Vitria Acquires Rights To Healthcare Contract Management Software
Strategic Business Partnership With Concuity Enhances Vitria Health Solutions For Payer Organizations, Enabling Customers To Streamline Processes, Improve Operational Efficiencies and Reduce Costs
SUNNYVALE, CA - June 23, 2003 - Vitria (Nasdaq: VITRD), a leading provider of business process integration solutions, and Concuity, a trusted provider of contract revenue cycle management solutions for healthcare providers, today announced a strategic business partnership, whereby Vitria has acquired two-year exclusive rights to integrate Concuity’s contract management software with its award-winning BusinessWare platform and suite of healthcare solutions for the payer market. The comprehensive contract management solution, Vitria:SmartContracts, will improve payer operational efficiencies and market responsiveness for the ever growing complexity of provider contracting. Vitria:SmartContracts will enhance and preserve the payer’s existing legacy claim systems, while providing operational agility to address the dynamic interaction between plan sponsors, patients and advancements in care delivery. This proven technology is in production at industry-leading healthcare companies including Sutter Health, Stanford Hospitals and Clinics, and Providence Health System. “While healthcare remains one of the largest and fastest growing industries in the United States, it has been impacted by high administrative costs associated with inefficient contract and claims processes as contracts become increasing complex and difficult to administer,” said Gary Velasquez, president, Vitria. “Vitria:SmartContracts is a natural extension of Vitria’s healthcare strategy and, when coupled with our other healthcare solutions, provides significant incremental value to healthcare payer organizations. Healthcare payer operations managers will now have the most advanced Business Process Management (BPM) capabilities, including dynamic visibility and maximum access into provider contracts across the enterprise.”
About Vitria:SmartContracts
Vitria:SmartContracts is a fully HIPAA-compliant solution for healthcare organizations, providing complete visibility and revolutionary administrative controls over contracts from negotiation through management to renewal. This solution readily integrates with legacy systems and provides significant business benefits that include rapid deployment, ease of use and substantial Return On Investment (ROI) over a short period of time. “Our expanded partnership with Vitria reflects the common vision that both companies share, which is to enable healthcare organizations to create sustainable differentiation, improve economic performance and better satisfy customers,” said Robert E. Watson, president and CEO, Concuity. “Our relationship with Vitria to integrate our contract management software with their robust BusinessWare platform, will provide customers with superior operational excellence and help drive bottom-line profitability throughout the enterprise.”
Availability
Vitria:SmartContracts is now available, and will be sold exclusively by Vitria. For more information call 408-212-2261 or pdreyfus [at] vitria [dot] com.
About Vitria
Vitria (Nasdaq: VITR) is a leading provider of business process integration solutions. The company pioneered the enterprise application integration market in 1994 and the use of business process management in 1997, and is now the first integration solution provider to solve integration challenges through collaborative applications. With 23 offices around the world, Vitria’s customer base includes such companies as Bell South, The Blue Cross Blue Shield Association, BP, DaimlerChrysler Bank, Dana, Generali, The Goodyear Tire & Rubber Company, PacifiCare Health Systems, Reynolds and Reynolds, Schneider Logistics, Sprint, Trane, and Trans Union, and the U.S. Departments of Defense and Veteran’s Affairs. For more information call +1-408-212-2700, email info or visit www.vitria.com.
About Concuity
Concuity, offers technology and service solutions to optimize the contract revenue cycle for the healthcare industry. Founded in 2000 by a group of healthcare industry visionaries, Concuity improves its customers’ bottom lines by delivering technology and service solutions to create and negotiate better contracts, ensure accurate implementation and compliance, and collect what’s owed. Clients include Sutter Health, Stanford Hospitals and Clinics St. Joseph’s Health System and Providence Health System. Concuity is headquartered in Hayward, Calif., with offices throughout the U.S. For more information, call +1-866-34-4636 or visit www.concuity.com.
Published Jun. 23rd 2003 at 12:57 pm.