Verato, the identity experts for healthcare, and Redox, a leader in healthcare interoperability, announced a partnership that will combine industry-leading Verato identity data management solutions with Redox’s composable technology ecosystem to enable improved data access, better interoperability, and higher quality information gathering across a growing digital ecosystem. Redox’s flexible, customizable technology integrations combined with Verato’s leading identity solutions allows healthcare organizations to access a single source of truth for identity, including a complete and trusted 360-degree view of their patients, members, providers, and communities, which enables them to better understand who is who™ across the entire care continuum.
On average, 30% of patient demographic data is out-of-date, incorrect or incomplete. Further, 35% of denied claims are due to inaccurate patient matching, which can cost hospitals an average of $2.5 million annually. Together, Verato and Redox will develop solutions to help healthcare organizations create a more accurate and trusted identity record from previously fragmented information. These solutions will collect data from across multiple data sources, normalize, and organize it to drive higher quality decision making, operational efficiency, and an improved experience for both users and healthcare consumers.
“Data is the currency needed to build the future of healthcare. In an ideal world, it will flow across systems seamlessly and automatically with minimal errors,” said Luke Bonney, CEO of Redox. “Unfortunately, we don’t live in an ideal world and many healthcare organizations are stymied by inaccurate or incorrect data, but also struggle to quickly implement effective solutions to address this challenge. Partnering with Verato to provide our customers with its proven referential matching technology will enable us to quickly and seamlessly integrate trusted EMPI functionality through the Redox API, enabling organizations to create better data and manage it to improve actionable analysis and interoperability.”
Verato Referential Matching has been proven to significantly improve matching accuracy with an unparalleled natively integrated reference database of over 300 million identity records and over 30 years of historical data. Redox and Verato’s solutions will improve data liquidity and interoperability while ensuring that records for a single patient, member or provider are matched accurately and automatically across systems. The partners have already launched a new solution to Redox customers: Redox Chroma EMPI powered by Verato. Redox Chroma EMPI powered by Verato leverages leading identity technology and easily integrates into organizations’ existing technology suites, enabling them to create a full, accurate identity record for each person they serve.
SOURCE: Businesswire