My goal is to capture and share some of the key thoughts presented during today’s Financial Management general session at Centricity™ LIVE. The room is packed with customers from all corners of the US from all types of institutions, and Jon Zimmerman, Vice President and General Manager of GE Healthcare IT’s Clinical Business Solutions business, is given a rock star’s introduction to the audience.
“One of GE Healthcare’s core beliefs is that customers define our success,” shared Jon in his opening remarks. In fact, this belief is a key theme for our third Centricity LIVE users’ conference. The complexity of today’s healthcare landscape means that GE Healthcare has to deliver more so providers can have the time and resources to devote to patients and staff. To reinforce his point, Jon shared stories of three customers who achieved significant accomplishments in the last year. These customers drove outcomes and results at their organizations by:
- Implementing a combined business office approach to manage financials across hospital and ambulatory revenue cycle
- Contributing to the development of DenialsIQ™, a solution designed to reduce the negative impact of denials
- Navigating financial challenges associated with risk-based contracts by streamlining enrollment and claims processing
Next, Jon Zimmerman welcomed senior product manager, Travis Frosch, to the stage to introduce DenialsIQ to Centricity LIVE attendees. Travis shared how GE Healthcare partnered with customers to develop DenialsIQ by leveraging Fastworks, an iterative process for solution development that incorporates customer feedback early and often during the development cycle. DenialsIQ is built on GE Healthcare’s Predix platform and uses a powerful, patent-pending, algorithm built at our Global Research Center in San Ramon, CA. DenialsIQ identifies trends in claims denials based on root cause, allowing users to work the most valuable trends, in bulk and without research, which helps reduce the cost to collect and improve margins. You can follow Travis on twitter.
- The massive shift from volume-based care to value-based care
- Outcomes must be prioritized over process, the objective will drive the process
- The concept of “payviders” – organizations that are acting as both the provider and the payer. At this point Jon highlighted that GE Healthcare was the inaugural investor in the AHIP Innovation Lab which seeks new ways to organize and create innovative solutions to address the most complex challenges
With an eye towards the future, Jon shared his thoughts on the rapidly changing market where economic and regulatory drivers such as payment reform, insurance exchanges, changing delivery models, and the evolving roles of payer and providers are set to transform the healthcare landscape more rapidly in the next 3-5 years than perhaps the past few decades. In the value-based world, outcomes rather than process will be the currency for success and GE Healthcare is focused on delivering solutions to get our customers paid more, faster.
Jon shared the key areas of focus for where we will help customers succeed in the future. They include:
- Helping our customers reduce denials
- Processing gaps in care by better connecting payers and providers so that they can share data in order to get fully paid and to deliver the best possible care
- Enabling customers to collect more at lower costs by driving more efficiency and reducing rework
In closing, Jon expressed commitment to delivering financial management solutions that will help our customers achieve continued success. He acknowledged and thanked our customer partners who have helped GE Healthcare build and deliver solutions that will make meaningful contributions to customers across the country—after all, it is our customers who determine GE Healthcare’s success.
Footnote: Descriptions of future functionality reflect current product direction, are for informational purposes only and do not constitute a commitment to provide specific functionality. Timing and availability remain at GE’s discretion and are subject to change and applicable regulatory clearance.