Accenture and GE Healthcare announced the expansion of their partnership to help health care providers better understand and manage their revenue cycles for more efficient claims processing.
The offering combines GE Healthcare's DenialsIQ advanced analytics solution, which flags claims denials and uncovers potential hidden patterns and their root causes, with Accenture's experience and expertise in consulting.
DenialsIQ uses algorithms designed by GE's Global Research Center for its Aviation business.
Similar to online shopping software that offers users product recommendations, DenialsIQ can show administrators hidden patterns and root cause factors before medical claims denials negatively impact the revenue cycle.
The partnership is part of a GE-Accenture alliance the two companies announced in 2013 to help their clients solve industry challenges through the use of advanced analytics capabilities. This latest alliance brings those capabilities to health care.
"Together, Accenture and GE Healthcare bring to the table leading analytics technology as well as strong health care consulting capabilities—an alliance that we believe will help improve medical claims processing, a critical pain point for U.S. health systems," David Gaydosh, managing director of revenue cycle for Accenture's health practice, told eWEEK. "We've identified the challenges that providers face with the medical claims process and developed a solution appropriate for the era we are in, focused on value-based care. We are combining our capabilities to bolster the use of analytics in driving financial performance and provide health systems with actionable insights to reduce claims denials."
Analytics are critically important to the health care industry, particularly in regards to data processing, he noted.
GE Healthcare estimates that, through the combination of analytics and consulting services, these offerings could help health care providers save an average of 25 percent to 50 percent of their current costs to reprocess denied claims.
The solution can help providers, including large health systems, physician groups and hospitals, understand how claims management affects their financial performance and then take action to redesign workflows and financial operations based on those insights.
"With the new technology that is being developed rapidly and integrated into day-to-day activities, health care organizations have more data sources now than ever before," he said. "The key is harnessing that data to generate the most useful and actionable insights. In the case of our alliance with GE, we will be pairing powerful algorithms from the DenialsIQ system with Accenture's proven consulting capabilities to generate outcomes for our clients."
He said as base analytics capabilities mature, organizations can capture even greater benefits.
"I anticipate these benefits will come from the measures implemented to ensure data is interoperable and integrated between health care providers and payers," Gaydosh said.