Dignity Health and Optum Launch New Company
Optum360 combines Optum's leading technology and analytics with Dignity Health's proven infrastructure to deliver progressive revenue cycle management and medical record documentation services to large hospitals and health systems
MINNEAPOLIS and SAN FRANCISICO – October 14, 2013 – To meet the growing demand for greater transparency, simplicity and value in health care billing, Dignity Health and Optum have formed Optum360, a major new venture that combines the companies' industry–leading revenue cycle management capabilities. Optum360 is dedicated to transforming the registration, documentation, billing, and payment system so it works better for hospitals, health systems, and other care providers, and delivers a better patient experience.
With a workforce of more than 3,000 employees from Dignity Health and Optum, Optum360's revenue cycle management services can meet the large–scale needs of major hospitals and health systems, and enable new care delivery and risk–sharing models, such as Accountable Care Organizations. The venture joins Dignity Health's proven revenue cycle operations expertise and scale with Optum's market–leading technology, expertise in ICD–10 readiness, and a client base of thousands of hospitals and physician groups. Optum serves more than 300 commercial and public health plans, and its deep payer operations expertise will be applied to making administrative processes between payers and providers more direct, faster, and simpler.
Optum360's patient–centric approach to revenue cycle management has the potential to fundamentally transform administrative processes and revenue yield and accuracy – from patient registration to financial resolution of payments – in ways no other solution can. It is designed to reduce costs and make medical costs more transparent while helping hospitals, health systems, clinics and physicians modernize administrative processes and ensure appropriate revenue yield. Importantly, the Optum360 solution provides a complete view of the care experience from the patient's perspective, helping providers deliver a simpler, more satisfying experience to their patients.
"The health care billing process is too often a source of stress during a time when healing should be the primary focus, and together through Optum360 we are committed to being part of the solution," said Lloyd Dean, president and chief executive officer of Dignity Health. "Our goal is nothing less than to modernize the revenue cycle so that it is intuitive and easy to manage, and allows patients and providers alike to focus their attention on healing."
"Optum360 is singularly focused on helping care providers nationwide transform the registration, billing and payment system so it works better for them and their patients," said Larry Renfro, chief executive officer of Optum. "The unique combination of Optum's leading technology and Dignity Health's proven expertise in revenue cycle management will allow us to partner with hospitals, health systems, clinics and physicians across the health care system to significantly improve performance and the patient experience."