Fiserv Health Launches Avidyn Health, A Care Management Company.Business Editors
BROOKFIELD, Wis adv. 1. Certainly; really; indeed.
v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Jan. 6, 2004
Fiserv Health, an operating group of Fiserv, Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ), announced today the launch of Avidyn Health, a care management company targeting the self-funded health care Self-funded health care describes an arrangement whereby an employer provides health or disability benefits to employees by assuming the direct risk for payment of their claims for benefits. market.
Fiserv Health provides a full array of independent health plan management, claims processing and administration services for self-funded medical, dental, vision and disability plans. With the addition of Avidyn Health, Fiserv Health now has an integrated suite of medical management programs that addresses the critical issue of rising health care costs.
Avidyn Health will offer a single source of services ranging from traditional solutions, such as utilization management Utilization management is the evaluation of the appropriateness, medical need and efficiency of health care services procedures and facilities according to established criteria or guidelines and under the provisions of an applicable health benefits plan. and case management, to newer disease management, population health and prevention programs. The new company's programs focus on improving the health of plan members, lowering plan sponsor costs and creating a positive return on investment.
"We continue to look for ways to expand our offerings and to broaden our client base in the health care management industry," said Leslie M. Muma, Fiserv President and Chief Executive Officer. "It's no secret that employers are searching for methods to control their health care costs, so we believe Avidyn Health should find strong growth opportunities as it creates a new business model in care management services."
Avidyn Health is a combination of the medical management offerings from two of the Fiserv Health benefits administrators - Benefit Planners and Wausau Benefits - and Avidyn's care management company, ValueCHECK. Fred Moore
Fred Moore (born September 7, 1911 in Los Angeles, California, USA; died November 23, 1952 in Burbank, California, USA in a road accident), was an American character , President of Wausau Benefits, also serves as President of Avidyn Health. John Weymer, currently President of ValueCHECK, will oversee operations and sales as Executive Vice President and Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Elaine Mischler, M.D., currently Medical Director for Wausau Benefits, will oversee medical content and product development for the new company as Executive Vice President and Chief Medical Officer.
Existing medical management customers of the three companies will see a name change and expanded offerings but no disruption in their service or in who provides that service. Fiserv Health third-party administrators will private label the Avidyn Health products. In addition, Avidyn Health also will be available to third-party administrators outside the Fiserv Health family and as a stand-alone service offering for self-funded employer medical plans.
"We are committed to fulfilling our obligations to our customers and we now bring additional tools and capabilities to help them control health care costs," said Moore. "We also are extending our distribution channels, creating new opportunities for all of Fiserv Health and bringing new jobs to our communities."
Fiserv Health has five national brands for health plan administration - Benefit Planners, Benesight, Fiserv Health, Harrington Benefit Services and Wausau Benefits. These units offer health plan management, pharmacy benefits management, and business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in services to self-funded commercial and government employers and health plans.
Fiserv, Inc. (Nasdaq:FISV) provides industry leading information management systems and services to the financial industry, including transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time.
Transaction processing systems are the backbone of an organization because they update constantly. , outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. , business process outsourcing and software and systems solutions. The company serves more than 14,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin
Brookfield is a city in Waukesha County, Wisconsin, United States. The population was 38,649 at the 2000 census, but the city's population recently exceeded 40,000 people. , Fiserv reported $2.3 billion in processing and services revenues for 2002. Fiserv can be found on the Internet at www.fiserv.com.