With the new transparency laws going into effect, data is being made available to advisors and employers, the likes of which they have never experienced before. The question now is, how can they use that data to their advantage?
Innovu’s Hospital and Payer Transparency (HPT) Spotlight tool is a one of a kind resource that fully integrates an employers paid claims data with machine readable data sets from hospitals and healthcare providers. Mining this mountain of newly available data to find the best value for services would be a monumental task for any plan sponsor or advisor. HPT Spotlight will dramatically change the procurement process for advisors and their employer clients. They will be able to use data in ways they never have before, comparing rates by hospital, based on utilization, against benchmarks and according to value.
Healthcare spending is projected to consume almost 20 percent of the economy by 2027.
300 shoppable services* are now available for comparison with InnovuLens.
*Hospital public rate data
Innovu has integrated the pricing data from more than 85% of hospitals in the nation.
Hospitals are now required to provide machine-readable data, made available to the public. With this information a prudent process will inform decision making, working collaboratively with their advisor.
To encourage preventative screenings, federal mandates require insurance providers to cover preventive colonoscopies at 100%. As a result, patients have had no incentive to shop for the best price for this critical procedure.
Removing the incentive to find the best price, means that prices vary from facility to facility, sometimes by up to 10x.
Today, procedure cost can be compared by facility and between providers using paid claims. With Innovu and quality metrics, advisors and plan sponsors can go even deeper, comparing quality scores and determining value.
For the first time advisors and employers have the ability to optimize benefit programs for employees by leveraging cost and quality information.
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DATA WAREHOUSE
The InnovuLens platform is unique in both its scope and capabilities:
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FINANCIAL REPORTING
Innovu fully automates your financial reporting so you can manage one of your largest line-item expenses and benchmark your plan against your peer group
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HUMAN CAPITAL RISK MANAGEMENT
Innovu integrates HRIS, Workers Compensation, Retirement and Biometric data with Healthcare / Pharma data to provide a comprehensive approach to managing your client’s human capital risk
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REGULATORY SUPPORT
Innovu provides you with the necessary toolkit to assist your client’s obligations
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DEDICATED EXPERTS
InnovuLens plus our full-service engagement model clearly identifies ROI and population health opportunities for your clients