MedAssets Addresses Payment Reform with Bundled Reimbursement Solution
Integration with PROMETHEUS Payment(R)
Model Creates Market Leading Offering
ATLANTA, Jul 21, 2010 (BUSINESS WIRE) -- MedAssets, Inc. (NASDAQ: MDAS) announced today that it has launched a bundled reimbursement solution to help healthcare providers and payors transform their delivery models in order to succeed in a reformed healthcare environment where development of Accountable Care Organizations (ACOs) and bundled payment strategies is a necessity.
As part of its bundled reimbursement solution, MedAssets developed a payment calculation platform to support bundled reimbursement methodologies such as the PROMETHEUS Payment(R) model's Evidence-informed Case Rates (ECR(R)). The platform combines a claims tracking and financial accounting system, along with a scorecard that uses claims and other data to measure the quality of care delivery. This clinically based, financial "credit/debit" system reconciles the actual cost of care versus predicted cost of care for a bundled payment using existing claims data.
This is the first commercially-available payment technology to support the Health Care Incentives Improvement Institute(TM), Inc. (HCI3(TM)) PROMETHEUS Payment model. MedAssets' bundled reimbursement solution is currently being used by both a provider-owned health plan and a collaborative community healthcare coalition. The effect is to help healthcare organizations understand the financial and operational impact of bundled reimbursement among its key stakeholders.
"We're excited about this new phase in our relationship with MedAssets," said Francois de Brantes, Executive Director, HCI3. "The company has shown true leadership in developing a critical solution for providers, payors and Accountable Care Organizations at a time when it is sorely needed in order to speed up the transformation of the U.S. health care system."
John Bardis, Chairman, President and CEO, MedAssets, stated, "MedAssets has a long history of delivering reimbursement solutions to help providers improve their margins. This core competency integrates new and innovative technology to address the impact of various, impending reimbursement reform measures. We are proud of our relationship with HCI3 in helping providers and payors begin the critical transformation process as they prepare for a changing healthcare industry landscape."
PROMETHEUS Payment's methodology, unlike other bundled payment solutions, adjusts risk according to a patient's demographic profile and medical history. The model focuses on fair compensation that rewards excellence and offers powerful incentives for providers to work in teams, share information and increase efficiency, leading to better patient outcomes.
With MedAssets' bundled reimbursement solution, healthcare organizations can:
To learn more about MedAssets' bundled reimbursement solution, please sign up for a Webinar on Thurs., July 22, from 4-5 p.m. EDT/3-4 p.m. CDT.
Health Care Incentives Improvement Institute, Inc.
The Health Care Incentives Improvement Institute, Inc. (HCI3) is a not-for-profit multi-stakeholder organization resulting from the merger of Bridges To Excellence, Inc. and PROMETHEUS Payment, Inc. The mission of the organization is to create significant improvements in the quality and affordability of health care by developing and implementing programs that recognize and reward physicians, hospitals and other health care providers that deliver safe, timely, effective, efficient, equitable and patient-centered care. Through its PROMETHEUS Payment model and Bridges to Excellence Care Links, HCI3 offers a comprehensive package of solutions to employers, health plans and coalitions to improve the flawed incentives that permeate the U.S. health care system. More information on the HCI3 and the PROMETHEUS Payment model are available at http://hci3.org/.
MedAssets (NASDAQ: MDAS) partners with healthcare providers to improve their financial strength by implementing spend management and revenue cycle solutions that help control cost, improve margins and cash flow, increase regulatory compliance, and optimize operational efficiency. MedAssets serves more than 125 health systems, 3,300 hospitals and 40,000 non-acute healthcare providers. For more information, visit www.medassets.com.
SOURCE: MedAssets, Inc.
Regina Haas, 678-624-7420
Robert Borchert, 678-248-8194
Copyright Business Wire 2010