July 30, 2016 4:12 AM ET

Health Care Technology

Company Overview of 3M Health Information Systems, Inc.

Company Overview

3M Health Information Systems, Inc. provides software and consulting services to help organizations in improving documentation, quality, and financial performance in the healthcare continuum worldwide. It offers integrated solutions for transcription, speech recognition, clinical documentation improvement, documentation management, computer-assisted coding, quality, and revenue cycle management; and health information management, dictation and transcription, document management and imaging, case management, revenue cycle management, performance improvement, and health information exchange. The company also provides health information management; medical dictation and transcription software f...

575 West Murray Boulevard

Salt Lake City, UT 84123

United States

Founded in 1983

Key Executives for 3M Health Information Systems, Inc.

Senior Vice President
Senior Vice President
Compensation as of Fiscal Year 2016.

3M Health Information Systems, Inc. Key Developments

3M Introduces New 3M 360 Encompass MD—Patient Insights Suite

3M Health Information Systems introduced the 3M 360 Encompass MD—Patient Insights Suite, the latest addition to its complete system of physician workflow and analytic tools for value-based care success. The new software suite aggregates EHR and claims data across all patient encounters, and risk adjusts the data to build an accurate, longitudinal view of a patient’s health condition. With this foundation, healthcare providers can use 3M 360 Encompass MD Patient Insights to identify high-risk patients, potential gaps in care and persistent areas of high-cost care—in near real-time and across all care settings for improved population health, better outcomes and more accurate reimbursement. Under new value-based payment models, physicians, hospitals and health systems are paid based on the overall health of their patients and held accountable for cost and quality. To determine value-based reimbursement, Medicare and commercial payers use Hierarchical Condition Categories (HCCs) and other risk adjustment methodologies to analyze and classify the health condition of patients across an entire year’s worth of patient encounters. To help providers analyze, document, code and report data that promotes accurate HCC assignment, Patient Insights provides a platform that enables a shared, interoperable workflow within a medical community and includes advanced revenue cycle applications that: identify patients with missing HCCs; offer HCC-based diagnosis guidance to physicians in any care setting; coordinate and communicate the health condition of the patient to the entire care team; understand HCC risk factors in the context of different patient populations The next release of 3M 360 Encompass MD Patient Insights, planned for the 4th quarter of 2016, will include care management applications designed to enhance the day-to-day workflow of care coordinators with access to HCC patient data, customized patient worklists based on risk analysis, provider communication tools, interoperability, and a detailed reporting module. 3M Health Information Systems will debut the new 3M 360 Encompass MD—Patient Insights Suite at the Healthcare Financial Management Association (HFMA) Annual National Institute (ANI), June 26-29 in Las Vegas at the Venetian Sands Expo and Convention Center. The 3M 360 Encompass MD—Patient Insights Suite is part of the 3M 360 Encompass MD System, physician workflow technology that integrates with all major EHR systems to analyze available patient data and identify unclear, unspecified or missing diagnoses and gaps in documentation. The system’s intelligent copy-paste analysis tool differentiates between appropriately copied content from prior notes and content that is high-risk for compliance and should be reviewed by the physician.

3M Concludes Strategic Alternative

3M Company (BYSE:MMM) concluded after following an in-depth exploration of strategic alternatives for 3M Health Information Systems, Inc., that 3M will retain and further invest in this business. “As part of our ongoing portfolio management process, 3M has completed a comprehensive review of strategic alternatives to determine the best path to benefit 3M, its stakeholders, and the Health Information Systems business, As a result of this process, we have determined that retaining this business and further investing in it as a part of 3M provides the best opportunity for 3M Health Information Systems, already a healthy and rapidly growing business, to derive even greater long-term value. We are committed to continued innovation in healthcare information systems and helping providers and payers improve patient outcomes while reducing the total cost of care.” said Inge G. Thulin, 3M Chairman, President and Chief Executive Officer.

3M To Explore Strategic Alternatives For Its Health Information Systems Business

3M Company (NYSE:MMM) said that it is exploring strategic alternatives for its global Health Information Systems business, 3M Health Information Systems, Inc. These alternatives, all of which are focused on building upon the business’ strong foundation, could include spinning-off, selling, or retaining and further investing in the business within 3M. 3M has retained Goldman, Sachs & Co. as its investment banker to assist the company in exploring strategic alternatives. Inge G. Thulin, 3M chairman, President and Chief Executive Officer said, “As part of our ongoing portfolio management process, 3M is exploring alternatives for our Health Information Systems business, a recognized industry leader in health care coding software, services, and analytics. Through this process, we are focused on determining the best path to benefit 3M, its stakeholders, and this business.”

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