MOUNTAIN VIEW, Calif., Sept. 9, 2014 /PRNewswire/ — Based on its recent analysis of the healthcare financial management market, Frost & Sullivan recognizes GE Healthcare IT with the 2014 North America Frost & Sullivan Award for New Product Innovation Leadership. GE Healthcare IT’s unique technology solution offering, Centricity Financial Risk Manager, enables healthcare systems to reduce the cost of administering capitated risk-based contracts by streamlining associated business processes. This enables clients to optimize workflows and increase profitability.
The Centricity Financial Risk Manager is an innovative technology solution that helps providers administer risk-based claims and monitor utilization and reimbursements while handling increasingly complex contract terms. This end-to-end financial management suite of software and services is specifically targeted at providers that have their own health plan and are looking for new tools to administer it.
The solution is available as a stand-alone offering that integrates with clinical and financial IT products from a variety of vendors, thus providing a flexible, scalable and configurable option that can help plug the gaps in other systems’ capabilities. GE believes that its commitment to interoperability and ability to integrate its stand-alone offerings with various vendors’ IT products offers a distinct competitive advantage in a rapidly consolidating provider market.
"Centricity Financial Risk Manager is part of a GE Healthcare portfolio that delivers integrated care encompassing imaging, care delivery management, population health management and financial management, all of which improve clinical and financial outcomes," said Nancy Fabozzi, Frost & Sullivan principal analyst for Connected Health.
Centricity Financial Risk Manager is based on proven technology – currently used to manage more than 7 million lives at over 30 customers – and is equipped with a number of unique features. For instance, the application platform includes a full product suite that automates essential functions such as claims adjudication, eligibility processing, claims systems configuration, health plan benefit administration, utilization management, coding and compliance.
"This is great news for the GE team and its existing customers of Centricity Financial Risk Manager" said Carol Wanke, Vice President of Managed Care Operations at Sharp Healthcare. "We at Sharp Healthcare have been actively using Centricity Financial Risk Manager for a number of years to manage over 300,000 patient lives under a risk contract. This award validates our belief in GE’s focus to invest in the technology solution as we continue to grow our market leadership position in the area".
The company’s development roadmap is focused on resource optimization through IT. GE understands that as the healthcare market transforms, it will be increasingly important for vendors to offer a full suite of flexible clinical and financial solutions that cover all care settings.
"Centricity Financial Risk Manager is well positioned for growth as the market moves toward value-based reimbursement and providers seek to bring on new capabilities to help manage this transition," noted Fabozzi.
Overall, GE Healthcare’s mission is to provide customers with a portfolio of integrated care solutions that help them save costs, improve workflow, and enhance the patient’s experience. It believes that the Industrial Internet – or the convergence of machines and intelligent data – will ultimately transform the way caregivers provide patient care in the future. GE, as one of the largest companies in the world, is uniquely positioned to be at the forefront of this change.
Each year, Frost & Sullivan presents this award to the company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased ROI it offers customers, which, in turn, increases customer acquisition and overall market penetration potential.
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 that are shaping a new age of patient care. Our broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help our customers to deliver better care to more people around the world at a lower cost. In addition, we partner with healthcare leaders, striving to leverage the global policy change necessary to implement a successful shift to sustainable healthcare systems.
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