Change Healthcare (known as Emdeon before rebranding in 2015, which followed the purchase of a pre-existing company called Change Healthcare) is a provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers, and patients in the U.S. healthcare system. The name also refers to a company founded in 2007 which subsequently became part of the current conglomerate. The company operates the largest financial and administrative information exchange in the United States.
The company is headquartered in Nashville, Tennessee, with more than 25 additional locations throughout the United States.
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Market Segments
- Physicians & Clinics
- Hospitals & Health Systems
- Payers
- Pharmacies
- Channel Partners
- Dentists
- Clinical Exchange
- Labs
- Government Services
As of October 2015, the company's health information network reached approximately 1,200 government and commercial payers, 700,000 providers, 5,000 hospitals, 105,000 dentists, 60,000 pharmacies, 600 vendor partners, and 150 labs.
In 2014, the Emdeon processed over 8.1 billion transactions, and handles over $6.4 billion in transactions each year.
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Corporate History
Until August 2005, Emdeon operated under the name WebMD Corporation (NASDAQ: HLTH). The name was changed to Emdeon to avoid confusion with its then subsidiary WebMD, which started public trading under stock symbol WBMD in September 2005.
In September 2013, Emdeon was named as part of the InformationWeek 500 2013, a list of the Top Technology Innovators across the United States.
On November 9, 2015, the company and its associated business units officially rebranded as Change Healthcare.
In June 2016, McKesson Corporation and Change Healthcare Holdings, Inc., announced the creation of a new healthcare company which combined substantially all of Change Healthcare's business with the majority of Mckesson's Information technology unit. McKesson owns approximately 70% of the new company, with the remaining equity stake held by Change Healthcare stockholders. The new company continues to be called Change Healthcare.
Key personnel
As of April 2018, the Management team included:
- Neil de Crescenzo, Chief Executive Officer
- Alex Choy, Chief Information Officer
- Fredrik J. Eliasson, Chief Financial Officer
Acquisitions
In 2004, the company acquired Dakota Imaging, Inc. and ViPS, Inc. In May 2009, the company acquired The Sentinel Group, a vendor of software and investigational services to combat health care fraud. In January 2010, the company acquired FutureVision Investment Group, L.L.C. (FVTech), a provider of outsourced services specializing in electronic data conversion and information management solutions. In March 2010, the company acquired Healthcare Technology Management Services, Inc. (HTMS), a management consulting company focused primarily on the healthcare payer market. In June 2010, the company acquired Chapin Revenue Cycle Management, LLC (Chapin), a technology-enabled provider of accounts receivable denial and recovery services. In October 2010, the company acquired Chamberlin Edmonds & Associates, Inc. (CEA), a technology-enabled provider of government program eligibility and enrollment services. In May 2011, the company acquired EquiClaim, a provider of healthcare audit and recovery services for commercial and government payers, from MultiPlan, Inc. In May 2012, the company acquired TC3 Health, a provider of cost containment solutions, including payment integrity and out-of-network claims cost management, to U.S. healthcare payers. In June 2013, the company acquired Goold Health Systems, a healthcare management organization that specializes in providing pharmacy benefit and related services primarily to State Medicaid agencies across the nation. In July 2014, the company acquired Capario, a provider of healthcare technology solutions using a cloud-based platform that enables healthcare providers to use a real-time solution called CaparioOneSM. On November 25, 2014, Emdeon acquired Change Healthcare Corporation, a consumer healthcare engagement and transparency company, for $135 million. In December 2014, the company acquired AdminiSource Communications, Inc., a payment and communications solutions (PCS) business of Alegeus Technologies, LLC, a provider of consumer directed healthcare solutions. In August 2015, the company acquired Altegra Health, a provider of technology and intervention platforms that combine data aggregation and analytics with member engagement and reporting capabilities.
Change Healthcare (2007)
A company called Change Healthcare was established in 2007 and based in Brentwood, Tennessee. The company provided healthcare consumer engagement and cost transparency tools to health plans and large, self-insured employers across the United States. The company was founded by Christopher Parks in 2007 with a consumer solution called MedBillManager. In January 2010, the company shifted its focus to the business-to-business market and launched the Change Healthcare Engagement Platform.
In April 2011, Howard McLure, former president of CVS Caremark, came out of retirement to lead Change Healthcare as chairman and CEO. Doug Ghertner joined the company as president in July 2011; prior to this, he oversaw product innovation and management at CVS Caremark and was a senior vice president.
In December 2011, Change Healthcare closed a round of financing, led by Sandbox Industries, BlueCross BlueShield Venture Partners and West Health Investment Fund. In September 2012, Ghertner was promoted to president and CEO, and McLure assumed the role of executive chairman.
In July 2013, Change Healthcare closed on a round of Series D funding. It was led by HLM Venture Partners, and including new investor Noro-Moseley Partners, infused $15 million into the company. In July 2013, Change Healthcare was also named one of Modern Healthcare's "100 Best Places to Work in Healthcare,"
In November 2014, Change Healthcare was acquired by Emdeon for $135 million. In November 2015 Emdeon officially rebranded to take the Change Healthcare name.
Certifications and Honors
- May 2011: Emdeon was awarded a five-year United States General Services Administration (GSA) Schedule 70 Contract.
- June 2011 and 2012: Emdeon Assistant, Emdeon Claim Master and Emdeon Payment Integrity Services earned the Peer Reviewed designation of the Healthcare Financial Management Association (HFMA).
- December 2011: the company partnered with the U.S. Department of Health and Human Services for an initiative providing electronic health record services to physicians in underserved New Jersey communities.
- December 2011: the company became certified as a Health Data Intermediary by the Minnesota Department of Health.
- January 2013: Healthcare Technology Management Services (HTMS) was selected by the Colorado Health Insurance Cooperative to provide strategic planning for the development of a consumer-owned health insurance plan.
- March 2013: Emdeon was ranked first in overall vendor preference for interoperability, integration and connectivity in the Black Book Rankings 2013 State of Electronic Prescribing Industry. It also ranked first in the Black Book Rankings 2013 Overall Best EHR Functionality Performance.
- October 2013: subsidiary Chamberlin Edmonds was named a Certified Application Counselor Designated Organization by the Centers for Medicare and Medicaid Services.
- February 2015: Chamberlin Edmonds was designated as a Category Leader for Eligibility and Enrollment Services in the 2014 Best in KLAS awards.
Blackstone/Emdeon Buyout
In August 2011, Emdeon Inc. was taken private for $3 Billion by Blackstone Group.
Blackstone's offer of $19 per Emdeon share was backed by committed financing from Bank of America Merrill Lynch, Barclays Capital and Citigroup.
Emdeon shares jumped 13.6% the morning after the acquisition. Shares had risen 31% over the previous year until the announcement.
References
Source of the article : Wikipedia
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