Cloud-Based Platform, Real-Time Analytics, Care Transition Tools Enable Profitable Care Delivery; Set Foundation for a More Open Health Information Technology Environment amid Industry Transition to Risk-Based Reimbursements
ATLANTA--(BUSINESS WIRE)-- MedAssets today announced a new Population Health solution suite designed to empower healthcare organizations to deliver more profitable and effective patient care through use of sophisticated clinical and business analytics to manage risk-based reimbursements and coordinated care management. The suite’s components, beginning with a Readmissions Management solution, offer a powerful combination of data analytics, care transition and monitoring tools, along with a cloud-based platform that enables connectivity to integrate vast amounts of clinical, operational and financial data from disparate provider information systems. These capabilities address the healthcare industry paradigm shift toward accountable care to drive smarter, more patient-centric clinical and operational decisions to drive down exploding healthcare delivery costs.
As with all MedAssets solutions, the MedAssets Population Health solution suite equips healthcare organizations with ability to navigate market change using decision support tools anchored in rich data, interoperable health information technology and clinical best practice resource methodologies. The suite’s introduction coincides with impending federal payor penalties for those hospitals with high readmission rates for patient cases related to three diagnosis related groups—Acute Myocardial Infarction, Pneumonia and Heart Failure. The Centers for Medicare & Medicaid Services (CMS) 30-day risk-based reimbursement measure, effective October 1, 2012, is just the beginning of mounting financial and operational pressures placed upon care providers as they assume greater accountability for patient outcomes. CMS estimates that the cost of avoidable readmissions to the nation’s healthcare system is more than $17 billion a year.
“To avoid reimbursement penalties, acute care organizations must be able to cost-effectively identify those patients most at risk for chronic complication, manage those individuals into preventative care programs and facilitate enhanced collaboration with post-acute care providers, the patient and family members,” said Greg Strobel, president of Revenue Cycle Management, MedAssets. “Those needs will require scientific practice resource methodologies. We are introducing a foundational solution designed specifically to help healthcare providers succeed under evolving accountable care business models, and to fulfill the pivotal role they will play in bringing costly chronic diseases under control.”
Data Analysis, Predictive Modeling to identify Health Issues and Cost Drivers
The MedAssets Population Health solution suite is based on a robust clinical, financial and operational data integration model, and utilizes real-time data and an open technology platform common in other business sectors. The suite’s cloud-based platform enables rich data exchange and connectivity among community care providers’ existing clinical, operational and financial systems, including electronic health records, health information exchanges (HIE), patient accounting systems, pharmacy and laboratory systems. The result is extended visibility and monitoring of the patient for greater accountability and fiscal sustainability and improved patient outcomes.
The Readmissions Management application is the first available component of the suite and includes the following key features:
- Predictive scoring methodologies to automate risk stratification of patient populations to identify individuals with case histories and conditions commonly associated with readmissions
- A discharge planning dashboard to provide staff with an efficient and effective technology environment to orchestrate best practice discharge planning, including checklists for hospital staff to support post-discharge monitoring. Patient self-care checklists, symptom and emergency education along with a longitudinal care plan serve to engage all stakeholders in the patient’s healthcare program
- Community-wide care coordination delivered through a cloud-based platform technology to enable each care team member access to information to collectively monitor patient compliance with longitudinal care plan guidelines and drive beneficial clinical interventions from each care setting
“Our traditional healthcare system of silos of providers, point systems and fee for service incentives have created an industry cost structure that is unsustainable,” said John Bardis, MedAssets chairman, president and chief executive officer. “The future fee for value world of healthcare will require sustainable management and utilization of existing resources, as well as agreement on goals for efficiency, productivity and personal responsibility. MedAssets has long foreseen the market dynamics at play, and we developed technology-enabled service capabilities against them to help hospitals succeed both financially and operationally in this evolving and uncertain environment.”
Today, four out of five hospitals across the United States rely on MedAssets for Web-based technology, proprietary data and best practice services to evaluate financial risk to improve total cost management with sustainable results. The introduction of MedAssets Population Health solution suite complements the company’s wide array of data-driven, evidence-based capabilities that detect variations and waste in care delivery—including Service Line Analytics, Lean Healthcare, Clinical Resource Utilization engagements and the MedAssets Bundled Payment Solution.
Moving forward, MedAssets plans to evolve its broad-based solution portfolio into a suite of data analytics, consulting services and clinical best practice methodologies utilizing open technology. These capabilities will help providers better manage the health of the patients they serve and succeed under risk-based reimbursement models, address population health management and evidence-based care.
MedAssets (NASDAQ: MDAS) helps healthcare organizations to improve financial strength through innovative revenue cycle, spend and clinical resource management solutions that enable improved margins, cash flow, quality of care and patient satisfaction. More than 4,200 hospitals and 100,000 non-acute healthcare providers currently use the company’s Web-based technologies and evidence-based solutions to help capture revenue, control cost, increase regulatory compliance and optimize operational efficiency to improve the care delivery process. As a result, the company manages annually $48 billion in healthcare supply spend and touches over $340 billion in gross patient revenues. For more information, please visit www.medassets.com.
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