Technology that help us streamline records and make healthcare more efficient—shouldn’t we be there already? Healthcare IT company, Cerner, gets it and is enhancing its electronic health records (EHR) and other software capabilities to improve the hospital system and the overall healthcare experience for patients across the board.
Founded in 1980, Cerner was a pioneer in EHR at a time when tech was barely a common descriptor in most data management. Today, the company has expanded its platform to everything from revenue cycle management, IT consultations, data analytics, and adjacent software offerings, and more.
Headquartered in North Kansas City, MO, the company, which has more than 27,500 facilities in more than 35 countries, reported $5.4 billion in revenue in 2018, alone, and has already invested more than $7 billion in research and development.
It’s electronic records system, which can connect to other applications within a hospital and streamline everything from billing to prescription management, accounts for 75% of its overall revenue. The company’s revenue cycle management software, which covers insurance claims, billing, and collections, accounts for approximately 13% of sales, while its healthcare IT consulting picks up around 7% of revenue. A smaller portion of Cerner’s business model is its data analytics software program, which can help identify needs or issues for health systems and insurance plans.
The company is continuing to grow its healthcare IT business since electronic records are more advanced now, and the market is expected to increase within the next decade.
Cerner recently partnered with i2i Population Health to improve the quality care and reduce costs for millions of patients on Medicaid, which reached nearly 75 million in 2018, and is expected to increase to 81 million by 2024. Spending for Medicaid is also expected to reach $884 billion within the next five years, alone. Cerner, along with i2i, will use technology to work collaboratively with Medicare and Medicaid Services, centers, and managed care stakeholders to help control and make sure patients get the best care.
The company’s EHR system, HealtheIntent and i2i platform will marry to provide an enhanced data to help better meet the needs of the Medicaid population. “We are dedicated to helping our clients deliver the highest quality care possible with improved outcomes at the lowest cost,” said Chad Haynes, vice president, Strategic Growth, Cerner, in a company statement. “Our comprehensive population health management tools combined with i2i’s EHR-agnostic capabilities will support users to drive positive, sustainable outcomes for community health centers, primary care associations and rural health systems.”