3M, TriZetto Collaborate, Advance Healthcare - Analyst Blog

3M Health Information Systems, a division of 3M Company ( MMM ) announced a strategic collaboration with the TriZetto Group wherein the latter would gain exclusive access to 3M's ICD-10 Code Translation Tool.

TriZetto intends to integrate 3M's grouping, edit, compliance and pay-for-outcomes logic into TriZetto's sophisticated contract modeling applications such as NetworX Pricer and NetworX Modeler. With 3M's technology incorporated into provider contract modeling services and ICD-10 translation mapping services, healthcare payers will find it easier to comply with HIPAA 5010 and ICD-10 regulations.

Payer Concerns

ICD-10 has the potential to improve both risk management and claims administration, thus bringing about higher efficiency in resource allocation.

With the regulatory reforms in the healthcare industry, rapidly rising medical costs and demand for operational efficiency are weighing on payers and network providers. The healthcare industry is witnessing ruthless competition with the emergence of a retail market.

Amid all these, the migration to ICD-10 is proving to be a daunting challenge for payers and providers in the healthcare industry.

3M's ICD-10 Technology

The 3M ICD-10 Code Translation Tool provides insightful features that simplify the translation process of existing information systems and software applications to ICD-10. It can also fashion customized mappings to meet precise clinical and business requirements.

To provide support in fine-tuning the final translations to ICD-10, the software supplies the user with reference information and data.

3M's proven technology is expected to give TriZetto's Advantage 10 services a competitive edge. This is because it empowers TriZetto's offerings with faster, more reliable migration and superior services for their members and network providers.

3M software will thus enable judicious compliance with payment regulations of the federal and state governments. This alliance will thereby allow TriZetto to leverage the code migration, in order to simplify the compliance process, rationalize the cost structure and enhance the quality of care for their members.

Moving Forward

3M provides an extensive range of tools and services for successful ICD-10 implementation, including classification of risk areas, translating codes, improving documentation and mapping and converting systems.

3M currently holds a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry that are worth considering include Icahn Enterprises, L.P. ( IEP ), Noble Group Limited ( NOBGY ) and Carlisle Companies Incorporated ( CSL ). While Icahn Enterprises and Noble Group sport a Zacks Rank #1 (Strong Buy), Carlisle Companies carries a Zack Rank #2 (Buy).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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