Edifecs and 3M Collaborate to Provide an Integrated Solution for Value-based Payment

Rhea-AI Summary

3M Health Information Systems and Edifecs have announced a collaboration to enhance the integration of technologies aimed at expediting the adoption of value-based payment models. This partnership combines 3M's healthcare payment methodologies with Edifecs' actuarial-driven templates to create a comprehensive solution for both payers and providers. Together, they aim to increase data transparency and improve patient outcomes by enabling advanced payment and accountability models. With nearly 60 years of combined experience, the solution addresses inefficiencies in the value-based care process.

Positive

• Collaboration with Edifecs enhances 3M's technology offerings in healthcare payment models.
• Joint solution promotes transparency and trust between payers and providers, facilitating value-based care adoption.
• Addresses barriers to adopting alternative payment models, combining risk intelligence with quality measurement.

Negative

• None.

Joint solution enables payer and provider collaboration to accelerate adoption of alternative payment models

BELLEVUE, Wash.--(BUSINESS WIRE)-- Edifecs, Inc., a global health information technology solutions company, and 3M Health Information Systems (HIS) today announced a collaboration to integrate their leading technologies to provide a unique solution for both payers and providers to accelerate the adoptions of value-based payment (VBP) models.

“3M is a global leader in designing health care payment and quality methodologies. This collaboration puts the power of 3M’s tools into Edifecs’ stable and scalable value-based care platform allowing for next generation, shared risk arrangements between payers and providers to flourish,” said Sandeep Wadhwa, MD, 3M HIS global chief medical officer. “Our collaboration with Edifecs enables a person-centered, clinically transparent, longitudinal, collaborative care model for analytics, performance measurement and improvement, patient safety, population health and payment. The solution aims to promote trust between payers and providers and enables providers to move more confidently and successfully into advanced payment and accountability models.”

The combined solution helps overcome the barriers that have prevented more rapid adoption of alternative payment models by combining Edifecs’ VBP actuarially-driven templates and precision risk intelligence capabilities with 3M patient classification methodologies to pay providers and accurately measure healthcare quality. This advanced approach allows payers and risk-bearing providers to quantify the value of preventing negative events and allocate accountability across multiple providers, health systems, and payment arrangements.

For more than 40 years, 3M HIS has developed health care classification, grouping and payment methodologies. Edifecs has a legacy of expertise working with payers to deliver a comprehensive approach to all VBP programs and provide deep actionable insights into program performance, from utilization to payments and everything in between. The companies’ combined expertise and technology effectively overcomes the challenge of implementing alternative payment models by merging provider experience and member health information to increase data sharing between payers and providers. Ultimately, this will aid the adoption of VBP contracts through greater transparency across critical data and facilitate providers’ move into two-sided risk contracts.

“Jointly, Edifecs and 3M have nearly 60 years of experience with payer and provider data. We handle data for more than 290 million people giving both our organizations a deep wealth of knowledge about payer and provider business and data processes, and the ability to apply data analysis and identify trends. Our integrated solution addresses challenges across the value-based care and payment process to provide our payer and provider customers with the tools needed to overcome inefficiencies and friction that hinder adoption,” said Venkat Kavarthapu, CEO of Edifecs. “That, coupled with our risk-bearing contract expertise, enables us to help our customers ensure the best patient outcomes alongside optimized payment models.”

In an increasingly complex and dynamic regulatory and payment environment, the joint 3M and Edifecs solution enables classification, grouping, edits, and reimbursement calculation systems for inpatient, outpatient, and professional settings. These capabilities further support mandated efforts to address both social influencers of health and concerns of health equity, especially in light of value-based goals and outcomes.

About Edifecs

Edifecs is a premier technology company in the US Healthcare market with solutions focused on interoperability, workflows, value-based care analytics, and payment programs. With innovative technology and solutions, Edifecs helps its customers by optimizing the secure exchange and processing of administrative and clinical data, reducing the cost of meeting various regulations, and automating workflows involved in multiple core processes within the healthcare ecosystem. Edifecs is a frontrunner in bringing new technology for B2B data exchange in healthcare streamlining business processes from “card to care,” and reducing the industry burden associated with data provisioning at the points of enrollment, care, payment, and reporting. With the advent of FHIR and new regulatory guidance from HHS, Edifecs has emerged as a leader in easing the effort associated with achieving compliance with new federal rules and in making the healthcare consumer the primary stakeholder.

About 3M

3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas, and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at 3M.com/news or on Twitter at @3M or @3MNews.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230110005396/en/

Janet Hohmann

415-240-6904

janet.hohmann@edifecs.com

Source: Edifecs, Inc.

FAQ

What is the collaboration between 3M and Edifecs about?

The collaboration focuses on integrating technologies to accelerate the adoption of value-based payment models in healthcare.

How will the 3M and Edifecs partnership benefit healthcare providers?

It will provide improved data sharing and transparency, enabling providers to adopt advanced payment models effectively.

What are alternative payment models in healthcare?

Alternative payment models are payment approaches that incentivize value over volume, emphasizing patient outcomes and cost efficiency.

What is 3M's role in healthcare payment methodologies?

3M has developed payment and quality methodologies for over 40 years, providing tools for effective healthcare payment systems.

How many people do 3M and Edifecs handle data for?

The collaboration manages data for more than 290 million people, leveraging extensive experience in payer and provider data processes.