DETROIT, Feb. 20, 2014 (GLOBE NEWSWIRE) -- Covisint Corporation (Nasdaq:COVS), provider of the leading cloud engagement platform, and Milliman, Inc., a premier global consulting and actuarial firm, today introduced the Covisint Predictive Analytics solution. Designed for healthcare providers entering into value-based, capitated-revenue arrangements, the new offering is the next phase in the Milliman and Covisint partnership that was first announced in February, 2013.
Healthcare's accountable care reality represents an entirely new model for reimbursement. In this new world, health system executives need to think like insurance companies, clinical managers and financial/resource/operations managers--relying on the best negotiating and predictive tools as they identify and try to predict the:
- outcomes of patients at different risk levels; and,
- optimum staffing/talent levels to care for their anticipated patients' needs.
This new offering securely links existing documentation and billing systems across organizations into an integrated patient view. With Covisint, any physician or care giver providing patient services has a consolidated view of that patient's total care allowing them to provide the most impactful, health enhancing service to that patient.
Unlike other offerings that report the average of potential health outcomes and costs, the Covisint solution also includes the probability of "outlier" results -- a difference that, if missed, can prove extremely expensive. This unique combination not only helps to dramatically reduce avoidable expenses, but it also builds physician confidence and buy-in; a necessary element of any successful accountable care initiative.
"It's simple: Covisint helps both address risk and stratify patient populations, enabling care organizations to proactively achieve better outcomes, avoid expenses and address risk and adverse outcomes before they happen," said Steve McDonald, Covisint Vice President for Healthcare. "This Milliman strategic relationship -- a key element of our population health management solution -- extends Covisint's differentiation, strengthening our position as the clear, go-to choice for healthcare organizations that care about cost, quality of care, maximizing incentives and high resource ROI."
"To manage the healthcare expenses, an ACO needs to better understand the actuarial risk for each assigned member -- the three dimensional view," said Art Wilmes, FSA, MAAA and a Principal and Consulting Actuary for Milliman. "Milliman provides the actuarial risk and opportunity analysis for each assigned member. The focus of efficient healthcare management should neither be on the highest cost patients nor on the highest risk-adjusted patients. Those measures are averages and approximate similar values in a comparative benchmark population."
Covisint delivers high value to accountable care stakeholders by supporting a comprehensive health information technology roadmap that helps improve health outcomes, increases efficiencies and fills the gaps left by existing technology investments. Covisint's agnostic platform, which works with or without an existing EMR system, enables the free, secure flow of information with the customer in full control, helping healthcare providers and payers maintain data independence and control.
Milliman
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit www.milliman.com.
Covisint
Covisint provides the leading cloud engagement platform for creating and enabling new mission-critical external business processes. Our solutions enable organizations to connect, engage, and collaborate with the critical external audiences that define their success -- including customers, business partners, and suppliers. Covisint allows its clients to establish a secure, reliable, integrated presence in the cloud, and offer the kind of engaging information experiences that people everywhere have come to expect. Learn more at www.covisint.com.
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