NEW YORK, Jan. 20 In Washington DC, on December 30th, the Centers for Medicare and Medicaid Services issued a notice of proposed rulemaking that outlines provisions governing the Medicare and Medicaid Electronic Health Records (EHR) incentive programs, including a proposed definition for the central concept of "Meaningful Use" of EHR technology. In order for professionals and hospitals to be eligible to receive payments under the incentive programs, provided through the American Recovery and Reinvestment Act of 2009 (Recovery Act), they must be able to demonstrate meaningful use of a certified EHR system.
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Zanett, Inc. (Nasdaq: ZANE), a leading consulting firm specializing in serving Fortune 500 corporations and mid-market organizations in Health care, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government, came out today in full support of the recently announced definition of "Meaningful Use" and the standards set for the use of certified Electronic Health Records (EHR). The Centers for Medicare & Medicaid Services (CMS) and the Office of the National Coordinator for Health Information Technology (ONC) issued a foundation for improving quality, efficiency and safety through meaningful use of certified electronic health record technology. The regulations will help implement the Electronic Health Records (EHR) incentive programs enacted under the 2009 Recovery Act.
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The American Recovery and Reinvestment Act
The American Recovery and Reinvestment Act authorizes the Centers for Medicare & Medicaid Services (CMS) to provide a reimbursement incentive for physician and hospital providers who are successful in becoming "Meaningful Users" of an electronic health record (EHR). These incentive payments begin in 2011 and gradually phase down. Starting in 2015, providers are expected to have adopted and be actively utilizing an EHR in compliance with the "Meaningful Use" definition or they will be subject to financial penalties under Medicare.
Electronic Health Records (EHR)
"Widespread adoption of Electronic Health Records (EHR) holds great promise for improving health care quality, efficiency, and patient safety," said National Coordinator for Health Information Technology David Blumenthal, M.D., M.P.P. "The Recovery Act's financial incentives demonstrate Congress' and the Administration's commitment to help providers adopt and make "Meaningful Use" of electronic health record technology so they can give better care and their patients' experience of care will improve. Over time, we believe the electronic health record incentive program under Medicare and Medicaid will accelerate and facilitate health information technology adoption by more individual providers and organizations throughout the health care system."
Zanett Opportunity
Chuck Deskins, President of Zanett Commercial Solutions (ZCS), said, "Combining our industry knowledge along with the technological expertise of our partners Oracle and Microsoft, in either standardized or highly customized solutions... we believe it to be great news for the American people. The definition of 'Meaningful Use' is a very important milestone for health care in America. Working with one of our customers, we have seen the huge impact of what a single federal grant can do for one single health care network... we are pleased that now the United States federal government will be investing in approaches that have been scientifically proven to save patient lives and to reduce health care costs."
Zanett and Oracle
Vince Vickers, SVP of Health care Services for Zanett, said, "With 10 of the top 12 Fortune Global 500 health care organizations running Oracle applications, and 70 percent of the top multi-hospital systems in the United States running Oracle technology, we feel we are very well positioned to support the health care industry in its effort to implement best practices and decrease costs."
Vickers continues, "There is a unique opportunity for health care providers to not only catch up with the commercial marketplace's use of technology, but to leapfrog other industries. At the end of the day, I think most institutions and providers are going to want to take advantage of the stimulus dollars associated with "Meaningful Use" and Electronic Health Records (EHR), as this kind of financial incentive will not come around again."
Transformed Health care
As a result of increased effective use of health information technology, considerable improvements will be realized in the prevention and management of chronic diseases including diabetes and heart disease, preventing hundreds of thousands of unnecessary amputations and premature deaths. Medication errors will be averted. Patients will be able to promptly access their own health information, and their end of life preferences will be heard. The nation will be better prepared for the next pandemic. Health care disparities will be systematically identified and addressed. This transformed health care delivery system will also enable and amplify the effectiveness of a host of new reimbursement models that will reward more organized, more coordinated, and more efficient care.
About Zanett, Inc.
Zanett is a leading business process outsourcing (BPO), IT enabled services (ITES), and information technology (IT) consulting firm serving Fortune 500 corporations and mid-market organizations in Health care, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government.
Zanett helps organizations align business objectives with outsourced technology-enabled services to create Real Enterprise Value(TM). We serve the Fortune 500 and mid-market organizations in Health care, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government with solutions ranging from business consulting as well as custom business solutions that integrate and implement Oracle's full suite of product offerings Oracle, JD Edwards, PeopleSoft, Seibel, including infrastructure technology and managed services together with associated Oracle Fusion technologies. Zanett employs over 225 professionals in North America and Asia with offices in Atlanta, Boston, Cincinnati, Indianapolis, Jacksonville, New York City, North Palm Beach, and Manila. For more information please visit www.Zanett.com.
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Contact: Dennis Harkins 212-583-0300
SOURCE Zanett, Inc.
