Press Release
For Immediate Release
MedeFinance and Media Contact: James T. Quist Chairman & CEO 510.647.1300 extension 204 email: jquist@medefinance.com
MedeFinance Adds Partners HealthCare of Boston to Growing List of 400+ Healthcare Industry Clients
On-Demand Analytics Suite to Improve Financial Performance OAKLAND, Calif. April 18, 2005 – Emeryville-based MedeFinance, a leading provider of on-demand analytics and client services for healthcare financial managers and executives, has signed a contract with Boston-based Partners HealthCare to implement several financial analytics applications across the enterprise to include: MedeFinance Revenue Cycle Analytics™, MedeFinance Reserve Analytics™, MedeFinance Payer Profile Analytics™, and a custom analytics application specific to monitoring the provider payment process – which would include monitoring timeliness of payment, denial experience, and payer underpayments. The analytics suite will significantly improve the healthcare system’s ability to monitor, manage, and improve critical aspects of their revenue cycle and financial performance. Partners HealthCare was founded in 1994 by Brigham and Women's Hospital and Massachusetts General Hospital. Other member hospitals include Faulkner Hospital, North Shore Medical Center, Newton-Wellesley Hospital, McLean Hospital, Spaulding Rehabilitation Hospital and the Rehabilitation Hospital of the Cape and Islands. The integrated healthcare network has served as a collaborative development partner and pilot site for MedeFinance’s Reserve Analytics application since 2003. “MedeFinance’s analytic suite provided our organization immediate benefits. By providing us a more comprehensive and intuitive analytic suite, the MedeFinance suite helped us drive financial performance improvement and provide more timely decision making capabilities for our organization,” stated Richard Silveria, Corporate Director of Finance at Partners HealthCare. “MedeFinance has proven to be both an effective and highly responsive business partner in our efforts to improve our revenue analytic capabilities. We have established a successful track record in our early use of these tools, and we look forward to using MedeFinance’s solutions and expertise to enable our initiatives.” Over 400 U.S. hospitals currently use MedeFinance’s adaptive analytics and client services, enabling financial executives to make rapid and sustainable improvements to enterprise-wide financial performance. Healthcare professionals are provided the ability to compare actual performance measures against established targets in a variety of areas, drill into detailed transactions, identify root causes, and take appropriate action to enhance performance. “We have a deep commitment to working with Partners HealthCare to provide financial solutions that help achieve their strategic business objectives,” stated Jim Quist, MedeFinance Chairman and CEO. “Our advanced analytics suite and supporting services will assist in taking their financial performance to the next level. We look forward to expanding our long standing relationship with Partners HealthCare.” About MedeFinance MedeFinance is the industry’s first provider of on-demand analytic software and services for healthcare financial managers and executives. The company is recognized for delivering innovative services that improve financial performance and create sustainable value through a revolutionary combination of sophisticated analytics, an instantly available IT environment, and unparalleled client services. The company serves over 400 U.S hospitals, including Kaiser Permanente, Tenet Healthcare Corp., Partners HealthCare, and Triad Healthcare Inc. Founded in 1994, MedeFinance is a rapidly growing, privately held company headquartered in Emeryville, Calif. To find out more about MedeFinance, visit www.medefinance.com. About Partners HealthCare Partners HealthCare, based in Boston, Massachusetts, is an integrated health care delivery system that offers patients from the region and around the world a continuum of coordinated, high-quality care. The system includes primary care and specialty physicians, community hospitals, the two founding academic medical centers (Brigham and Women’s Hospital and Massachusetts General Hospital), specialty facilities, community health centers, home health services, and other health-related entities. Partners hospitals are among the nation’s premier biomedical research institutions and are major teaching affiliates of Harvard Medical School. Partners HealthCare is a non-profit organization.