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Change Healthcare (formerly Emdeon)
Company typePrivate
IndustryHealthcare
Founded2005 (2005)
HeadquartersNashville, Tennessee, USA
Key people
Neil E. de Crescenzo, President and CEO
Number of employees
4000+
Websitewww.changehealthcare.com

Change Healthcare, formerly known as Emdeon Inc., is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers, and patients in the U.S. healthcare system. The company operates the largest financial and administrative information exchange in the United States.[1]

Change Healthcare is headquartered in Nashville, Tennessee, with more than 25 additional locations throughout the United States.

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 September 2013, the Company was named as part of the InformationWeek 500 2013, a list of the Top Technology Innovators across the United States. [2]

The Company’s offerings integrate and automate key business and administrative functions of its payer and provider customers throughout the patient encounter. Through the use of comprehensive suite of solutions, which are designed to easily integrate with existing technology infrastructures, customers are able to improve efficiency, reduce costs, increase cash flow and more efficiently manage the complex revenue and payment cycle and clinical information exchange process.

In 2014, the Company processed over 8.1 billion transactions, and handles over $6.4 billion in transactions each year.[citation needed]

In September 2015, Emdeon announced that the company will rebrand as "Change Healthcare" to better reflect its diverse capabilities and solutions. The Company and its associated business units will begin the migration of aligning under the Change Healthcare brand. The rebranding will begin in the fourth quarter of 2015.

Market Segments

  • Physicians & Clinics
  • Hospitals & Health Systems
  • Payers
  • Pharmacies
  • Channel Partners
  • Dentists
  • Clinical Exchange
  • Labs
  • Government Services

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.[3][4]

Since that time, the senior management team has undergone the following changes:

  • 2007, March - Named former Executive Vice President George Lazenby of Provider Services as the company’s CEO.
  • 2013, September - Announced the appointment of Neil E. de Crescenzo as President and Chief Executive Officer.
  • 2014, January - Named Alex Choy as Chief Information Officer and Executive Vice President of Research and Development
  • 2014, February - Appointed Randy Giles as Chief Financial Officer.


As of February 2014, the Management team includes:

  • Neil de Crescenzo, Chief Executive Officer
  • Alex Choy, Chief Information Officer
  • Randy Giles, Chief Financial Officer

For a full list of current senior management, see the External links section of this article.

On November 9, 2015, the Company and its associated business units officially rebranded as Change Healthcare.

Acquisitions

In 2004, the Company acquired Dakota Imaging, Inc. and ViPS, Inc..[5] In May 2009, the Company acquired The Sentinel Group, a vendor of software and investigational services to combat health care fraud.[6]

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.[7]

In March 2010, the Company acquired Healthcare Technology Management Services, Inc. (HTMS), a management consulting company focused primarily on the healthcare payer market.[8]

In June 2010, the Company acquired Chapin Revenue Cycle Management, LLC (Chapin), a technology-enabled provider of accounts receivable denial and recovery services.[9]

In October 2010, the Company acquired Chamberlin Edmonds & Associates, Inc. (CEA), a technology-enabled provider of government program eligibility and enrollment services.[10]

In May 2011, the Company acquired EquiClaim, a provider of healthcare audit and recovery services for commercial and government payers, from MultiPlan, Inc. [11]

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. [12]

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.[13]

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.[14]

In November 2014, the Company announced its definitive agreement to acquire Change Healthcare, a consumer healthcare engagement and transparency company.[15]

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.[16]

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.[17]

Certifications and Honors

In May 2011, the Company was awarded a five-year United States General Services Administration (GSA) Schedule 70 Contract. [18]

In 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). [19] [20]

In 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. [21]

In December 2011, the Company became certified as a Health Data Intermediary by the Minnesota Department of Health. [22]

In 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. [23]

In March 2013, the Company 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. [24]

In October 2013, Chamberlin Edmonds was named a Certified Application Counselor Designated Organization by the Centers for Medicare and Medicaid Services. [25]

In February 2015, Chamberlin Edmonds, a Company subsidiary, was designated as a Category Leader for Eligibility and Enrollment Services in the 2014 Best in KLAS awards.[26]

Blackstone/Emdeon Buyout

In August 2011, Emdeon Inc. was taken private for $3 Billion by Blackstone Group.[27]

Blackstone's offer of $19 per Emdeon share was backed by committed financing from Bank of America Merrill Lynch, Barclays Capital and Citigroup.[28]

