For the last 30 years healthcare pricing data was not available for the public to use in making informed healthcare procurement decisions.
New Hospital and Payer Transparency legislation recently made the data “available,” however, based on the lack of standardization and the sheer size of the data set, it is impossible for the normal consumer to take advantage of this transformative information.
Navigating through the ever growing machine readable data files made public by hospitals and insurance companies would be an impossible task for an advisor or plan sponsor.
the Data Gap
Hospital Transparency legislation was passed in 2021, removing data restrictions and making pricing, cost, and payer data available for the first time. As a result, InnovuLens enables advisors and their employers to transform their procurement process in the following ways:
- Load, clean, and enrich a plan’s complete claims data further enhanced with provider quality metrics.
- Continually integrate, aggregate and curate open-source hospital and payer rate data
- Using InnovuLens to compare employer’s actual costs by procedure to the cash, commercial, and CMS rate data.
- Leverage analysis to inform solutions such as negotiating with insurance carriers and directly contract with healthcare providers.
- Advisors can independently benchmark and measure to determine reasonable plan expenses.