Combination of Market Analytics and Advisory Services Helps Level the Playing Field with Payors
PORTLAND, MAINE, September 1, 2015 – In an effort to secure better financial outcomes with payors and quantify patient revenue opportunities (and risks) within local markets, service lines and insurers, hospital leaders are increasingly turning to the solutions offered by iVantage Health Analytics. Specifically, hospitals seeking to optimize their negotiated revenue are selecting iVantage’s INCONTROL Contract Optimizer™ analytic solution and advisory services for contract portfolio assessment and negotiation.
INCONTROL provides the data and insights necessary to turn comprehensive patient revenue metrics into an actionable revenue enhancement strategy. The web-based solution combines comprehensive claims level data – all payors, all patients, and all payments – to provide internal and external comparatives. Hospitals and networks in states such as California, Florida, Ohio, Tennessee, Colorado, Oklahoma, Arkansas and Michigan are increasingly interested as they seek to level the playing field with payors.
“Using the iVantage solution, we’ve gained new and illuminating views of our own data and, for the first time, gleaned comprehensive information about where we stand in the market,” commented Shawnee Cooper, HR director/compliance officer of Magnolia Regional Medical Center in Arkansas. “As a result, we were able to craft and execute a targeted negotiation strategy with a major payor. It was very empowering!”
Recent news of payor merger and acquisition activity has heightened the urgency with which hospitals must engage in parity reviews within their portfolio. Based on changing market dynamics and the constant need to efficiently leverage resources, iVantage has expanded INCONTROL’s functionality to bookmark dashboard views of contract performance and quantify the impact of being reimbursed at the same level of peer group minimums, averages and maximums.
For system-affiliated hospitals, the solution now offers extended reporting capabilities to create a consistent aggregate view as well as simplified reports to highlight variability across individual hospitals. These powerful additions provide an added lens through which users can assess valuable metrics and insights and drive better outcomes in payor negotiations.
Supplementing the INCONTROL solution and using proven accelerated transformation methods for hospitals, the iVantage advisory team is assisting several new clients with securing more favorable outcomes at the negotiation table and implementing data-driven strategies for managing, monitoring, and growing the managed care portfolio. Advisors offer a collaborative process for comprehensive review of core competencies as well as helping to identify strongest assets, contracting risks, and the potential to develop risk or value based solutions. The industry expertise and proven methodology of iVantage’s advisors can augment internal resources to support high risk and high reward payor negotiations.
“With the move to risk-based contracting and increasing pressure on hospital executives to understand exactly what they’re placing at risk, the ability to analyze and benchmark negotiated revenue has become a strategic priority,” said Araby Thornewill, president, iVantage Solutions. “With INCONTROL, we’re able to provide a robust solution which delivers the metrics and intelligence that allows clients to proactively assess opportunities and risks within their portfolio, arm them to develop focused negotiating strategies and level the playing field with payors.”
About iVantage Health Analytics
iVantage is a leading business analytic and advisory services company applying proven methodologies and the SaaS solutions to drive sustained, evidence-based results for hospitals. The company’s unique combination of technology, content, and expert advisory services accelerates decision making for the new healthcare. Visit www.ivantagehealth.com.