With the escalating challenges faced by the healthcare industry, providers must keep up with or stay one step ahead of the competition. According to 2014 report by Gartner, the lack of a BI strategy is one of “nine fatal flaws in business operations improvement (BOI)” in healthcare. Business intelligence has the potential to help healthcare agencies, payers and hospitals increase competitive advantage by devising smart business solutions and enabling better business decisions every day. But one major limitation right now in healthcare and BI is that there is no such thing as a well-defined, accepted, general data model for healthcare. Catering a SaaS based BI platform that can be deployed at a fraction of the cost and time of traditional BI software is CentraMed, incorporated in 2011 as a result of a merger, that renders a consumer centric health intelliegnce platform, that takes a source agnostic view and connects any and all data associated with a consumer to build a holistic health view.
Head quartered in Carlsbad, California, this healthcare analytics solutions provider offers best in class analytics software for Intuitive Patient centric analytics (focused on outcomes), Data Integration, Mobile Ready Solutions and an easy to deploy and manage cloud platform. CentraMed believes that healthcare providers focus on gross charges and rarely link them to procurement costs. “CentraMed’s proprietary platform integrates disparate touch points of a patient visit in cloud, irrespective of data sources to accomplish a holistic view of patient visit.” says Vik Torpunuri, President & CEO of CentraMed. CentraMed RMEval™, CentraMed Revenue Integrity™ and CentraMed RevComply™ are the exquisite services rendered by CentraMed. CentraMed RevComply service is a zero-risk payment review solution of CentraMed that adds unexpected revenue (1-2 percent increase) to providers’ bottom lines in provider gross revenue. CentraMed Revenue Integrity™, solution to identify revenue loss contributors and patterns, helps capture all revenue at the point of service, produce an accurate bill, and collect expected payments.
CentraMed accomplishes a sundry of solutions for integrating the complete patient value chain. Spend Analytics, one of the top notch solutions of CentraMed links procurement costs with charges to ensure that the acquisition cost is factored in to the charges, analyzes retrospective purchase history to highlight cost savings, money losing procedures, suggests alternative items, and forecast spend patterns. CentraMed’s RM Analytics solution, basically designed to collect full value of a claim and improve the net revenue, supports all revenue and compliance audits and identifies underpaid accounts with a high probability of payments. “Denials and RAC solution for managing RAC Audits to grant timely appeals; TransPrice for Price Transparency; and Cost-to-Cash for identifying cost savings and revenue maximization opportunities by following the path of buy, use, charge, code, bill and collect are the few avant-garde solutions proffered by CentraMed. ” adds Mr. Torpunuri.
CentraMed believes that a seamless interoperability of healthcare data among all touch points will be required in the upcoming years. Besides, expectations list of healthcare industry would include Integration of disparate, structured and unstructured data, and presenting it all in a meaningful fashion to patients and care-givers in real time. The company envisions its customers to be capable of managing their health assets in the future, just the way empowered consumers digitally manage their money today. CentraMed proposes to furnish a future ready platform to empower consumers and deliver actionable intelligence anytime, anywhere, seamlessly on any device; keeping the patients at the center.