What You Should Know: MultiPlan, a provider of data-enabled cost management, payment, and revenue integrity solutions for 700+ healthcare payors announced the acquisition of Benefits Science LLC (BST) for $160M in cash and stock.BST was founded in 2012 by a group of MIT-trained experts in data science, including Dimitris Bertsimas, Ph.D., who is recognized as an early pioneer in healthcare analytics and who serves as the company’s chief data scientist. Dr. Bertsimas will continue with BST
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price transparency
Consumer Trust: How Healthcare Organizations Can Build Confidence with AI
Trust is a vital component of healthcare. It impacts whether someone shows up for a doctor’s appointment, follows their treatment plan, or plays an active role in their health. But building trust doesn’t just happen at the front counter, inside the doctor's office, or in face-to-face interactions. Increasingly, consumers are interacting with their health plans through online and mobile touchpoints — and these virtual experiences are no less crucial to building trust than in-person
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17 Execs Share How Health IT Can Address Clinician Burnout, Staffing, & Capacity
Clinician shortage has reached a new level of urgency as we face rising demand and healthcare costs, according to a recent Accenture report. Healthcare workers are increasingly burned out and leaving the industry altogether in droves. Those who remain to do the work are overburdened. We ask seventeen healthcare IT executives for their insights on how health IT solutions could potentially help address clinician burnout, clinician staffing shortages, and deal with capacity. Staffing levels
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5 Trends to Look for in Healthcare Cost Transparency
Over two years have passed since the hospital price transparency rule was enacted. Unfortunately, America still struggles with high, painfully opaque pricing across healthcare that hurts employers, workers, patients, and taxpayers. The Centers for Medicare and Medicaid Services recently announced that in 2021, the nation spent $4.3 trillion on healthcare, nearly twice the average of other nations in the developed world. Noncompliance and price gouging still exist in a market where consumers are
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Think Retail: What the Medical Supply Industry Can Learn from the Marketplace Revolution
Through years of disruption and advancement, the retail industry has evolved tremendously to meet the increased demands of a broadening consumer base. However not every industry – and most notably healthcare — has progressed with the times and buyers’ needs. The healthcare supply chain specifically must expand beyond its antiquated roots to better serve buyers. Just as in retail, where the U.S. has seen exponential growth over the last 20 years, according to the U.S. Census Bureau, the
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9 Executive Revenue Cycle Predictions/Trends to Watch in 2023
Nate Maslak, the co-founder/CEO of Ribbon Health Price Transparency: In 2022, we saw CMS’s Transparency in Coverage rule go into effect, requiring non-hospital entities like health plans and providers to publish publicly available rates for care. In 2023, we’ll see this price transparency data become more mainstream as it finally makes its way into the hands of patients, empowering them to find the best care for them, reevaluate their care choices, and shop around for the best possible care
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5 Behavioral Health Trends Coming Into Focus in 2023
For the past two years, behavioral health in the U.S. has taken center stage, but the true impact of COVID-19 on families is just now coming into focus. The lingering effect of the pandemic combined with social stressors on top of life’s daily pressures is all taking its toll on mental health. Instead of declining post-pandemic, as a nation, we’re continuing to see an increase in the number of people struggling with some form of anxiety and depression.Among some of the hardest hit are
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Improving Patient Access to Med Services Named Top Priority for Health Systems
What You Should Know: - Improving patient access to medical services remains a top priority for U.S. health systems as they grapple with economic uncertainty and the continued impact of the COVID-19 pandemic, which has altered patient behavior, according to a new report from the Center for Connected Medicine (CCM) and KLAS Research. - To address the challenge, health systems are investing in telehealth technology, patient portals and other digital tools, updating their organizational
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How to Empower Patients With Price Transparency
The evolution of e-commerce – led by Amazon – has created an intensely savvy consumer population. Amazon’s platform allows users to easily compare products from different vendors to get the best price. People travel to retail stores to try on clothes and shoes, only to purchase them online for less. Even the longest running game show in television history awards points for knowing how much consumer products cost. Healthcare, on the other hand, does not engender the same kind of
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How Fines Push Hospitals To Go Beyond CMS Price Transparency Rules
The gamble is over for hospitals that avoided complying with CMS price transparency mandates. After a slow start since they were implemented more than 18 months ago, CMS has issued 350 warnings for noncompliance, 157 corrective action requests, and finally issued fines to two Georgia hospitals in June. It seems many more will be on the way. The fines are significant. The first two hospitals faced fines of roughly $880,000 and $214,000. Noncompliant hospitals with 550 beds or
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