Emdeon shares jumped 13.6% the morning after the acquisition. Shares had risen 31% over the previous year until the announcement.[29]

References

  1. ^ "Emdeon Corporate Profile and Information". Retrieved 20 November 2011.
  2. ^ "2013 InformationWeek 500". InformationWeek, 2013.
  3. ^ Pasiuk, Laurie, ed. (2006). Vault Guide to the Top Internet Industry Employers. Vault Inc. p. 237. ISBN 9781581313840.
  4. ^ "WEBMD Corporation to Be Renamed EMDEON Corporation". Healthcare Information and Management Systems, August 4, 2005.
  5. ^ Lee, In (2009). Emergent Strategies for E-business Processes, Services, and Implications: Advancing Corporate Frameworks. IGI Global Snippet. ISBN 9781605661551.
  6. ^ "Health IT Business News Roundup for the Week of May 8, 2009". IHealthBeat, May 8, 2009.
  7. ^ "Emdeon buys FutureVision, expects electronic billing boost". January 26, 2010. Nashville Business Journal, January 26, 2010.
  8. ^ "Emdeon health care payment co to buy consultancy". Bloomberg Businessweek, March 16, 2010.
  9. ^ "Emdeon acquires Chapin, better addressing hospital-based claims and payment recovery". HealthcareITNews, June 24, 2010
  10. ^ "Emdeon acquires Chamberlin Edmonds". News Medical, October 4, 2010
  11. ^ "Emdeon Acquires EquiClaim to Expand Its Suite of Payment Integrity Solutions". Bloomberg. Bloomberg, May 3, 2011.
  12. ^ "TC3 Health acquired by Emdeon". Modern Healthcare, May 7, 2012.
  13. ^ "Emdeon Acquires Goold Health Systems".
  14. ^ "Emdeon to Acquire Capario to Enhance Its Revenue Management Platform". www.prnewswire.com. Retrieved 2015-11-08.
  15. ^ "Emdeon to Acquire Change Healthcare". www.prnewswire.com. Retrieved 2015-11-08.
  16. ^ "Emdeon buys payment platform from Alegeus". The Tennessean. Retrieved 2015-11-08.
  17. ^ "Emdeon to Acquire Altegra Health". www.prnewswire.com. Retrieved 2015-11-08.
  18. ^ "Emdeon Awarded Five-Year IT Schedule 70 GSA Contract".PR Newswire, May 17, 2011.
  19. ^ "Three Emdeon Revenue Cycle Management Solutions Achieve HFMA Peer Reviewed Designation". PR Newswire, June 24, 2011.
  20. ^ "Three Emdeon Revenue Cycle Management Solutions Achieve HFMA Peer Reviewed Designation". PR Newswire, June 22, 2012.
  21. ^ "HHS and Emdeon Announce Initiative to Provide Electronic Health Record Services to Physicians in Underserved New Jersey Communities". U.S. Department of Health & Human Services, Office of Minority Health, December 13, 2011
  22. ^ "Emdeon Certified As A Health Data Intermediary By The Minnesota Department Of Health". The Street, December 21, 2011.
  23. ^ "HTMS, an Emdeon Company, Selected by Colorado Health Insurance Cooperative to Provide Strategic Planning and Operational Roadmap". PR Newswire, January 15, 2013.
  24. ^ "Emdeon Ranked First in Electronic Prescribing Interoperability and EHR Vendor Support for CPOE; Prepares for Stage 2 Meaningful Use". EMR Daily News, March 4, 2013.
  25. ^ "Chamberlin Edmonds, an Emdeon Company, Named a Certified Application Counselor Designated Organization by CMS". Yahoo Finance, October 7, 2013.
  26. ^ "KLAS Names Chamberlin Edmonds, an Emdeon company, the Category Leader for Eligibility and Enrollment Services". www.prnewswire.com. Retrieved 2015-11-08.
  27. ^ Nussbaum, Alex; Kelly, Jason (August 4, 2011). "Blackstone Group Agrees to Acquire Medical-Biller Emdeon for $3 Billion". Bloomberg. Bloomberg, August 4, 2011
  28. ^ "Blackstone to take Emdeon private for $3 billion". Reuters. August 4, 2011. Reuters, August 4, 2011
  29. ^ "Blackstone to buy Emdeon for $3 Billion". The New York Times. August 4, 2011. DealBook, August 4, 2011.
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