Healio, Mathematica launch Healio PRICE Compass tool

Key takeaways:

• Mathematica developed PRICE Compass, a pricing transparency tool.
• PRICE Compass will offer ophthalmologists a better way to negotiate reimbursement rates.

Healio and Mathematica, a research and data analytics consultancy, have partnered to launch Healio PRICE Compass, a pricing transparency tool developed by Mathematica that will allow ophthalmologists to see contracted rates for payers.

Hawaiian Eye and Retina attendees can visit the Healio | OSN booth to receive a demonstration of the tool.

PRICE Compass, a payer rate insights comparison engine, will offer practices an advantage when negotiating reimbursement rates.

“We are thrilled to be working with Mathematica on this endeavor,” Matthew Holland, Healio’s chief operating officer, said. “Built on their decades of analytical expertise, this tool will provide our audience with the advantage they need to navigate complex negotiations, so they can stay competitive and ultimately improve affordability for their patients.”

PRICE Compass uses data from in-network provider negotiated rates, historical out-of-network allowed amounts and drug pricing to create analytics displayed through a streamlined interface.

“Data and information sound synonymous but are unique. PRICE Compass is able to utilize the data available publicly and from practices and translate it into actionable information,” Arsen Grigoryan, MBA, COE, chief operating officer at Harvard Eye Associates, told Healio. “Insightful information about reimbursement levels and trends can provide practices, whether small, medium or large, an opportunity to make decisions based on information instead of gut feelings.”

The tool offers practices the ability to evaluate markets for expansion, negotiate better reimbursement rates and reduce contract negotiation time.

“The ability to access reimbursement rates based on geography and practice size — both regionally and nationally — is a game changer. PRICE Compass provides ophthalmology practices with critical insights to make informed and strategic decisions,” Pian Lau-Fong, MBA, chief financial officer at Harvard Eye Associates, told Healio.

PRICE Compass is available to ophthalmologists via a subscription service, and more information on the tool can be found at Healio.com/PRICECompass.

“Physician practices historically have been hamstrung in negotiations because they have incomplete and unreliable data to back up their assertions that the plans and payers are underpaying them,” Andrew Hurwitz, Mathematica’s executive director for health care and life sciences, said. “PRICE Compass levels that playing field and gives practices the data and insights they need to negotiate from a position of strength.”

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Source:

Press Release

Disclosures:
Grigoryan and Lau-Fong report no relevant financial disclosures. Holland reports being an employee of Healio. Hurwitz reports being an employee of Mathematica.

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