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The Advantage of Data Analytics When Negotiating Value-Based Contract Terms with Payers
June 20, 2018
In today's digital world, data is king. And health care providers without comprehensive data analytics solutions to leverage information are at a disadvantage when it comes to negotiating the best contractual terms with payers in the burgeoning value-based care marketplace.
Every hospital or health system leader benefits from value-based care if they can illustrate the organization’s quality performance and define risk across the patient population, and engage with payers equipped with that information.
Powerful population health management (PHM) platforms can do what was unimaginable only a few years ago—aggregate, normalize and analyze patient data, then stratify risk and determine cost-of-care averages among specific patient populations. These solutions provide a flexible, adaptable platform that levels the playing field between payers and providers.
By analyzing data provided by payers, identifying comparable populations within the network to benchmark against, and using the right metrics to gauge performance, providers can thrive under value-based models—using data to recommend changing contract terms on an annual basis.
Interested in learning more about how providers can use data analytics to negotiate contract terms with payers in the burgeoning value-based care marketplace? Continue reading
Excerpt from Becker’s Hospital Review.