcare veterans have experience in coding, compliance, electronic data exchange, customer service, billing/ collections, and more, and are the ones capable of managing every aspect of a business.

Process

When followed with strict adherence, the RCM system will guarantee results. The process is made up of data collection, claims submission, AR processing, automation, specialist prioritization, and other steps. Working with information, structure and discipline is what produces reliable higher performance.

Technology

It is used across the entire revenue cycle process. It allows for effective tracking, automation, and interaction, and can be used by a large pool of employees with minimal expertise. It enables every task in the process to be performed quickly, accurately and consistently.

Information

It takes good data to improve any revenue cycle performance. Having access to critical data delivered in simple reports will pinpoint problems and identify opportunities. In today’s market, BI is critical to increasing both efficiency and profits.

Healthcare Revenue Cycle Flowchart

The RCM process is complicated – to assess the quality of your RCM process there are many tasks and functions that need to be looked at together. This healthcare revenue cycle flowchart provides one way of thinking about the elements of the RCM process.

Healthcare Revenue Cycle Management Flowchart

Current Challenges in Healthcare Revenue Cycle Management

Every clinic is facing a set of core challenges that require a thoughtful approach to overcome. The old notion of ‘billing and collections’ is changing and expanding – the revenue cycle process now encompasses almost every aspect of a practice. It is becoming more automated, regulated and complex. These are a few of the challenges clinics need to consider to create a healthy RCM process:

  • Maximizing performance – Declining reimbursement and rising costs means practice needs to capture every earned dollar.
  • Minimizing cost – Payment per claim is flat if not declining, and RCM costs are only increasing.
  • Compliance – More complicated than ever, and with higher stakes.
  • Business intelligence – Increasing the need for sophisticated data to drive business.
  • Integration – RCM platforms rely on an expanding ecosystem of technologies that have to function in tandem.
  • Migration to Value-Based Reimbursement – New RCM processes that are different from Fee-For-Service.
  • Direct patient payment – With the increasing costs of health insurance, this is a large source of revenue.
  • Staff recruitment and retention – It is harder to find and keep talent (low end salaries get less skilled workers, higher skilled workers are in demand and harder to retain).

Improving Your Clinic’s Healthcare Revenue Cycle Management

If you are looking to improve the way your clinic manages its revenue cycle, you might be considering changing or implementing new practice management software or outsourcing your RCM entirely – both of these are good options to take your healthcare RCM process to the next level.

For even more information about healthcare revenue cycle management – including RCM best practices for every step of the revenue cycle – you can download our comprehensive Revenue Cycle Management eBook for free.

Why Consider Revenue Cycle Management Outsourcing?

Without a doubt, the healthcare revenue cycle is one of the most important pieces of your business. Choosing the best revenue cycle management strategy for your organization is crucial to keeping the cash flowing and decreasing staff costs.

Many clinics do revenue cycle management in-house, but as they grow and their revenue expands they find the that the RCM process requires more time and skill and the likelihood of clinical errors increases. This is why many clinics consider revenue cycle management outsourcing as a solution. Third-party RCM experts can remove the errors from your RCM process and alleviate the stress of keeping the clash flowing.

If you are wondering whether you should outsource your revenue cycle or continue to do it in-house, there are a few key things to consider before making a decision.

Healthcare RCM Outsourcing

In the past, healthcare RCM outsourcing decisions hinged on just a few issues. With the changes in the industry, the decision matrix for a practice has expanded and the case for outsourcing RCM to the right partner has grown. Today the RCM process is very complex and requires skilled and knowledgable workers and revenue cycle management outsourcing considerations have also grown more complex.

Past revenue cycle management outsourcing considerations

Control: Because it was mostly a manual process, practices perceived that in-house operations gave them more control.

Staffing: Whether or not the practice was able and willing to manage the billing staff was often a key consideration.

Cost: Performance variations were perceived to be small between high and low RCM performance, so the economic decision was simply a comparison of in-house costs vs. outsourcing fees.

Revenue cycle management outsourcing considerations today

Control and transparency: With the complexity of the RCM process, real control
is no longer achieved by simply having the staff down the hall on your payroll, but by having processes that are measured, reported, tracked and managed as outlined in this paper. Outsourcing providers can invest in these capabilities in ways that in-house billing operations cannot.

Full effort: A common concern about outsourcing is whether the service provider will work as hard as in-house staff to collect on difficult claims. Setting aside the questionable assumption that employed staff are more motivated than an outsourcer, a fully measured and transparent process is the best assurance for getting the right level of effort on hard to collect claims.

Talent: The RCM process now requires so many skill sets that even practices with a fairly large number of providers cannot have all of the necessary people on staff. Additionally, in low unemployment environments, it is hard for many practices to find and retain qualified RCM employees without their wages escalating too quickly.

Compliance: The compliance risks – both billing and data security – for a practice related to its revenue cycle are simply too great to ignore. Many practices cannot make the investment required to properly manage those risks, but outsourcing providers are able to spread the costs of compliance investments across multiple clients.

Technology: Likewise, the number of technologies required to support the revenue cycle grows every year. The capital, operating expense and talent required to build and support these technologies give the outsourcer the advantage of scale that is passed on to the practice, something that cannot be done if RCM is kept in house.

Management focus: Most administrators are now trying to navigate the practice through the ever changing healthcare landscape and nd they just have more on their plate than they can manage. Major strategic initiatives such as growth, health system relationships, and dealing with new competitive threats must take priority, along with the day to day rhythm of managing their physicians, staff and clinic operations. Allowing a trusted partner to manage their RCM and the technology that goes with it allows them to focus on what matters most.

