09 Mar Delivering Critical Health Data Infrastructure for Provider-Sponsored Health Plans
Rise of Value-Based Care Models Advancing Need for Better Financial Performance
With today’s providers realizing that additional revenue streams are needed in the face of the rise of value-based care, many are considering launching their own Provider-Sponsored Health Plans (PSHP).
PSHPs are health insurance companies owned by a health system, physicians group, or a hospital. The model encompasses the entirety of the continuum of care, from funding to care delivery, as well as connecting the payer and provider.
While PSHPs have been around for sometime, they are now becoming more popular with providers aiming to maximize value-based contracts, according to Deloitte. The benefits of PSHPs include a more predictable revenue flow, enhanced population health capabilities, and greater control over the patient experience.
Another benefit is that PSHPs are unencumbered by legacy technologies, and have the flexibility to embrace innovative solutions that enhance revenue growth and boost member engagement.
For example, the IMAT Data-as-a-Service (DaaS) offering can serve as the ideal data infrastructure platform that provides access to actionable, clean and validated member health data.
This allows PSHPs to gain optimal results from clinical data for revenue generation, while also embracing a more patient/member-centered care approach. It can also reduce costs by automating manual processes and help to better meet key compliance mandates.
While launching a PSHP is a significant undertaking, one of the key ways to ensure long-term success is to arm yourself with the right innovations that will lead to immediate and long-term success.