What is Facets in Healthcare industry? Facets tool is only for Healthcare industry and it is like an ERP for healthcare insurance companies which deals from claims processing to Billing etc.. Below Facets tutorials will help to get started in the Facets world. Facets Software is developed on Java / .net technologies. Facets software is very robust and the source code is proprietary.
Facets is a Trizetto’s tool which is used to process medical and hospital claims. This tool is mainly used in health insurance companies such as BCBS. Please also refer to our Facets interview questions for testers after reading this post..
With an ever evolving and glowingly complex health care market, what is required mostly is a software solution that goes beyond normal processing and helps the organization in responding quickly and effectively to the changes around the market. The software package should help the organization in achieving its strategic objectives in the industry while ensuring that there are no compromises on other fronts. The changes can be driven by several factors such as government regulations, consumerism, and medical cost trends.
FACETS is one of such health care administration based enterprise-wide software solution. This amazing software platform, with deeply integrated applications, automates processes across your entire enterprise and drives greater cost-efficiencies. FACETS also helps in supporting the organization in getting the consumer-directed products demanded by today’s retail health care market and deliver advanced care management capabilities.
FACETS can help you maximize the organization’s operational and business efficiencies through greater automation and enables seamless transactions between the providers (may be hospitals or doctors, clinics etc), members and within your plan (which is the actual health care product). The advanced functionalities which are included with FACETS enable health care plans to achieve operational efficiency while supporting enterprise-wide business initiatives.
FACETS is a widely used software solution for health care plan administration and is currently the leading provider – proven to be the choice for current and emerging business needs in the health care sector. So, what are the benefits of using FACETS in today’s health care industry? We are provided with leading-edge functionality to support key business needs, such as consumer retail products, HAS (Health Savings Account) and FSA (Flexible Savings Account) management, Medicare/Medicaid, care management and provider network management.
It also provides the flexibility to support multiple lines of business, including all commercial medical markets, commercial specialty markets, consumer-directed, managed Medicaid and Medicare Advantage. Also, it’s proven to have the required scalability to meet the transaction needs of the largest health care organizations. But that does not mean it’s not suitable for smaller or medium enterprises or businesses! The solution is an advanced, enterprise-wide platform to enable integration with third-party applications for maximum efficiency and competitive advantage.
It can extend the enterprise beyond traditional borders, with e-business applications that connect you with key constituents and support online transactions. It can also enable you to receive, store and send HIPAA-standard transactions and facilitates the administration of HIPAA privacy rights. On the other hand, FACETS can reduce the administrative costs to 10% or less through greater auto-adjudication, integrated workflow management and improved operational efficiency.
It also improves management of the network by effectively administering complex provider and facility contracts and accurately forecasting the financial impact of proposed rates and terms. On offer with the software package is the most choices of leading database option (Sybase, Oracle, or Microsoft SQL Server). So if you are a part of the health care industry and need an enterprise software solution to help achieve your business needs and streamline your processes and cater to the regulatory requirements, you need to look no further as FACETS is the answer to all of this!
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