Edifecs and 3M Collaborate to Provide an Integrated Solution for Value-based Payment
BELLEVUE, Wash.--(BUSINESS WIRE)--Jan 10, 2023--
Edifecs, Inc., a global health information technology solutions company, and 3M Health Information Systems (HIS) today announced a collaboration to integrate their leading technologies to provide a unique solution for both payers and providers to accelerate the adoptions of value-based payment (VBP) models.
“3M is a global leader in designing health care payment and quality methodologies. This collaboration puts the power of 3M’s tools into Edifecs’ stable and scalable value-based care platform allowing for next generation, shared risk arrangements between payers and providers to flourish,” said Sandeep Wadhwa, MD, 3M HIS global chief medical officer. “Our collaboration with Edifecs enables a person-centered, clinically transparent, longitudinal, collaborative care model for analytics, performance measurement and improvement, patient safety, population health and payment. The solution aims to promote trust between payers and providers and enables providers to move more confidently and successfully into advanced payment and accountability models.”
The combined solution helps overcome the barriers that have prevented more rapid adoption of alternative payment models by combining Edifecs’ VBP actuarially-driven templates and precision risk intelligence capabilities with 3M patient classification methodologies to pay providers and accurately measure healthcare quality. This advanced approach allows payers and risk-bearing providers to quantify the value of preventing negative events and allocate accountability across multiple providers, health systems, and payment arrangements.
For more than 40 years, 3M HIS has developed health care classification, grouping and payment methodologies. Edifecs has a legacy of expertise working with payers to deliver a comprehensive approach to all VBP programs and provide deep actionable insights into program performance, from utilization to payments and everything in between. The companies’ combined expertise and technology effectively overcomes the challenge of implementing alternative payment models by merging provider experience and member health information to increase data sharing between payers and providers. Ultimately, this will aid the adoption of VBP contracts through greater transparency across critical data and facilitate providers’ move into two-sided risk contracts.
“Jointly, Edifecs and 3M have nearly 60 years of experience with payer and provider data. We handle data for more than 290 million people giving both our organizations a deep wealth of knowledge about payer and provider business and data processes, and the ability to apply data analysis and identify trends. Our integrated solution addresses challenges across the value-based care and payment process to provide our payer and provider customers with the tools needed to overcome inefficiencies and friction that hinder adoption,” said Venkat Kavarthapu, CEO of Edifecs. “That, coupled with our risk-bearing contract expertise, enables us to help our customers ensure the best patient outcomes alongside optimized payment models.”
In an increasingly complex and dynamic regulatory and payment environment, the joint 3M and Edifecs solution enables classification, grouping, edits, and reimbursement calculation systems for inpatient, outpatient, and professional settings. These capabilities further support mandated efforts to address both social influencers of health and concerns of health equity, especially in light of value-based goals and outcomes.
Edifecs is a premier technology company in the US Healthcare market with solutions focused on interoperability, workflows, value-based care analytics, and payment programs. With innovative technology and solutions, Edifecs helps its customers by optimizing the secure exchange and processing of administrative and clinical data, reducing the cost of meeting various regulations, and automating workflows involved in multiple core processes within the healthcare ecosystem. Edifecs is a frontrunner in bringing new technology for B2B data exchange in healthcare streamlining business processes from “card to care,” and reducing the industry burden associated with data provisioning at the points of enrollment, care, payment, and reporting. With the advent of FHIR and new regulatory guidance from HHS, Edifecs has emerged as a leader in easing the effort associated with achieving compliance with new federal rules and in making the healthcare consumer the primary stakeholder.
3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas, and science to reimagine what’s possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we’re working to improve lives and make what’s next at 3M.com/news or on Twitter at @3M or @3MNews.
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CONTACT: Janet Hohmann
KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: DATA MANAGEMENT BANKING PRACTICE MANAGEMENT TECHNOLOGY PROFESSIONAL SERVICES HEALTH HEALTH TECHNOLOGY SOFTWARE HOSPITALS INTERNET FINANCE
SOURCE: Edifecs, Inc.
Copyright Business Wire 2023.
PUB: 01/10/2023 09:03 AM/DISC: 01/10/2023 09:02 AM