Changing our view
The delivery of healthcare in the United States has never been in a more transitional time. In our business the 800 pound gorilla in the room, CMS, continues to be the primary driver behind that change. CMS is on a publicly stated mission to change the basic premise of the reimbursement model it uses from fee for service to a value/quality based system. The fallout from this initiative will be widespread and significant.
As would be expected, healthcare providers and those who support them with products and services are moving quickly to respond. While the full impact of these changes are yet to be felt or even fully understood, no organization wants to be caught short or left behind. Given the importance of payments from Medicare and Medicaid to virtually every healthcare provider, not being as prepared as possible could have dire consequences. This is especially true for rural and community healthcare providers who typically have a much higher payer mix of Medicare and Medicaid patients than their urban counterparts.
For more than two years, CPSI has been moving aggressively to ensure we are positioned to provide the solutions and services needed by rural and community providers to meet these upcoming challenges. In 2013, we formed TruBridge to bring business services, consulting and IT expertise to these organizations. The fact that TruBridge services are designed and provided specifically for rural and community hospitals and providers has been recognized as a key differentiator from other offerings and has led to great acceptance in the marketplace.
On April 13th, we are taking the next step with the formation of Evident. Going forward, our EHR solution will now be provided under the Evident brand and CPSI will act as the parent company to both Evident and TruBridge. With the formation of Evident comes the introduction of our Thrive EHR and our LikeMind support model, both offering dramatic changes in the user experience. Just as importantly, as Evident, we are expanding our solutions in anticipation of the aforementioned reimbursement changes.
We are well down the road into using “big data” to deliver predictive analytics, which is the lynchpin of population health management. Managing the delivery of resources across the care continuum will also be a necessity and we are already well positioned there with our Thrive Provider EHR enjoying complete integration in a single patient record environment with our Thrive hospital EHR. And for those providers who aren’t part of the Evident network, our work in interoperability is well advanced through our participation in the CommonWell Health Alliance.
One of the watershed moments for CPSI in our early days was the transition from cost based reimbursement to fee for service by Medicare. As a company, we took full advantage of the opportunity that presented us and as a result became the leading provider of health technology to rural and community hospitals. We see this next reimbursement shift as providing us an even greater opportunity to solidify and expand that position and, more importantly, play a significant role along with our clients in delivering quality care to their towns and communities.