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3M's New Coding Solution for Hospitals

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3M Health Information Systems, a division of 3M Company (MMM), recently introduced a simple to install and easy-to-use Computer Assisted Coding (CAC) solution for rural and community-based hospitals. The full CAC software application, which is an add-on module to the 3M Coding and Reimbursement System used in over 5,000 healthcare organizations across the globe, is expected to be released by fourth quarter 2013.

The rural and community-based hospitals will be benefited by the CAC solution as it reduces the need for interfaces to electronic documentation sources, thus making it easier for clinical documentation. This will help the hospitals to identify missing information documentation, eventually accelerating the coding process and generating accurate information. Thus, this new CAC solution eliminates the process of manual coding and increases productivity and efficiency.

3M remains focused on inventing new products and maintaining its competitive advantage worldwide. The rise in the demand for such innovative 3M product services is likely to augment its overall revenues in the long run.

Together with its subsidiaries, 3M operates as a diversified technology company with manufacturing operations across 70 countries worldwide.  3M Health Information Systems has 30 years of expertise and provides innovative software and consulting services for computer-assisted coding and performance monitoring with a focus on accuracy of electronic health record.

3M currently has a Zacks Rank #4 (Sell).  Other stocks that look promising and are worth a look now are Compass Diversified Holdings (CODI), Hutchison Whampoa Ltd (HUWHY) and ITT Corporation (ITT), each carrying a Zacks Rank #2 (Buy).

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