At a Silicon Valley award ceremony on September 17, market research firm Frost & Sullivan honored Centricity Financial Risk Manager with the 2014 North America Frost & Sullivan Award for New Product Innovation Leadership.
As the healthcare industry moves from a volume-based to a value-based model, providers are looking for tools to make this transition both streamlined and profitable, while delivering effective care to patients. With this shift, GE Healthcare’s financial risk management solutions help address the needs of providers taking on full or partial capitation risk, enabling them to reduce the cost of administering capitated risk-based contracts by streamlining associated business processes. This solution helps clients optimize workflows and increase profitability.
Sharp Healthcare, a large health system in San Diego, Cali., was an early adopter of Centricity Financial Risk Manager. The provider also operates its own health plan—its hospitals and ambulatory clinics send claims that the Sharp Health Plan pays.
Engaged in multiple risk contracts with both government and commercial payers, Sharp needed an IT solution to help manage such financial complexity – and found GE Healthcare. Sharp relies on GE’s financial management solution to ensure efficient, low-touch claims processing, high productivity and increased revenue flow.
“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,” said Carol Wanke, Vice President of Managed Care Operations at Sharp Healthcare. “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. This award is great news for the GE team and existing customers of Centricity Financial Risk Manager.”
Upon receiving the award, Serene Munroe, Director of Product Management with GE Healthcare, said: “Today, we are proud to have over 30 customers serving more than 7 million lives with this solution—and our journey has just begun. As value-based reimbursement in the healthcare industry evolves, we are seeing a significant, unfulfilled need to help providers and health plans reduce administrative costs. We are investing heavily in the financial management space, in large part because we believe we can help our customers reduce the cost of delivering care by increasing their productivity.”
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 Frost & Sullivan Best Practices Awards recognize companies for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development.