5 Questions: Jeff Wood, Navicure
I?ve invited?Jeff?to weigh in on?a blog series called Five Questions?where I interview our clients and industry stalwarts on what is happening in their world of health or healthcare technology, and any insight they have regarding the state of the industry and trends to watch.
1. Jeff, in your role as Vice President of Product Management for Navicure, what technology trends are impacting your product strategies?
Navicure was founded in 2001 and at the time the concept of software as a service (SAAS) was completely new to most organizations including our client base ? healthcare providers, primarily physicians. So we have always been at the forefront from a technology perspective. One of the recent trends that we are now taking advantage of thanks to our SAAS architecture is analytics. Having this data in the cloud enables us to bring powerful business intelligence (BI) to our clients in a very cost effective and secure manner versus traditional on premises BI solutions.
2. Navicure is a leading revenue cycle management and solutions company. In terms of provider reimbursement, companies like Navicure have played a key role between payers and providers, how is that changing with the rise of healthcare consumerism?
That intersection between payers and providers is where we have focused historically. Facilitating the exchange of data between the providers? practice management systems and the payers? claims management systems has been our bread and butter as a medical claims and eligibility clearinghouse. Now with higher deductibles and co-pays, patients are making up a bigger slice of the revenue pie for providers and so we have adapted with our clients to help them get paid not only from large commercial and government payers but also from each individual patient now.
3. Share an example of a recent new product launch by Navicure and why it is making a difference? And for whom?
Given the increasing importance of the individual patient in terms of a practice?s payer or reimbursement mix, we have released Navicure Payments to help our clients adapt. The solution includes two products: Care Estimator and Greenlight. It is helping to make healthcare more transparent for patients as they now get an estimate of the cost of care before they receive it. Patients can also provide their preferred form of payment for storage and later use after the exact amount of the patient responsibility is known via the Greenlight product. This product provides added convenience for the patient and gives providers assurance that they will get paid for their valuable services.
4. What is driving increased R&D for new HIT products? How much is related to the Affordable Care and HiTech Acts or are there other dynamics involved?
Naturally, healthcare information technology reflects the broader healthcare market. Given the significant trends like consumerism and the digitization of records, it follows that there are new needs and opportunities that come from that change. When you layer on government programs, incentives, and new regulations, it just adds more complexity. Providers need help to comply and thrive in this new environment and thus the HIT vendors have seized upon the opportunity and increased their R&D investment appropriately. ?The Affordable Care Act is obviously massive in scope and we are just now understanding its ripple effects throughout the industry.
5. What are the most important things to consider in making a healthcare technology product highly successful?
In order to make a healthcare technology solution successful, you need to have data to support your assertions. Healthcare providers are scientists at the end of the day and they want to see proof. Making grandiose claims without a foundation in data is a sure recipe for failure. So the extent that you can prove your product provides a solid return on investment (ROI), the better off you will be in convincing physicians and their staff to use your product.
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