First Combination of Population Health Management Tools with Claims-Based Analytics to Help Providers Manage Costs under Value-Based Reimbursement
Waltham, MA, Jan. 17, 2013 – Phytel, the leader in automated, provider-led population health improvement, and Verisk Health, a leader in data-driven risk assessment and performance management technologies, announced today a strategic agreement to develop an integrated solution that combines claims-based risk assessment and medical cost management with enterprise-level care management based on real-time clinical data. The new solution will give healthcare providers and provider-led accountable care organizations (ACOs) key tools and capabilities they require to succeed under health reform.
As healthcare payment models shift from transactional fee-for-service arrangements to provider risk contracts, market demand is growing for solutions that combine financial analytics, risk assessment, and quality improvement with care management tools. Phytel’s Atmosphere Population Management platform aggregates data from electronic health records (EHRs) and practice management systems in hundreds of physician groups nationwide, offering a suite of tools for automating population health management, including modalities for patient outreach, care gap identification, risk stratification, care management, patient engagement, transitions of care, and performance evaluation. Verisk Health’s Provider Intelligence solution helps identify and target inappropriate use of medical resources, manage in-network and out-of-network costs and utilization, and drive physician and practice-level strategies focused on improving the patient experience and maintaining business stability and profitability.
Combined, these services will deliver a key platform that links financial and performance analytics with case management and population health tools within existing care delivery models. The resulting solution will provide healthcare organizations the ability to identify and address high-cost or low-performing areas within their organization while engaging patients to improve the health of their entire population.
Steve Schelhammer, CEO of Phytel, said, “By automating population health management, Phytel enables healthcare organizations to improve care coordination, identify and close patient care gaps, implement care management of high-risk patients, engage patients in managing their own health, and improve critical transitions of care. We’re excited to work with Verisk Health to help our customers better manage financial risk while providing improved care to their patients. By enabling them to both automate population health and draw actionable insights from claims data, this agreement positions our customers to optimize system performance and manage medical costs so they can optimize quality and financial outcomes associated with performance and risk based contracts.”
“The market demand to prove value is driving an unprecedented need to translate data into actionable information that can be used across the care continuum. All stakeholders — patients, providers, and payers — need access to complete sets of information at the right time and within the right context to drive change in behavior and outcomes,” said Joel Portice, president of Verisk Health. “We’re excited to be working with Phytel to provide a transformative solution that will facilitate physician-led teams to achieve increases in quality and cost-savings across their entire populations, effectively and efficiently, using both claims and clinical data.”
The Verisk Health/Phytel solution will provide both clinical information and claims-based risk assessments for an at-risk population engaged in a payer-provider risk contract. Clients will be able to use the solution to answer critical questions, such as:
• What health risks characterize my patient population?
• What targeted interventions can I offer to reduce the risks?
• Which patients are at the greatest risk for hospitalization or ED services?
• Where are there non value-add treatments/services that can be avoided to reduce cost?
• Who are the patients I can engage to improve care?
• How can I measure my effectiveness?
• How does my effectiveness compare with my peers?
Upcoming Webinar for Providers
To learn more about how providers can better navigate shifting risk models, please join us for a complimentary webinar, February 6, 1 to 2 p.m. ET. To register, please visit www.veriskhealth.com/content/webinars.
About Verisk Health
Verisk Health drives performance excellence in the business of healthcare. By combining clinical and analytics expertise with robust technology and services, we empower customers to fully leverage their data to achieve long-term measurable results. Our data-driven risk assessment technologies and business decision analytics enable clients to proactively seize opportunities for improving clinical, financial and performance results including care management; risk identification and stratification; HEDIS compliance; benefit program measurement; fraud, waste, and abuse prevention; payment accuracy; and revenue cycle management. Verisk Health is a subsidiary of Verisk Analytics (Nasdaq:VRSK). For more information, visit www.veriskhealth.com.
The premier company empowering physician-led population health improvement, Phytel provides physicians with proven technology to deliver timely, coordinated care to their patients. Phytel’s state-of-the-art registry, which now encompasses more than 25 million patients nationwide, uses evidence-based chronic and preventive care protocols to identify and notify patients due for service, while tracking compliance and measuring quality and financial results. For more information, please visit www.phytel.com. Follow us on Twitter and find us on Facebook.