Picis to Acquire LYNX Medical Systems
Press Releases
Picis to Acquire LYNX Medical Systems
Combined company creates most comprehensive end-to-end clinical information
and financial automation system for hospital emergency departments
WAKEFIELD, Mass.- July 24, 2007
Picis, the leading global provider of high-acuity care information systems,
announced today that it has entered into a definitive agreement to acquire
LYNX Medical Systems of Bellevue, Wash.. LYNX provides revenue cycle
management solutions to hospital emergency departments and Picis provides
the market-leading clinical information system for emergency care. The
combined companies will now offer a powerful solution that provides the most
comprehensive end-to-end system to manage, automate and optimize both the
clinical information and financial functions of hospital emergency
departments. Terms of the agreement were not disclosed. The acquisition,
anticipated to close later this summer, was funded in part by Goldman Sachs
& Co. through an equity investment in Picis and a senior debt issue, which
was also announced
separately
today.
Picis provides hospital emergency departments with a comprehensive and
integrated emergency department information system (EDIS) through its
CareSuite ED PulseCheckR application. ED PulseCheck helps emergency
departments markedly reduce patient wait times and increase throughput while
helping to improve clinical documentation, charge capture and patient
satisfaction. LYNX’s E/Point and E/Code software and services dramatically
improve accuracy in coding procedures (through CMS-audited algorithms)
resulting in increased revenue and patient acuity levels, decreased accounts
receivable days and minimized compliance risk. Case studies have shown that
LYNX customers achieve increased revenue amounting to $25-$35 per ED visit.
The two companies’ combined expertise and solutions will create the most
robust integrated end-to-end solution that closely links clinical
documentation with coding and reimbursement revenue management. In essence,
the combined solution will track patients from initial contact through
disposition, and help hospitals to realize maximum revenue and reimbursement
for the services they provide. The solution is specifically designed for the
needs of the hospital emergency department, one of the fastest growing
departments in today’s hospitals.
“From every perspective, short and long term, strategically, financially,
and operationally, this acquisition represents another major milestone for
Picis,” said Todd Cozzens, Picis president and CEO. ” We are not only
acquiring complementary technology and services, but also a proven
management team, product development expertise and a sales force with a
demonstrable track record of success operating in the same markets as ours.
We believe we will be the only company able to offer our customers a truly
differentiated, integrated and cost-effective tool to manage the growing
complexities of the emergency department, the fastest growing hospital care
department. We are looking forward to working with our new colleagues at
LYNX to quickly bring the benefits of our combined solution to the
marketplace and to further serve the over 1,350 hospitals which make up our
combined installed base.”
To determine reimbursement amounts for the hospital and physician, a
hospital adds insurance and reimbursement codes to a patient’s record before
submitting to payers through charge tickets. In-house or outsourced coding
experts use the physician’s and nurse’s clinical documentation to align the
care a patient received with costs incurred and revenue generated. As a
result of poor or incomplete charting and lost or forgotten charge ticket
completion, hospitals and physicians frequently do not have quality
documentation to support adequate reimbursement rates. In the emergency
department, where hundreds of patients are seen each day and where time is
of the essence, this situation is particularly true. By combining ED
PulseCheck’s clinical care information system with LYNX’s coding
optimization software and services, hospitals will more efficiently than
ever align the actual patient care delivered with accurate and correct
coding and billing, helping to dramatically increase both professional fees
and facility revenue, and thereby reducing billing cycles.
“The combination of Picis and LYNX will create an organization that is
uniquely positioned and qualified to address the substantial information
management challenges and opportunities of the growing high-acuity
healthcare market,” said Gene Cattarina, president and chief executive
officer of LYNX Medical Systems. “We view this as a ‘win’ for our customers,
shareholders and employees.”
Read full article –>
http://www.picis.com/news/pressreleases/070724-1.cfm?lnk=HomePage
Comment posted by philippinenurses
at 1/1/0001 12:00:00 AM
[this is good]
Kudos! Very informative article, keep up the good works! More power
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