3M Acquires Info-X Inc.; Provider of Web-based Software Helps Health Care Professionals Manage Data.ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn. -- 3M announced today it has acquired New Jersey-based Info-X Inc., a leading provider of medical coding compliance software and data for effective management of hospital billing and compliance issues. Terms of the transaction were not disclosed. "This acquisition is a strategic add-on to our advanced software applications and services to help health care providers effectively comply with regulations and better manage resources," said Nancy Larson, general manager, 3M Health Information Systems Division. Info-X will report through 3M Health Information Systems, which is based in Salt Lake City. Operations will remain in New Jersey. Commenting on the transaction, Avi Sacajiu, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Info-X, said, "Teaming up with 3M is a tremendous opportunity to bring our unique software to an even broader customer base, and to develop new products backed by the 3M brand, infrastructure, support and service." 3M Health Information Systems supplies a comprehensive set of solutions for coding, reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. and compliance to more than 4,000 health care organizations worldwide. Integrating Info-X's products into 3M's software enables health care professionals to check local medical review policies at the point of coding. Info-X's software is designed to help ensure clean reimbursement claims, reduce Medicare payment Noun 1. medicare payment - a check reimbursing an aged person for the expenses of health care medicare check bank check, check, cheque - a written order directing a bank to pay money; "he paid all his bills by check" denials, and improve coding and billing compliance. Through this acquisition, customers will have a single source for coding compliance solutions combined with continued support for the integration of local medical review policies into other health information systems. Health care organizations need to stay on top of regulatory compliance changes to achieve accurate and proper documentation for full and appropriate Medicare reimbursement. Substantial financial losses can result from coding errors that are determined to represent fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. claims. Errors also may cause claims to be delayed or denied. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The statements contained in this press release that are not purely historical are forward-looking statements, including statements regarding 3M's and Info-X's expectations, beliefs, hopes, intentions or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to the companies as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and the companies assume no obligation to update any such forward-looking statement. About Info-X Inc. Info-X Inc., an approximately $10 million company based in New Jersey, is a leading source of medical necessity intelligence for approximately 900 U.S. hospital providers. The company's commitment is the delivery of products that simplify compliance regulations and reimbursement issues. Info-X solutions combine state-of-the-art technology with the latest medical coding and regulatory compliance requirements Compliance requirements are a series of directives established by United States Federal government agencies that summarize hundreds of Federal laws and regulations applicable to Federal assistance (also known as Federal aid or Federal funds). . They can be seamlessly integrated into existing systems and workflows utilized by hospitals, physicians and diagnostic service providers. About 3M Health Information Systems 3M Health Information Systems, part of the 3M Health Care family, is a leading provider of advanced software tools and services that help health care organizations capture, classify clas·si·fy tr.v. clas·si·fied, clas·si·fy·ing, clas·si·fies 1. To arrange or organize according to class or category. 2. To designate (a document, for example) as confidential, secret, or top secret. and manage accurate health care data. Built on a foundation of more than 20 years of clinical, financial and administrative expertise, 3M Health Information Systems products help ensure the quality of data, which drives an organization's ability to manage revenue, comply with regulations, improve quality of patient care and manage resources effectively. 3M Health Care, the largest of 3M's seven major businesses, serves medical, dental, pharmaceutical and personal care markets. 3M is an $18 billion diversified diversified (di·verˑ·s technology company with leading positions in health care, safety, electronics, telecommunications, industrial, consumer and office, and other markets. About 3M -- A Global, Diversified Technology Company Every day, 3M people find new ways to make amazing a·maze v. a·mazed, a·maz·ing, a·maz·es v.tr. 1. To affect with great wonder; astonish. See Synonyms at surprise. 2. Obsolete To bewilder; perplex. v.intr. things happen. Wherever they are, whatever they do, the company's customers know they can rely on 3M to help make their lives better. 3M's brands include icons such as Scotch scotch 1 tr.v. scotched, scotch·ing, scotch·es 1. To put an abrupt end to: The prime minister scotched the rumors of her illness with a public appearance. 2. , Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in more than 200 countries around the world, the company's 67,000 people use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications; safety, security and protection services; health care; industrial and transportation. 3M, Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M. |
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