Healthcare Transparency Through HealtheReports Reveals Significant Savings Opportunities, Reducing Costs for Insurers, Preferred Provider Organizations, Self-Insured Employers and Their Members
(Lexington, KY)Jan. 11, 2012According to internal analytics for the year 2011, IF Technologies has determined that a consistent 400% or more price variance is typical amongst network providers for top routine surgical procedures across the US.
We consistently see a 400% price variance among in network providers for a colonoscopy and laparoscopic gallbladder removal, for example. And, for some procedures, the numbers are even more eye-opening. Our internal analytics consistently reveal a 530% price variance on allowable costs for an MRI of the lower extremity among in- network providers for example. This variance is on the actual allowable, what was really paid to providers, and directly impacts the claims cost of the health plan and the out of pocket costs for the members, said IF Technologies CEO Jim Freedman.
Growing demand for pricing transparency by consumers has made a market for IF Technologies to implement its flagship product, HealtheReports, with health plans across the nation. HealtheReports empowers members with this pricing information allowing them to make an informed decision, said Freedman. IF Technologies through HealtheReports allows members to compare in-network healthcare providers on price, quality, and the experience of others for common procedures. This software as a service solution gives consumers critical information specific to their health plan whether a PPO or insurance carrier. Healthcare costs continue to spiral upward and health plans are shifting more costs to members requiring them to pay significantly more out of their pocket. IFT partners with insurance carriers and PPO networks who in turn allow their members to use HealtheReports from any device with Internet access.
Freedman has testified to state governments, and at key industry events in recent years that he has seen firsthand the difference that these comparisons provide in reducing out of pocket costs for members, and reducing claims costs for health plans.
Healthcare transparency empowers members in making informed and value-based decisions, but more fundamentally, this is information members need and with HealtheReports it is now available, Freedman pointed out.
Butler Health Plan implemented HealtheReports over two years ago. The average cost for some procedures dropped 50%, with employees making high value choices through the IFT web-based subscription tool, Freedman said.
Butler Health Plan is a non-profit self-funded medical, prescription and dental plan serving over 20,000 people in 15 school districts in southwest Ohio.
A number of PPOs across the US are offering true transparency through IF Technologies, including one of the nations largest networks, First Health. HealtheReports is both intuitive and personalized, allowing our consumers to identify high-value healthcare in a few clicks, stated Blaine Faulkner, Chief Operating Office/Chief Financial Officer of First Health upon signing.
In addition to sharing the real price specific to a members network, HealtheReports also allows the member to compare in network providers on the patient experience as shared by other members, in addition to nationally recognized quality and credentialing data.
About IF Technologies
IF Technologies provides healthcare transparency information based on next generation analytics through their software as a service solution available to insurers, preferred provider organizations, self-insured employer plans, and their members. The company, based in Lexington, KY, offers a premier product called HealtheReports via the web, as a health care quality and cost analysis solution which empowers consumers to engage in the process of reducing healthcare costs. For a demo, or to learn more, go to http://www.ThinkIFT.com.