As the march toward alternative payment models continues, payers can prepare by digging into their value-based contracts to identify areas in which to reduce costs.
Comparative analytics is the ideal way to help payers evaluate current claims and cost data, compare internal performance against benchmarks, and see where there are trends to identify gaps and opportunities for improvement. Payers can use comparative data to:
- Reduce wasteful spending by identifying which episodes are involved
- Highlight specific services, and reveal the providers contributing to wasteful spending
- Redirect providers to lower cost sites of service
- Refer patients to lower cost providers, based on the data, and more
Our recent article offers full insights on leveraging data to get the most out of value-based contracts.