WATERTOWN, Mass., July 14, 2020 (GLOBE NEWSWIRE) -- athenahealth, Inc., a leading provider of network-enabled software and services for medical groups and health systems nationwide, today announced that CentricityTM Business will be renamed athenaIDX™. Through the operational integration between Virence Health and athenahealth, this rebrand aligns the enterprise Revenue Cycle Management (RCM) solution with the company’s product portfolio and leverages the strength of the IDX and athenahealth brands.
athenaIDX is an on-premise or cloud-hosted enterprise RCM solution that helps health systems, hospitals, billing services, and large practices optimize financial performance and successfully adapt to healthcare payment reform. It is currently in use by some of the nation’s largest healthcare organizations, including Banner Imaging, Baystate Medical Practices (BMP), Dignity Health, Memorial Sloan Kettering Cancer Center, and Sharp HealthCare. Based on 2018 CMS Cost Report data, athenaIDX hospital clients achieved an industry-leading 43.6 days in accounts receivable, saw net incomes roughly double that of the industry average, and had the lowest bad debt percentage among customers of other hospital RCM solutions. Additionally, the first claim payment success rate for ambulatory clients is 94% according to the athenaIDX customer metrics program.
“As decades-long users of athenaIDX, Baystate Medical Practices has thrived,” said Jonathan Moss, Director, Medical Practice Business Services, BMP. “In the past 15 years, the organization has more than doubled in size to over 1,000 clinicians, and one billing staff is now able to support nearly three times the number of clinician accounts. The efficiencies afforded by athenaIDX have allowed us to flourish in securing reimbursement for the valuable services BMP’s professionals provide to the community.
“In these same 15 years, BMP has consistently participated in the Vizient Billing Office Survey to benchmark against peer faculty practice plans across the nation in both cost and revenue operations. While ranked at 59 several years ago, BMP has consistently attained ‘top five’ rankings in the past four years, and in 2019 we were ranked number one for the first time! Our users have been empowered by the functions and intuitiveness of athenaIDX, and our client service team has fully supported our journey, making it their goal to help us get to number one. They truly believe in their clients and their systems’ capabilities,” continued Moss.
athenaIDX helps healthcare organizations minimize risk, maximize margin, and enhance growth by creating actionable financial insights for organizations across all care settings. The solution’s powerful technology stack and automated workflows reduce redundancies, streamline collection operations, and expertly manage alternative payment models to deliver best-in-class performance, including reduced days in accounts receivable and increased first claim payment successes. It provides a single, comprehensive view of financial metrics for executives and a streamlined experience for patients, from scheduling to a single view of patient financials. Additionally, athenaIDX provides a single financial platform that can integrate with all leading electronic health records (EHRs) without disrupting workflows.
“athenaIDX has been helping customers accelerate revenue reimbursement and improve profitability for more than 50 years. The solution’s low-touch, gold-standard automated workflows that proactively push issues to revenue cycle staff enable them to shift efforts from researching routine problems to solving complex challenges. This translates into lower cost-to-collect, faster speed-to-cash, and the response times needed to facilitate effective, efficient billing workflows,” said Paul Brient, chief product officer of athenahealth. “Aligning the product portfolios enables us to effectively execute on our roadmap and support our vision to create a thriving ecosystem that delivers accessible, high-quality, and sustainable healthcare for all.”
athenahealth is also extending the strength of this brand to athenaEDI™ (formerly Centricity EDI Services) and athenaIDX for Group Management (formerly Centricity Group Management). athenaEDI fully integrates workflows for eligibility, claim information, and remittance data into athenaIDX. The strength of this integrated solution enables users to focus on their workflows seamlessly in their core athenaIDX, or athenaIDX for Group Management solution with all of the data at their fingertips.
The athenaIDX brand name was inspired by the solution’s rich history as a flagship product created by IDX Systems Corporation, which was headquartered in Burlington, VT and acquired by GE Healthcare in 2006. In 2018, a portion of the former IDX business was sold to private equity firm Veritas Capital, after which the business operated under VVC Holding Corp. (commonly referred to as Virence). In 2019, Virence became operationally integrated with athenahealth.
For more information on athenaIDX, please visit: https://www.athenahealth.com/solutions/revenue-cycle-management.
About athenahealth, Inc.
athenahealth partners with medical organizations across the country to drive clinical and financial results. Our vision is to create a thriving ecosystem that delivers accessible, high-quality, and sustainable healthcare for all, and we are pursuing this through our medical record, revenue cycle, patient engagement, and care coordination service offerings. Our expert teams build modern technology on an open, connected ecosystem, yielding insights that make a difference for our customers and their patients. For more information, please visit www.athenahealth.com.
Centricity is a registered trademark of General Electric Company. Virence is a brand owned by VVC Holding Corp.
Contact:
Jean Borgman
media@athenahealth.com
617-402-1031