IGI Health of Piscataway, whose IT solutions enable electronic data exchanges among healthcare providers, today changed its name to HEALTHEC. The company also changed the same of its product line from Orbit to the HEALTHEC Product Suite.
"The motivation behind the re-branding is to demonstrate who we are today – a national firm with a global reach that provides enhanced connectivity, collaboration and care in a value-based and ever-changing healthcare industry," founder and chairman Arthur Kapoor said. "HEALTHEC has demonstrated its sustainability for the long haul, having helped shape the ways in which healthcare has been delivered these past 16 years. We are now positioning ourselves for future expansion."
Founded in 1997, HEALTHEC enables the exchange of financial, administrative and clinical data among stakeholders who include major healthcare delivery systems, hospitals, physician practices, payers, patients, labs, pharmacies, employers, government agencies and vendors.
HEALTHEC said it provides a wide range of solutions: clinical and business analytics; payer-provider portals; personal health records; and population health management services.
HEALTHEC is working with Barnabas Health, New Jersey's largest not-for-profit health system, which has launched an accountable care organization via Medicare. Barnabas uses the HEALTHEC ACO Solution Suite, which tracks quality and cost of care among multiple financial arrangements and payers.
"Our partnership with HEALTHEC demonstrates our shared commitment to improving the health and well being of patients," said Dr. Anthony D. Slonim, chief medical officer of Barnabas Health. "Through this partnership, we are advancing our goal of achieving an integrated system of care. We look forward to continuing our collaboration with HEALTHEC for years to come."
Company founder and chairman Arthur Kapoor said HEALTHEC has about 300 employees and about $18 million in annual revenue. A clearing house for medical claims and clinical data, the company connects more than 1,100 hospitals, 200,000 health care providers and about 600 insurance companies.
He said the company is poised to grow as the health care sector strives to better monitor clinical data to improve patient health. For example, he pointed out that hospitals are trying to lower the rate at which patients are readmitted, and to that end ACOs are being launched all over the country to provide care management to keep patients well and out of the hospital.
In addition to Barnabas, HEALTHEC is working with seven other ACOs around the country.
"So now we are very focused on our message, which is that we are bringing the care management platform, the care coordination, into one platform that is our company's platform and we want to be leaders in this," Kapoor said.
He said ACOs look at patient clinical and claims data to determine whether patients are taking their medications and getting the care they need, and that requires the data and analytics that his company provides to support care coordination and case management.