Industry Insight

Enjoin Launches Population Health CDI Program

Enjoin, a physician-directed clinical documentation improvement (CDI) services provider, announces a nationwide population health CDI initiative that unites the company’s recognized expertise in physician documentation with providers’ rapid move toward risk. The program’s linchpin—collaboration between Enjoin physicians, health care provider data, and at-risk organizations—results in a true depiction of the complete patient story and more accurate clinical data. With a documentation and patient-centric culture, patients benefit from advancing care models while providers achieve accurate risk adjustment and improved quality scores for the organization and its members.

“Many health care organizations are taking on more risk and in doing so, make the mistake of focusing exclusively on cost reduction, when their strategy should instead be twofold: reduce costs and improve documentation,” says Enjoin CEO James Fee, MD, CCS, CCDS. “Documentation is the single most important element that defines the complexity and morbidity of a patient population. In fact, improved provider documentation is a critical first step to positively impact care delivery.”

Enjoin supports population health initiatives in the following four key areas:

• Reduce patient leakage. Accurate documentation drives the data that help organizations identify opportunities for new patient services, new contractual relationships, and other changes necessary to retain patients within the ACO by improving patient access and the care experience.
• Maximize pay-for-performance reimbursement. Accurate documentation helps providers close gaps in care, thereby driving better outcomes through preventive medicine and avoidance of “never events” and hospital-acquired conditions.
• Reduce utilization. Accurate documentation helps organizations reduce costly hospitalizations, emergency department visits, and 30-day readmissions.
• Support chronic disease management. Accurate documentation enables organizations to target and engage high-risk patients with meaningful interventions.

A long-time Enjoin partner validates the shift in this CDI evolution. “We’re finding that we have to work with other stakeholders in and out of our organization for true value-based care. With 1,137 providers in our network, documentation remains a top priority,” says Jennifer Boles, CPC, CRC, system manager of ambulatory CDI at Baptist Health. “Breaking down silos and working as a team across the health care continuum with documentation at the core is the future of CDI.”

— Source: Enjoin

iMedX Acquires Pair of Analytics Companies

iMedX, an international leader in revenue cycle management, medical documentation, and health information solutions, has successfully completed the acquisition of Prevalent and Axcension. Both Axcension and Prevalent are proven providers of cutting-edge health care analytics and revenue cycle management consulting services.

The acquisition of these organizations completes another phase of iMedX’s ongoing global strategy to enhance health care technology and enable unparcelled insight into operations for health care facilities with the ultimate goal of improving patient care while also reducing costs.

Proprietary analytics technology from Prevalent, Axcension, and iMedX has been combined to create a never-before-seen business intelligence solution for health care providers, which allows for complete transparency and understanding across multiple systems.

“A comprehensive analytics platform will be a vital part of every provider’s RCM workflow in the coming years, which is why these acquisitions are so important to us,” says Christopher Foley, chairman and CEO of iMedX. “Having thorough insight into billing operations will be a necessity as we continue to maximize reimbursement for our clients in an ever-changing regulatory environment.”

New iMedX Analytics will enable health care providers to make smarter decisions by giving them a streamlined system to explore all of their organization’s data quickly. Through advanced rules and automated monitoring, billing problems or potential areas of improvement can be identified swiftly and resolved.

Existing iMedX products and services such as medical transcription, medical coding, coding education, and consulting projects will also utilize the enhanced analytics technology to ensure maximum efficiency and increased return on investment for customers.

“These acquisitions bring together the brightest minds and technology to form one cohesive team dedicated to helping clients achieve their operational and financial goals,” Foley says. “Our capabilities are more sweeping than ever before, and we can now reach a much broader set of health care clients and moreover achieve our goal of reducing costs and improving patient care across the United States.”

— Source: iMedX

EHR Market Valuation to Reach $38.3B by 2025

As per a recent report by Global Market Insights, “[The] worldwide EHR market was valued [at] $25.8 billion in 2018 and will surpass a revenue collection of $38.3 billion by 2024 with an annual growth rate of 5.5% over 2018 to 2024.”

Rising adoption of EHRs will augment EHR industry growth in the upcoming period. Numerous emerging countries are recognizing the importance and benefits of EHRs and increasingly investing in such technologies. EHRs offer enhanced patient care and management along with significant cost savings. EHRs assist the practitioner in management of patient data and streamlines workflow that should positively impact the EHR market size.

Increasing incentives and grants for implementation of HIT solutions across health care facilities will offer attractive segmental growth potential. Enactment of meaningful use incentives to achieve better adult and pediatric care is forecasted to expand adoption of EHRs. As investment in EHRs is expensive, availability of funding and grants will highly impact global EHR market growth.

However, lack of skilled professionals to handle sophisticated technology in some emerging and underdeveloped countries can hinder EHR market growth over the coming years.

The web/cloud-based EHR software product market was valued at $12.5 billion in 2018. Web-based EHRs provide improved speed and flexibility to the end users in terms of their operability. Access to many users simultaneously and wide network access further add to the advantages of cloud-based EHR software. Moreover, web/cloud-based EHR software considerably saves costs, which should escalate its adoption over the coming years.

The patient management segment of the EHR market is estimated to progress at 6% compound annual growth rate (CAGR) during the forecast timeframe. EHRs offer systematic and timely scheduling of patient data and enable safe and reliable documentation in a timely manner. In addition, EHR software’s flexibility in managing numerous patient data points will offer momentous growth opportunities for the patient management EHR market.

Clinics figured prominently in the report, accounting for more than 17.5% of revenue share in 2018. EHRs provide seamless access and interface for clinic facilities at any location. Presence of clinic management software further enhances patient and practice management, which will drive its adoption rate in clinics over the coming years. Furthermore, expanding health care infrastructure across emerging nations will increase clinics EHR end-use segmental size in the upcoming years.

The US EHR market will see robust growth at over 5% CAGR in the forecasted timeframe. Growing adoption of EHRs in the United States across all physicians and health care providers will be a key factor in swift US EHR market growth. High internet penetration and availability of investment will accelerate the EHR adoption rate as well. Furthermore, increasing spending on HIT will boost the US EHR market size in the coming period.

The UK EHR market is forecast to grow over 4.5% CAGR throughout the projected timeframe. Wide accessibility of EHRs in the United Kingdom will increase demand for EHR in the country. Numerous UK EHR providers are focusing on EHR development and advancement. Moreover, high awareness of EHRs’ benefits will expand the UK’s market growth.

Few notable players operating in global EHR market are Allscripts, Cerner, eClinicalWorks, and Epic, among the other industry players. These players are focusing on introducing and expanding novel technologies to fortify their offerings.

— Source: Global Market Insights