BEDMINSTER, N.J.--(BUSINESS WIRE)--May 24, 2023--
Zelis, a healthcare technology company modernizing the healthcare financial experience, today announced the launch of Healthcare Insights 360. This new healthcare intelligence solution pairs data from Zelis’ robust network analytics solutions with intelligent technology that collects, normalizes, and translates the billions of cost data elements that have recently become available through the federal Transparency in Coverage Rule.
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Healthcare Insights 360℠ (Graphic: Business Wire)
The rule requires companies offering health insurance coverage to disclose in-network provider-negotiated rates via machine-readable files (MRFs). As-is, these payer MRFs are difficult, if not impossible, to read and use:
- The data sets are extremely large. To find a single rate for a physician at a facility requires querying billions of lines of data in real-time.
- The data are too limited to have value alone without appending additional information and adding context, including provider demographics.
- The data are noisy. Every contracted rate for a provider is required to be included regardless of whether or not they offer that service. For example, Zelis found chiropractors with cesarean delivery rates and an allergist with rates for knee joint replacement.
Zelis’ Healthcare Insights 360 addresses these challenges by making the data digestible down to the specific CPT codes, facility, and provider, empowering both collective containment on rising costs as well as enhancing individual payers’ market position.
Indeed, this capability has never been more critical, as healthcare costs have risen to $4.3B and benefit costs alone are expected to rise by 5.4% in 2023.
Zelis’ Healthcare Insights 360 empowers payers to:
- Understand how an organization’s cost position compares to the national, regional, and local market to hone financial planning and expansion opportunities.
- Make strategic decisions for geographic-based plan growth, like entering or exiting markets, based on cost and provider performance.
- Identify opportunities and risks related to how an organization’s contracted rates compare to competitors.
- Leverage pricing data to showcase plan value to prospective employer clients by quantifying value.
“Healthcare Insights 360 provides payers with a one-stop shop to analyze MRF files and improve their network position,” says Pam Klein, General Manager of Healthcare Intelligence. “We’re excited to leverage Zelis’ deep understanding of rate data and the analytics infrastructure needed to deliver meaningful insights for our clients to help them achieve their business goals while also controlling costs for the industry at large.”
Healthcare Insights 360 is built on Zelis’ proven technology, vast data sets, and expertise creating, ingesting, and analyzing MRF files. This new solution was built with a flexible in-house infrastructure that allows data storage and processing to evolve quickly as MRF formats evolve. Especially of interest are the clear visualizations that simplify complex data into easily digestible insights.
Visit zelis.com to learn more or contact insights@zelis.com to request a meeting.
About Zelis
Zelis is modernizing the healthcare financial experience by providing a connected platform that bridges the gaps and aligns interests across payers, providers, and healthcare consumers. This platform serves more than 700 payers, including the top-5 national health plans, BCBS insurers, regional health plans, TPAs and self-insured employers, and millions of healthcare providers and consumers. Zelis sees across the system to identify, optimize, and solve problems holistically with technology built by healthcare experts – driving real, measurable results for clients. Learn more at Zelis.com and follow us on LinkedIn to get the latest news.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230524005254/en/
CONTACT: Thuy-An Wilkins
Sr. Director of Media Relations and Communications for Zelis
908.389.8756
press@zelis.com
KEYWORD: NEW JERSEY UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY HEALTH INSURANCE FINANCE OTHER HEALTH PROFESSIONAL SERVICES PAYMENTS PRACTICE MANAGEMENT SOFTWARE GENERAL HEALTH DATA ANALYTICS HEALTH TECHNOLOGY FINTECH HEALTH INSURANCE
SOURCE: Zelis
Copyright Business Wire 2023.
PUB: 05/24/2023 08:15 AM/DISC: 05/24/2023 08:16 AM
http://www.businesswire.com/news/home/20230524005254/en
