Careers at Change Healthcare
Change Healthcare’s mission is to transform the way Americans purchase and utilize healthcare services by driving sustainable engagement at the individual level.
Change Healthcare is a provider of health-related software and technology services. The firm operates three reportable business segments:
- Software and Analytics - Provides payment and reimbursement optimization and decision support solutions. These include revenue optimization, revenue cycle technology, payment integrity, electronic payment, quality reporting, risk adjustment, and data analytics/engagement solutions.
- Network Solutions – Provides administrativeand financial information exchange solutions for medical, dental, and pharmacy claims management and other standardized healthcare transactions, including clinical information exchange capabilities.
- Technology-Enabled Services - Provides payment and communication, advisory, workflow, and other administrative solutions to optimize reimbursement and payment processes. These include payment and communication, payment automation, enrollment and eligibility, healthcare consulting, and pharmacy benefits administration solutions.
Christopher Parks’ parents both died of cancer. Before she died, he watched his mother become overwhelmed with piles of difficult-to-understand medical bills. He promised her that he would think of a solution to make it easier for consumers to determine if the charges on their health bills were fair and correct. In 2007 he founded Change Healthcare for this purpose.
Change Healthcare’s core product was MedBillManager, a cost-transparency software product that enabled employees with health plans to identify important information that could help them make more cost-effective healthcare decisions. The company developed it with the help of $1 million in Series A funding in a round led by Solidus Company.
In 2010, the firm changed its emphasis to the business-to-business market and created the Change Healthcare Engagement Platform. It was able to garner more investments, including $15 million in 2013 and $12.2 million in 2014. In late 2014, it agreed to be acquired by Emdeon, a provider of revenue and payment cycle management and clinical information exchange solutions.
Benefits at Change Healthcare
Business model of Change Healthcare
Change Healthcare has a segmented market business model, with customer groups that have slightly different needs:
- Providers – The company gives hospitals, physicians, dentists, and laboratories tools for verifying patient eligibility in real time, automating billing systems, managing payments across the revenue cycle, and submitting claims electronically.
- Payers – The company gives payers solutions for member engagement, administrative efficiency, payment accuracy, and the transition to value based payments.
- Pharmacies – The company gives pharmacies solutions for streamlining claims management, reducing claims submission errors, and automating accounts receivable.
Change Healthcare offers four primary value propositions: accessibility, convenience, risk reduction, and brand/status.
The company creates accessibility by providing a wide variety of options. It has acquired numerous firms since its founding, including Altegra Health, Adminisource Communications, and Capario. This strategy has enabled it to greatly expand its capabilities and diversify its portfolio. It also increases access by providing offerings to multiple parties, including hospitals, laboratories, pharmacies, employers, physician practices, consumers, and commercial and governmental payers.
The company offers convenience by making life simpler for customers. It offers a comprehensive, end-to-end solution that includes numerous features, including clinical solutions, clearinghouse services, e-prescribing, digital and print statements, and consumer payments.
The company reduces risk by maintaining high quality and security standards. It has received the following forms of accreditation/certification:
- Accreditation in the Healthcare Network Accreditation Program (HNAP) by the Electronic Healthcare Network Accreditation Commission (EHNAC)
- Accreditation in the e-Prescribing Accreditation Program (ePAP) by EHNAC
- Certification by the CAQH Committee on Operating Rules for Information Exchange (CORE)
The company has established a strong brand due to its success. It maintains the Intelligent Healthcare Network, which it touts as the largest administrative and financial network in the United States. The network reaches over 5,000 hospitals, 60,000 pharmacies, 450 laboratories, 600 vendors, 750,000 physicians, 105,000 dentists, and 1,200 commercial and government payers.
In 2015, the network processed 8.8 billion healthcare transactions, covering $1.7 trillion in claims. Change Healthcare hs over 6,500 employees operating worldwide.
Change Healthcare’s main channel is its direct sales team.
It also promotes and sells its offerings through 600 channel partners, who include physician and dental practice management system and electronic medical record vendors, pharmacy system vendors, hospital information system vendors, and other vendors that provide software and services to payers and providers.
The company promotes its offerings through its website, social media pages, advertising, direct marketing, customer workshops, e-newsletters, trade shows, and participation in/sponsorship of conferences.
Change Healthcare’s customer relationship is primarily of a self-service nature. Customers utilize its software while having limited interaction with employees. The company’s website features an “Insights” section that includes white papers.
That said, there is a personal assistance component in the form of ON24/7, a web-based system that enables clients to submit service requests.
Change Healthcare’s business model entails designing and developing it software for customers.
Change Healthcare’s key partners are the firms that help promote and sell its offerings to expand its reach.
These include physician and dental practice management system and electronic medical record vendors, pharmacy system vendors, hospital information system vendors, and other vendors that provide software and services to payers and providers.
Change Healthcare’s main resource are its human resources, who include the engineers that design and develop its software, the sales employees that promote it, and the customer service personnel that provide support.
It places a strong emphasis on intellectual property, with numerous patents. Lastly, as a startup it has relied on funding, raising $48 million from 10 investors as of July 2014.
Change Healthcare has a cost-driven structure, aiming to minimize expenses through significant automation. Its biggest cost driver is cost of operations. Other major drivers are in the areas of sales/marketing, administration, and customer postage.
Change Healthcare has two revenue streams: revenues generated from solutions revenues and revenues generated from postage revenues.
Solutions are provided to clients on a per transaction, per communication, per document, per provider per month, per member per month, monthly flat-fee, contingent fee, or hourly basis. Contracts are typically one to three years in length.
info: Neil earned a B.A. in Political Science at Yale University and an MBA at Northeastern University. He previously served as Senior Vice President and General Manager of Oracle’s Global Health Sciences business and as an executive at IBM.
info: Randy earned a B.A. in Political Science and Economics at the University of North Carolina and an MBA at Emory University. He previously served as EVP, Finance of Change Healthcare and as Chief Financial Officer and Treasurer at Coventry Health Care.
info: Thomas graduated from the University of Minnesota-Duluth. He previously served as Chief Marketing Officer of Optum, as Managing Partner of Green Point Partners, and as VP, Global Marketing at Fair Isaac Corporation.
info: Alex earned a B. S. in Computer Science at the University of California, Berkeley and a Master’s Degree in Computer Science at Stanford University. He previously served as Global VP, Product Development at Oracle.
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