WellPoint Supports Meaningful Use and To Provide Short Term Funding for Hospitals
Posted Aug 05 2010 11:00am
The program is set to begin in California and Georgia. This is billed as supporting the efforts of the national ONC program, which is actually a pretty common occurrence with insurers to follow precedence established by Medicare or other government agencies.
Wellpoint also has their pay for performance incentives and some of these are largely managed by local Independent Physician Associations as for each individual physician to manage and stay on top is a nightmare for a small practice if they were to monitor each program offered by each insurer.
Bottom line here is we will help you with offering some financing to get the ball rolling as with continued efforts with Health IT, we want those claims and other related data in a format that allows for the continuance of our business intelligence and greater analysis information can be attained and this helps determine some of the areas in which we can accurately determine how to place our values on medical loss ratios for the future. Wellpoint is not the only player here with making funds available as United is pretty active in the same area. Below is one example.
United though makes money from many areas to include revenues generated from other insurers using their software sold by subsidiaries to look for fraud, better efficiencies and so on. They seem to have somewhat of an ideal position here with generating profits from both consumers and other insurance companies to an extent with their varied subsidiary companies providing and marketing those algorithms that lead to the analysis processes that occur by the millions with transaction charges every day. By providing short term money will this be included in the medical loss ratio area? Just some thought here as this is a hot topic right now.
Perhaps we could be looking at an overall “medical loss ratio algorithm” soon as this is where all this is headed to determine what is allowed and what is not as without an algorithm in a digital format that people can understand the text and interpretations will go on forever and add on some revenue tor continued legal efforts here too. BD
INDIANAPOLIS, Aug. 5 /PRNewswire-FirstCall/ -- WellPoint, Inc., (NYSE: WLP ) announced today its support of efforts by the Office of the National Coordinator for Health Information Technology (ONC) on meaningful use of health information technology (HIT). In support of meaningful use, WellPoint will align its Pay for Performance incentives with Federal programs and implement a new financing program that supports HIT for rural, critical access hospitals serving underserved communities.
"Providing information and clinical decision support at the point of care will promote higher quality, evidence-based care with better patient outcomes," said Dr. Sam Nussbaum, WellPoint's chief medical officer. "The adoption of meaningful use criteria for Health IT will create opportunities for new collaborations amongst physicians, hospitals, patients, and health plans to share information for better care coordination, prevention services, management of chronic illness and overall clinical decision making. Although the industry wide conversion to an electronic world is planned to take over five years, WellPoint is already working on opportunities to optimize the emerging infrastructure and data standards."
This program, which will start in California and Georgia in 2011, allows qualifying hospitals to borrow short term funding in pursuit of satisfying the meaningful use criteria of the Health Information Technology for Economic and Clinical Health Act. Based on the results of these programs, WellPoint will evaluate the expansion of this program.