A former GE Healthcare-owned software company is aiming for a new identity.
The Value-Based Care Solutions Group, now owned by Veritas Capital, has been rebranded as Virence Health Technologies.
“The Virence name is a composite of different values – virtue, vital, and essential,” Bob Segert, chairman and CEO of Virence, told HCB News. “It symbolizes the virtue of our customers who deliver healthcare as well as the vital and essential role our solutions play in helping our customers achieve their missions. It's meant to be a strong name that can stand alone or be combined elegantly with our passion, which is healthcare.”
by Veritas in July for $1 billion, the company specializes in the design of revenue cycle, ambulatory practice and workforce management solutions, assisting clinicians in managing financial, clinical and human capital workflows across continua of care.
Its specific portfolio for revenue management consists of tools and services as well as an EDI clearinghouse for optimizing revenue cycle operations, connecting payers and providers, and helping customers manage mixed reimbursement models.
For ambulatory care management, the company offers technology that can streamline primary and specialty care workflows, including EMR, clinical documentation, quality reporting, analytics and population management.
In addition, it offers a range of software, analytics, and consultative services to manage labor costs and optimize workflow for quality patient care delivery.
The sale is just one of many by GE in its attempt to restructure itself and focus on its power, aviation and renewable energy businesses. Other notable ones have included those of its train manufacturing business and distributed power division, along with its announcement in June to spin off its healthcare division, GE Healthcare, as its own company.
The send-off of the business by GE was viewed as an opportunity, however, by Jon Zimmerman, president of Value-Based Care Solutions, who remarked that its position as its own company would enable Value-Based Care Solutions to revamp its product offerings and pursue arrangements that would enable it to grow as an enterprise.
“By operating as a stand-alone business under Veritas’ ownership, we now have the opportunity to further revitalize our product portfolio and pursue complementary acquisitions,” he said in April when the deal was first announced
, adding that the move would allow additional support and resources to go toward “deepening our commitment and capabilities to help health care providers manage their financial, clinical, and employee workflows across the continuum of care.”
The company is currently run by an affiliate of Veritas as a stand-alone enterprise.