Combination Creates Industry Leading Healthcare Analytics and Solutions Company to Help Hospitals Navigate Care Quality Initiatives and Payment Reforms
IRVINE, CA – Oct 25, 2011 – Analytix On Demand (AOD), a provider of software-as-a-service (SaaS) business intelligence (BI) solutions for healthcare, today announced that it has acquired Integrated Revenue Management, Inc. (IRM), a national healthcare consulting and education company with deep roots in revenue cycle management (RCM). The newly created company headquartered in Irvine, Calif., will be called CentraMed (www.audacthealth.com) and offer industry leading healthcare business intelligence and deep consulting expertise.
CentraMed allows hospitals, physicians and payers to achieve a 360-degree view of clinical and financial data across the health enterprise. The healthcare business intelligence platform, combined with deep subject matter expertise, enables decision-makers to identify and modify practices and organizational behaviors to optimize financial performance. Organizations can analyze large-scale clinical and financial data to better navigate the quality improvement and payment reforms sweeping the healthcare ecosystem.
Vik Torpunuri, the founder and CEO of AOD, is named CEO of CentraMed, and Kathleen Craig, co-founder and CEO of IRM, will be executive vice president of solutions for the combined company. Terms of the transaction were not disclosed.
“Revenue cycle management has always played a defining and increasingly critical role in the overall financial health and success of hospitals and even more so in the last several years,” said Torpunuri. “Furthermore, RCM, along with Meaningful Use of EHRs and other health reforms, are strong indicators that the industry is at a crossroads of a radical transformation. Healthcare administrators will require an intelligence- and data-driven approach to analyze the massive amounts of incoming information to make strategic decisions, uncover opportunities to improve efficiencies, and gain insight and capability to measure care services. By leveraging the complementary and proven strengths of AOD and IRM, CentraMed is uniquely positioned to offer solutions combining extensive healthcare expertise with a highly sophisticated and affordable BI platform that is easy to use and yields fast return on investment.”
CentraMed unites next-generation SaaS BI technology with the country’s top consulting experts and professional services team to deliver an unparalleled healthcare business analytics solution that analyzes huge volumes of data from multiple care points. As digitized records increase and standardization mandates such as 5010 and ICD-10 change billing processes, BI will become the hospital’s solution of choice to, for example: identify clinical, financial and operational variances; respond to structural reforms tying medical payment to quality care metrics and outcomes; develop best practices; and reach more informed decisions quicker to address declining reimbursement.
CentraMed’s SaaS BI platform can be deployed at a fraction of the cost and time of traditional BI software. Hospitals using the solution can perform a deep dive into their data to measure performance in all areas as they transition to a new patient-centered care environment requiring measurable delivery of a higher quality care at lower cost. The platform, coupled with deep healthcare consulting and services expertise, produces substantial ROI and a clear path to best practices.
Over the past decade, AOD’s BI platform combined with IRM’s deep subject matter expertise has helped IRM clients increase net revenue by approximately $1.1 billion by improving coding, accuracy of reimbursement by payers, charge capture and processes.
“We’re very excited about the combined entity, which expands the scale and range of IRM’s offerings to clients,” stated Jack Duffy, founder and executive vice president of IRM. “Like AOD, IRM had recognized the fundamental changes under way in our industry demanding a new cloud computing approach, architecture and capabilities. In working closely with AOD over the past two years, we were impressed by their advanced technology and seasoned management team and believed them to be a perfect partner for us and vice versa.”
“Though we both have built successful businesses, integrating our respective strengths and knowledge made smart sense to better service our valued customers and to capitalize on a growing market opportunity,” he continued. “National market research companies estimate the combined BI, consulting and RCM markets will grow from $37 billion to $59 billion by 2014.”
About Integrated Revenue Management, Inc.
IRM is a national healthcare consulting and education company focused on improving all aspects of revenue cycle management while increasing efficiency, compliance and sustainable financial stability. Their expertise has helped more than 100 client hospitals recover over $1 billion dollars (and growing) in net patient revenues. Their service offerings include education, training and support for revenue management departments, clinical documentation, HIM, RAC, business intelligence and coding, to name a few. To learn more, visit: http://www.irminconline.com.
About Analytix On Demand
Analytix On Demand™ connects the dots across an entire organization to give healthcare companies the central truth about business performance. Its service offers fast and affordable business intelligence (SaaS), helping companies of any size what’s really going on throughout an organization and how each business area affects everything else. This insight helps clients act with confidence, save time, reduce costs and boost profits. Clients start seeing a return on investment in just 30 days or less. Analytix On Demand is based in Irvine, Calif. For more information, visit http://www.AnalytixOnDemand.com