While most dream of making their first million, Richard Anderson, CEO of Ingenix, says his sights are focused a little higher in 2006. "We had $795 million in top-line revenue in 2005 and think we'll go over a billion in 2006," he says.
Ingenix boasts a diverse client base of over 250,000, made up of hospitals, physicians, insurance companies, health plans, federal agencies, pharmacies and bio-tech organizations. The company provides coding expertise which can mean the difference between getting paid by insurance companies and getting the brush off.
According to Anderson, what sets the company apart is its deep knowledge of coding. "We really think of ourselves as the leading codologists in the industry, and understand all the relationships between different code bases and content required to properly code and submit healthcare claims," Anderson says.
The company's products in this area are grouped under its hospital and provider revenue cycle management platform — components of which are Claims Manager, Contract Manager and Transaction Manager. "Then we also have online coding tools for providers that assist them in getting the correct code on their claims, so they will get paid with all dispatch," he says.
"Rules are always changing and the relationship between codes is always changing and we have a deep capability around understanding codes, not just in the commercial market but in Medicare and Medicaid," he says.
Pay-for-performance will offer a large opportunity for the company to increase its business, Anderson says, adding that providers are going to need the administrative data and evidence-based medicine technologies the company can provide.
Ingenix — a wholly owned subsidiary of Minneapolis-based United Health Group — puts more than 10 percent of its revenue toward research and development, "if you count our acquisitions and investments in all of our tech platforms," Anderson says. "We put a high amount into R&D because that's what the healthcare system demands — constant innovation and improvement."