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McKesson Acquires Leading Self-Service Patient Billing Solution; With HealthCom McKesson Helps Providers Prepare for Consumer-Directed Healthcare
ATLANTA --(Business Wire)-- May 25, 2006 -- McKesson (NYSE:MCK) today announced that it has acquired HealthCom Partners LLC, a leading provider of patient billing solutions designed to simplify and enhance healthcare provider financial interactions with their patients. HealthCom applications create a simplified billing experience for patients via a "virtual business office" featuring online self-service and consolidated patient friendly billing on a single statement.
As consumer-directed health plans proliferate, HealthCom's financial relationship management solutions further strengthen McKesson's leadership in revenue cycle management in the hospital and in the physician office setting. The acquisition addresses the primary cause of consumer dissatisfaction with healthcare delivery -- confusing and complex patient bills.
"HealthCom has taken an innovative approach to simplifying the patient bill and optimizing customer service, addressing the No. 1 customer relations issue that hospital and physician offices face in the business office," said Duncan James, group president, Business Performance Solutions, McKesson Provider Technologies. "HealthCom's solutions are a strong complement to McKesson's market-leading portfolio of revenue cycle management products and services, which help organizations optimize revenue capture, shorten payment cycle time and free funds for strategic investment."
McKesson's comprehensive range of financial management applications and services accelerate cash flow, optimize resources and measure key performance indicators. These solutions integrate financial and clinical data from throughout the healthcare system to capture, validate and process patient data before, during, and after the delivery of patient care. McKesson revenue cycle solutions enjoy strong market preference, dominating the top three rankings in KLAS' "Most Valuable Revenue Cycle Management Products" segment in the March 2006 Revenue Cycle Management -- Software Report issued by KLAS Enterprises, Inc.
HealthCom, which produces more than 30 million patient statements per year, has more than 200 "blue chip" customers and a 99 percent customer retention rate over the past 10 years. HealthCom's Patient Compass(TM) solution enables patients to access current financial account information via their provider's Web site, receive e-mail notifications when insurance payments are received, change insurance information, pay multiple accounts all at once and even turn off paper bills from mailing.
"By joining forces with McKesson, HealthCom not only gains the backing of a Fortune 16 company, but also gains a natural channel for expanding our footprint in the market," said Jeff Porter, one of the principals of HealthCom Partners and now territory vice president of acute care provider sales for McKesson Provider Technologies. "McKesson's leadership in the business office and revenue cycle consulting are highly respected, and we look forward to taking our offering to the next level as part of McKesson."
The acquisition of HealthCom supports McKesson's commitment to the national PATIENT FRIENDLY BILLING(R) initiative, which seeks to make financial communications to patients clear, concise and correct. McKesson has been a sponsor of the PATIENT FRIENDLY BILLING initiative since its inception. The initiative is spearheaded by the Healthcare Financial Management Association in partnership with the American Hospital Association, the Medical Group Management Association and other leading provider, consulting and technology organizations.
"HealthCom's online billing center is helping Cedars-Sinai improve the billing experience for patients by making the process clearer, faster and simpler," said Patricia Kittell, vice president of patient financial services at Cedars-Sinai Medical Center, Los Angeles. The medical center reduced patient call volume by 31 percent. According to Kittell: "Patients like the convenience of being able to view all of their open accounts on one online screen 24/7, then make a payment with a few clicks. For some people, this has also eliminated the need to write separate checks for multiple visits."
About McKesson
McKesson Corporation, currently ranked 16th on the FORTUNE 500, is a healthcare services and information technology company dedicated to helping its customers deliver high-quality healthcare by reducing costs, streamlining processes, and improving the quality and safety of patient care. Over the course of its 173-year history, McKesson has grown by providing pharmaceutical and medical-surgical supply management across the spectrum of care; healthcare information technology for hospitals, physicians, homecare, and payors; hospital and retail pharmacy automation; and services for manufacturers and payors designed to improve outcomes for patients. For more information: www.mckesson.com.
(C) 2006, KLAS Enterprises, LLC. All rights reserved.
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