There’s a lot of money in writing these financial algorithms and here’s one more case with profits going to the bottom line of the parent company. In reading this press release though it seems that the cost to the healthcare system will be minimal which is a good deal for them; however the money is in the data and I didn’t see a disclosure there as to access but with the way data is bought and sold today for analytics one might guess this could be part of the deal as we see it almost everywhere today with analytical algorithms used for projections and behavioral modeling software predictions.
Earlier this year a bunch of doctors in Connecticut found out who Ingenix was via the request for healthcare records when transferring patient information as they had no idea who they were in asking for patient information.
Connecticut State Medical Society Demands that United Healthcare/Ingenix Stop The Requests For Patient Records
As we are seeing everywhere in Health IT, there’s a huge demand for algorithms that can predict, just as this company is doing below with underwriting employer insurance and promoting biometric monitoring, in which Red Brick is also a client of Ingenix from the other side of the coin.
I don’t know if Bethesda works with an HIE interchange yet, but Ingenix has that covered too with companies that are their subsidiaries they purchased this last year, so with one division getting started this opens up a big marketing opening for selling all their algorithms in many areas. Here’s a recent company acquisition from this year who is working with connecting with connecting the VA and other healthcare companies in Utah, so again more potential profits for the parent company United here and having the VA as a client in this as well.
Axolotl (A Subsidiary of Ingenix) Creates Reporting and Analytics Solution for Health Information Exchanges–Algorithms for HIE–Business Intelligence -Subsidiary Watch
There are still numbers of lawsuits in the country going back to the data base that was used by United and other carriers they licensed it to all over the US, so there are a big myriad of algorithms for sale out there today as well as information, mostly de-identified for analytical purposes.
Class Action Lawsuit Filed Against Blue Cross Blue Shield in Florida – Out of Network Ingenix Algorithms
Again, today it gets a bit confusing on who owns who and who uses who’s algorithms for analytical purposes and what other subsidiary divisions might work and collaborate where, I just connect dots and with mergers and acquisitions there’s a ton of dots on today’s landscape of Health IT. BD
EDEN PRAIRIE, Minn. & BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Bethesda Healthcare System, a not-for-profit, 401-bed health care organization serving South Palm Beach County, Fla., has selected Ingenix to manage comprehensive revenue cycle functions for its hospital and outpatient facilities.
“After an extensive evaluation process, we determined Ingenix could best provide us with the support necessary to enhance revenue cycle performance and enable us to better meet the ever-growing needs of the community we serve.”
The arrangement enables Bethesda Healthcare System to maximize the dedication of resources to patient care as Ingenix assumes responsibility for administrative operations to reduce denied claims and ensure prompt, accurate payments.
Ingenix will redesign revenue cycle processes across Bethesda Healthcare System, using an integrated suite of technology and services, including Ingenix’s Electronic Financial Record™ (eFR™) technology, computer-assisted coding and electronic health records solutions, patient financial counseling services, emergency department information systems and medical necessity consulting. Ingenix will also provide full-time onsite staff to manage revenue-related functions, including scheduling, patient registration, health information management, patient financial services, decision support and managed care contracting.