Recently, our team returned from HIMSS19 — the largest health information and technology conference in the US. HIMSS19 was a huge show and definitely worth the attention it received. For Lumedic, it was an especially interesting event as we announced our acquisition by Providence St. Joseph Health at the start of the conference and had a chance to meet with a number of strategic partners looking to innovate within revenue cycle.
When we first engaged with PSJH to consider how our platform could improve revenue cycle, it was clear they were as motivated as we were to transform this complicated and resource intensive operation. With 51 hospitals and over $23 billion in revenue, PSJH is one of the largest non-profit health systems in the country. Across the organization, they are in the process of transforming themselves including the area we are focused on — revenue cycle. Our technology team brings blockchain and artificial intelligence resources together with the bright minds at PSJH to look at how to overhaul the financial interfaces between payers and providers. By starting with a motivated, large provider like PSJH, we are able to look at the most complex interactions between payers and providers and drive immediate change for caregivers.
From a mission standpoint, we are encouraged by PSJH’s vision of ‘Health for a Better World’ and incredibly excited at the opportunity to drive meaningful change at scale. Just recently at HIMSS, the AMA presented on the patient impacts of an overly complicated prior authorization process. The report underscores the need to improve the process burden associated with prior authorizations not just from a cost perspective, but as an imperative to avoid administrative delays that can cause material adverse health complications for patients. Prior authorization is our first platform milestone with PSJH and is a perfect example of the natural alignment that we have in our shared mission.
We look forward to our partnership with PSJH as well as upcoming announcements with other payers and providers ready to disrupt revenue cycle.