The way Experian president Dan Johnson sees it, healthcare has historically looked in the rear-view mirror when managing its business. Now he sees the need to provide real-time data and even some accurate forecasts for the near term.
As he explains, "[This] is a model changer because hospitals routinely look at how their payer collections and their patient collections were last October when setting expectations for what they will be this October, and that's a terrible model. So that's changing quickly."
Experian's core business provides revenue cycle tools that optimize payments from payers and patients to hospitals and clinics. Johnson said that Experian is taking its electronic authentication product into the healthcare market to help the industry comply with Meaningful Use.
In March 2013, during HIMSS13, the company will launch an ID proofing solution for hospitals that Johnson says is driven by Meaningful Use Stage 2 requirements. The company won a contract with the Center for Medicare & Medicaid Services (CMS) to serve as the vendor that provides ID proofing to the CMS website for Medicare recipients.
Experian is also embracing mobile computing. "That's been a big push of ours over the last year," said Johnson. Experian collects hospital financial data and delivers it through iPad apps to financial executives so they know, in real time, how much charity care they've deployed month-to-date, for example, or what their patients' collections are at a certain point in the month. Johnson also emphasized that the company is pushing a lot of benchmarking data out into the industry to help hospitals and clinics understand how they are performing compared to their peers in the marketplace.