Economics beyond cost: While the cost of outsourcing is still an important factor, there are other economic considerations as well. There are significant differences in collections and cash performance that dwarf small differences in RCM cost. As the revenue cycle becomes more and more automated, the outsourcer invests their capital to build capabilities, allowing the practice to use its capital elsewhere.

Is Outsourcing Revenue Cycle Management The Right Choice For Your Clinic?

Clinics have a number of pieces to weigh when deciding how to manage their revenue cycle, but in the end the final decision is unique to each clinic. If you find your clinic struggling to keep up with modern RCM then outsourcing is a great way to relieve some of that pressure.

If you want more information about revenue cycle management outsourcing and whether your clinic has a healthy RCM process, check out our in-depth Revenue Cycle Management White Paper.

GE’s Healthcare IT Business to be Acquired by Veritas Capital

HealthCo is excited to announce that  GE Healthcare has reached an agreement to sell its ambulatory care, revenue cycle and workforce management software businesses to Veritas Capital.  GE’s Centricity Practice Solutions is included within the acquisition. 

Veritas is a leading private equity firm that invests in companies that provide critical products, services and technology-enabled solutions to customers worldwide.  Veritas is well-capitalized with a strong ability to invest for growth.

These new owners bring a culture of intense customer focus and a drive for growth through focused R&D and product innovation, as well as a deep understanding of the urgent need to digitize our healthcare system. Additionally, they have a strong track record of strategically transforming leading companies in the healthcare information technology space.

GE Healthcare and Veritas will work together to ensure a smooth and professional handover after the transaction closes, which is expected in the third quarter.

HealthCo will continue “business as usual” and go above and beyond to make this transition seamless for our customers. HealthCo remains committed to keeping you proactively informed and satisfied with our services.

Please join us at GE’s State of the Union where you can learn more about the transition and have an opportunity to ask questions:

GE State of the Union Webinar Registration

For Centricity Practice Solution and Centricity EMR Customers
April 20, 2018
12:30PM EDT | 9:30AM PDT

Register

Another way to stay informed is to attend Centricity LIVEMay 16-18 in Las Vegas, where you will be able to connect directly with Veritas leadership to get the latest information regarding the transition. The conference will also include a series of breakout sessions designed exclusively for Centricity customers to give you a first-hand look at what’s next on the Project Northstar journey and provide you with tips, strategies and best practices that you can put to immediate use. 

In the meantime, please know that we believe transparency in communication is important so don’t hesitate to reach out, we will answer your questions openly and honestly.

Again, we are incredibly excited to share this important news with you, and we look forward to the journey ahead.

MACRA is not the Macarena But It Is A Dance You Can Learn

The Medicare Access and CHIP Reauthorization Act of 2015, also known as MACRA, is on the minds of physicians and practice managers from coast to coast. As with any new ruling from CMS, the challenge is to fully understand the changes to the law and what it means for your practice. Change is never easy, but this change has to be met head-on, or the clinic’s bottom line may suffer.

To help address your questions about MACRA, GE Healthcare is hosting a webinar called “MIPS, MACRA and YOU in 2018” on Monday, November 27th from 9:00 a.m. to 10:00 a.m. Pacific Time. The webinar will feature Mark Segal and Donna Maddox from GE Healthcare, and David Swartout from Mountain View Medical in Forest Grove and Hillsboro, Oregon.

While MACRA presents a host of new challenges for clinics, Donna Daniel of IBW Watson Health argues that managing and analyzing patient data is the core function that clinics must learn to master.

Provider performance will be measured against national peer performance to establish goals, incentives, and payment structure. Organizations that perform well against the quality benchmarks while controlling costs will be financially rewarded. Those who miss the mark may see their Medicare reimbursements shrink. This puts a great deal of pressure on providers to immerse themselves in performance metrics.

We all know that practicing medicine has plenty of its own pressures. Know that you can lean on HealthCo and GE Healthcare to help you manage MACRA/MIPS.

Understanding Merit-based Incentive Payment System (MIPS)

MIPS replaced the Physician Quality Reporting System, Value-Based Modifier, and Meaningful Use of electronic health records programs. It also added a fourth component, Improvement Activities, which is intended to give physicians credit for their efforts to reduce disparities in care, engage patients in shared decision-making, and other activities designed to improve care.

Instead of three separate programs, MIPS is designed to be one cohesive program with a single score for each physician or group. The score will be derived from four components: quality, costs, improvement activities, and advancing care information.

Sandy Marks, Assistant Director of Federal Affairs at the American Medical Association, notes that MIPS presents a variety of special challenges for small and rural practices.

When Congress enacted MACRA, it recognized the unique challenges facing physicians in small and rural practices. For example, the law required CMS to set a low-volume threshold so that physicians who do not treat enough Medicare patients to have a chance at getting a positive return from participating in MIPS would be exempt from it. MACRA also called for creating virtual groups so that physicians in small and rural practices can combine their resources to jointly report on MIPS measures.

Get A Firm Grip On 2017 MIPS Reporting

Under MIPS, each clinician will be measured against four categories: quality, cost, improvement activities and advancing care information. Quality is the most important category right now, as it accounts for 60% of the clinician’s overall score. Each clinician under the MIPS program receives a final score (from 1 to 100) and that number determines the amount of payment the clinician is eligible to receive in 2019.

If you’d like to learn more about these four reporting categories, CMS has excellent “explainer” videos on the topic available.

Our dedicated team of Centricity Practice Solution specialists is also available to walk you through any specific MACRA- or MIPS-related questions.

GE Healthcare Recognized As Leader in Revenue Cycle Management

SANTA CLARA—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.

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.

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 an 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 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.”

Ge Healthcare’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’s financial management solution portfolio spcifically 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.